Jefferies International Limited to work alongside Plus500 as Joint Corporate Broker with immediate effect.
Plus500 appointed Jefferies International Limited (Jefferies) as Joint Corporate Broker for the company. Jefferies will operate alongside the existing Plus500 corporate broker, Liberum Capital Limited. David Zruia, CEO of Plus500, said the Plus500 has produced excellent numbers for Q1 2022, continuing the results over the past few years.
"Our ongoing investments in developing our position as a global multi-asset fintech group will enable future growth. In particular, we continue to make organic investments in technology, marketing, and our people and actively target additional acquisitions and initiate potential strategic partnerships," he added.
However, the number of new clients still seems to be failing to take off with a decline of 62%. In Q1, only 33,740 new clients joined a drastic decrease compared to 89,406 in Q1 2021. The number of active traders between January and March also decreased to 176,642, down 32% as opposed to 269,743 clients during the same quarter in 2021.
USD50 Million Buyback Program
London-listed Plus500 has started a share buyback program with an allocation of $50 million and has repurchased its shares under another $55 million program.
The broker determined that the two repurchase programs would run side by side. The previous launch of the $55 million buyback program fell on February 15, 2022, which included a remarkable $29.8 million buyback program. The new share repurchase program was launched just a day after the Israeli broker published quarterly finances for the first three months of 2022. Plus500 reported earnings of $270.9 million for the period, 68% more than the previous quarter.