Plus500UK Ltd, the UK subsidiary of Israel-based online trading platform Plus500, reported profit after tax of £7.79 million for the year ended Dec. 31, 2022, nearly quadrupling from £2.09 million in the prior year.
Revenue climbed 10% to £14.95 million from £13.53 million in 2021, according to accounts filed with UK Companies House. Operating profit rose 14% to £3.12 million, up from £2.75 million the previous year.
Profit before tax surged to £9.70 million from £2.62 million, driven largely by interest receivable and similar income of £6.58 million compared to a charge of £131,000 in 2021. The company noted favorable foreign exchange gains of £5.99 million during the period.
The FCA-regulated firm, which offers contracts for difference trading on over 2,500 underlying financial instruments including equities, ETFs, forex, indices, options, commodities and cryptocurrencies, maintained its workforce at an average of 11 employees throughout both years.
Distribution costs increased to £7.68 million from £6.96 million, while administrative expenses rose to £4.15 million from £3.83 million. The company paid no dividends during the year.
Total equity increased to £51.87 million from £43.97 million. Cash and cash equivalents grew 29% to £60.71 million from £47.10 million. The company’s regulatory eligible capital stood at £51.67 million as of Dec. 31, 2022.
Plus500UK Ltd is wholly owned by Plus500 Ltd, which is listed on the London Stock Exchange and is a constituent of the FTSE 250 index.
