Plus500, an international broker offering forex, CFD, and options trading, has announced its intention to expand its presence in Israel.
The company is actively recruiting additional staff and doubling the size of its office space by leasing new premises in Haifa, close to its current headquarters, FNG reported.
Plus500 has signed a lease for 5,800 square feet of office space in a high-tech park in Haifa. In this way, the broker intends to expand its operations and reach a new level in the provision of forex services.
As part of this program, the company is increasing its sales, business development, and software development personnel.
Recently, Plus500 presented its financial results for 2023. The report showed a decline in revenue and profit in the second half of the year due to reduced client activity compared to 2022.
For the fiscal year 2023, revenues totaled $726.2 million, down from $832.6 million in 2022. These figures were recorded against a backdrop of reduced trading activity in the global financial markets.
Plus500 reported a net profit of $271.4 million in 2023. This compares to a profit of $370.4 million in 2022. Similarly, basic earnings per share fell to $3.17, compared to $3.81 in 2022.
That said, Plus500 is not strapped for cash. As of December 31, 2023, the company had total assets of $1,004.7 million on its balance sheet. This allowed the company to announce a new $100 million share buyback program.
It is worth noting that, as part of its expansion and coverage of additional financial markets, Plus500 received two new licenses from UAE and Bahamas regulators in 2023. This brings the total number of licenses held by the Group to 13. This provides a significant competitive advantage and inherent value to Plus500 as a trusted broker and guarantor of financial success.
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