Plus500 share price jumped by more than 1% as the company hosted its Capital Markets Day. The stock jumped to a high of 1,702p, which was about 36% above its lowest level this year.
In a statement, the company announced a new five-year incremental, annualised revenue objective of over $500 million. It aims to achieve this by expanding existing products, introducing new ones, and expanding to new geographical locations. In particular, the company aims to expand to the US, which is one of the biggest markets for financial products.
Plus500’ Capital Markets Day was supposed to happen last week but the firm postponed it due to the passing of Queen Elizabeth.
This event came a few weeks after Plus500 published its half-year results. Its total revenue jumped from $346 million in 2021 to over $511 million. Its operating profit also rose from more than $186 million to over $303 million. As a result, its total profit jumped to more than $244 million.
In total, the number of new customers in the first half of the year fell to 57,275 from the previous 136,980. It also decided to boost its dividend and share buybacks in a bid to boost the stock price.