Plus500 launches $60m share buyback

Fintech company Plus500 said on Tuesday that it has launched its $60m share buyback programme.

The London-listed firm said it intended to purchase up to an additional $60.2m of the company’s shares, as first announced in August following a bumper first half. The programme demonstrated the board’s continued confidence in its future prospects as well as its "strong" financial position, the firm said.

Plus500, a specialist in trading platforms, has benefited from heightened market volatility this year, as well as expanding into different markets and launching new products. Last month, in an unscheduled trading update, the FTSE 250 company said it expected full-year profits and revenues to top market expectations.

The share buyback will run from Tuesday until the new year, when Plus500 publishes preliminary results for the 12 months to 31 December.

As at 0915 GMT, shares in Plus500 were ahead nearly 2% at 1,833p.