The fintech firm said revenues came in at $726.2 million in 2023, down 13% on the previous year, while earnings before deductibles plunged 25% to $340.5 million as it pumped cash into a growth plan

Retail trading platform Plus500 topped market expectations and announced plans to put $175 million (£138 million) back in shareholders pockets today despite a squeeze on revenues and profits over the last year.

The London-listed Israeli fintech firm said revenues came in at $726.2 million in 2023, down 13% on the previous year, while earnings before deductibles plunged 25% to $340.5 million as it pumped cash into a growth plan.

A company-compiled analyst consensus had forecasted revenues of $645.2 million and profits of $299.8 million for the full year.

Trading platforms have been squeezed by inflation and interest rates as amateur investors look to save cash and sit out volatility on the markets.

In spite of the slowdown, Plus500 said it would return $175 million to shareholders with a new share buyback programme of $100 million and total dividends of $75 million. The fresh capital return follows some $350 million of total buybacks and dividends in 2023.

Boss David Zruia said the company had made “further progress” all its strategic objectives including growth in the US and a new forex platform for traders.

Over the medium-term, the Group is well placed to take advantage of the compelling growth opportunities in its end markets, the company noted in a statement.

Thanks to its proven business model, strong financial position and disciplined approach to capital allocation, the Group is focused on driving the sustainability of its revenues as it develops and invests in its position as a provider of market-leading (Retail) and (Institutional) infrastructure services in the US futures market.

Shares in the firm are trading 0.65% lower over the past year but have bounced back around 40% since October.