Plus500 confirmed an increase in the size of its head office in Israel to expand the workforce across various departments to support business growth plans.
In recent forex broker news, a London-listed global Plus500 forex broker revealed a substantial expansion in its home country of Israel to follow up on ambitious growth plans. The office will expand by around 5,800 square meters to its global headquarters in Haifa, Israel.
The expansion project will occur after Plus500 forex broker has completed the lease of a new space at the Gav-Yam high-tech park in Haifa. According to Israel's Walla online news service, this initiative is an effective strategy to increase the workforce in various departments, including development, software engineering, sales and business development.
Despite declining revenue and profit levels for the second half of 2023, the commission-free broker initiated a new $100 million share buyback program. The company has also immediately completed a $60.0 million share buyback.
In addition, Plus500 launched a primary shareholder return strategy, spending approximately $350 million in 2023. This figure consists of $257.5 million in share repurchases, highlighted by $127.5 million in share repurchases conducted on 13 June—and a dividend of $90 million.
The resolution was determined by opinion polls and passed by a qualified majority. About 80.66% of votes supported returning money to shareholders, while 19.34% opposed it, so the decision received 57.26% support. With this new agreement, the company's Board of Directors is authorized to consider future purchases of common shares.