reported a 43% drop in its first-half profit on Monday, as the British online trading platform grappled with lower trading volumes following heightened market volatility last year.
Trading platforms are tackling with a slowdown in client activity, as market volatility eased from highs witnessed during Russia's invasion of Ukraine last year and the pandemic. Plus500 added 50,449 new customers in the six months to June 30, compared with 57,275 a year earlier.Core profit for the period fell to $174.1 million, from $305.3 million a year earlier.
Separately, the London-listed company announced $120 million in shareholder returns, of which $60 million would be in share buybacks and the rest in dividends. "The board remains confident about the group's performance for FY 2023, despite quieter market conditions," the company said in statement.