PLUS500 has launched a share buyback programme despite profits slipping by more than a third in its latest financial year.

The FTSE 250 firm saw net profits tumble 38 per cent from $500m in 2020 to $310m in 2021. Revenue also fell by almost a fifth to $718m.

Despite the setback, Plus500 yesterday revealed it was launching a share buyback programme to purchase up to $55m of company shares.

Chief executive David Zruia said Plus500 "delivered another excellent operational and financial performance in 2021." The firm, which operates digital trading platforms, made its first acquisitions last year.

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