Plus500 Ltd. on Wednesday reported a record performance for 2020, marked by a significant rise in pretax profit and revenue, and said it is proposing a further buyback program of up to $25 million of its own shares.
The online-trading platform operator posted a pretax profit of $523.3 million for 2020 compared with $189.3 million for 2019.
Revenue increased to $872.5 million, from $354.5 million the previous year.
Earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics–increased to $515.9 million from $192.3 million, it said.
The London-listed company said the usage of its platform remains elevated in 2021 to date and that it expects to see revenue for the current year to grow from more normalized levels in 2019.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix