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Gain Capital’s net income rises to $13.9 million in Q2 of 2017, but H1 results are predominantly unfavorable

Aug 04 2017
By
Jonathan Smith

Gain Capital - the largest retail FX broker in the US, which operates the Forex.com brand, announced key financial and operating metrics for Q2, and half-year of 2017. According to the report published on Thursday, its net income rose to $13.9 million in Q2 2016, which represents an increase by 29% year-over-year.

 

If we take a closer look at the broker’s Quarterly Operating Metrics, the Institutional segment performed better than the retail one. Gain Capital’s ECN trading volumes came in at $715.7 billion for the three months ended June 30, scoring an increase of 35.8% compared to Q2 of 2016. Retail OTC Trading Volumes, on the other hand, amounted to $646.4 billion in the period under review, down by 9.1% from Q2 of 2016.

 

Furthermore, the broker’s net revenue came in at $98.1 million in the second quarter of this year, down from $108.3 million in Q2 of 2016.

 

Gain Capital’s overall results for the first half of this year were also unfavorable – its net income registered a loss of $4.9 million, compared to &19.2 million of net income in H1 2016. Moreover, the net revenue for the first half of the year amounted to $157.6 million, which represents a significant drop of 29.6% compared to H1 of 2016.

 

Commenting on the strong Q2 results, Glenn Stevens, CEO of GAIN Capital, said: "The year-over-year growth in our bottom line and stable adjusted EBITDA margin of 27% underscore the impact of our fixed cost savings initiative, which remains on target for a total cost reduction of $15 million in 2017 and run rate savings of $20 million in 2018. We believe that this initiative, coupled with increased client retention and acquisition through investments in customer-focused technology and opportunistic acquisitions, will ultimately enable us to grow margins, generate additional free cash and drive value for our shareholders."

 

Established in 2003, New Jersey-based Gain Capital is the largest retail forex broker in the US after FXCM exited the US Market. It offers trading in currency pairs, index & commodities CFDs, precious metals, exchange-traded futures and options (US clients), as well as spread-betting services (in the UK). Gain Capital serves both retail and institutional clients via its brands Forex.com, City Index, GTX, and Gain Capital.

TAGS: Gain Capital  financial results  trading volumes 

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