Shares in London-listed stock trading app Plus500 fell as much as 5% on Tuesday despite reporting 2024 revenue above market expectations.
Plus500 posted revenue for the year ended December 2024 of $768.3m (£610m), a 6% increase from 2023 and 10% greater than market expectations reported in August.
The financial report also revealed the company has returned $200m to shareholders via a $110m share buyback and dividends of $90m.
According to CEO David Zruia, the improved performance marks the success of the strategic roadmap introduced in 2022 to move beyond being a single product provider, establishing itself as a “multi-asset fintech group”.
Zruia said: “Today’s results reflect much of that hard work and this transformation positions us well to continue innovating and growing, whilst providing attractive and sustainable returns for our shareholders.
“With our proprietary technology, financial strength, extensive global portfolio of regulatory licences and customer base of over 30 million registered customers worldwide, Plus500 is extremely well-positioned for 2025 and beyond.”
The Plus500 boss has previously expressed frustration that investors in London have viewed his business as a finance company and not a tech firm, something he said was not an issue in the States.
Zruia warned in 2023 that this attitude made a future listing in New York an attractive prospect, claiming US investors would land the company with a higher valuation. Plus500’s market cap currently sits at $2.4bn.
The CEO’s interest in the US will have been made all the stronger last year as the American end of the business onboarded a record number of new customers, with trading volumes “significantly higher” than the year before.
UKTN has contacted Plus500 for further comment.
Shares in Plus500 as of Tuesday morning were trading at £27.24.
Last week, UKTN reported that PrimaryBid, a platform for retail investors to join corporate funding events had scaled back its UK consumer services in favour of transitioning to a pure-play tech firm.