Pre-tax profits declined to $386.4 million from $523.3 million in the past year.
Plus500 goals are 'obtaining new operating licenses and launching new products.'
David Zruia, Plus500 CEO said, Of course, volatility is good for us. Whenever there is volatility, there is interest from customers – both from new customers to register and existing customers – to trade.
“We hope for peace. But we do enjoy the volatility that is being driven by all this news. History shows that always extraordinary global events, invasions, wars, usually cause higher volatility.”
Pre-tax profits declined to $386.4 million from $523.3 million in the past year. Number of new clients dropped to 196,336 (approximately 30%). The cash balance at year end reached $749.5 million. The average revenue per client dropped by 12% to $1,764.
Regulatory Licenses and New Products
Plus500 obtained a new regulatory license in 2022. The Financial Supervision Authority (FSA) has approved Plus500 in Estonia, allowing the broker to operate as an investment firm.
On 7 February, Finantsinspektsioon issued authorisation to Plus500EE AS to operate as an investment firm, giving it the right to provide various investment services and ancillary services to investment services.
The company will have the right under the authorisation to accept securities orders and to send them, to execute securities orders in the name of clients or in its own name, and to trade with securities on its own account.
“The ancillary services to investment services give the company the right to hold and manage the securities of clients and to provide services relating to foreign exchange if they are linked to the provision of investment services. The members of the management board of Plus500EE AS are Kerli Lõhmus and Sigrid Aljas.”
Plus500 CEO added that among is goals is 'obtaining new operating licenses and launching new products.' Despite the fall in profits, Pluss500 announced a $55 million share buyback.
