Plus500 has published its business performance for the second quarter of 2021 and also announced a $12.6 million share buyback program.
Plus500, which recently made its interim Chief Executive Officer David Zruia permanent, ended Q2 with an EBITDA of $65.9 million. For H1 of FY21, this figure came in at $187.6 million, compared to a record $361.8 million in H1 of 2020 and $154.1 million in H2 of 2020.
Additionally, the EBITDA margin remained strong at 54%, recovering from 50% in the previous year-half. The margin for Q2 of 2021 came in at 46%, down 53% when compared to the similar quarter of the prior year.
Moreover, Plus500, whose websites allow customers to make leveraged bets on financial markets from oil to currencies highlighted a $165.1 million in net profit for the first six months of the ongoing year. In the previous year, the net income of the company was at $320 million for H1 and $180.1 million for H2.
Plus500 starts new share buyback program
Meanwhile, the company’s Board of Directors has approved a new program to buy back up to an additional $12.6 million of the company’s issued share capital, following the completion of the $25.0 million share buyback program announced in February 2021.
Read also: Plus500 Launches New Stock Trading Platform
The share buyback program will run from today to 28 February 2022, or if earlier, the date of the announcement of the company’s preliminary results for the twelve months ending 31 December 2021
Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors.
“The purpose of the programme is to reduce the share capital of the Company, and all ordinary shares repurchased by the Company under the above programme shall be classified as shares held in treasury (dormant shares),” Plus500 said.
Plus500 added 198,176 customers during the first half, up from 47,540 last year.
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