PLUS500 fintech trading firm Plus500 unveiled a $50m (£38m) share buyback yesterday after reporting bumper revenues for the first quarter of the year on Tuesday.

The fresh buyback programme will run alongside an existing $55m buyback announced in February, as bosses put excess cash to work after revenues were boosted to $270.9m in the first quarter.

Plus500 has felt the lift from market turbulence in the past three months, with losses suffered by retail traders providing a $82.9m boost to the balance book.

Bosses said the fresh buyback would allow it to burn off some of its $886.6m cash reserves.

"The purpose of the new share buyback programme is to further highlight the board's continued confidence in the future prospects of Plus500," the firm said in a statement.

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