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GAIN Capital’s EBITDA, revenue grow in Q3 2015

Nov 03 2015
By
Forexbrokerz.com
GAIN Capital Holdings, a US-based online trade services provider and owner of the retail forex broker Forex.com, reported on Tuesday its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 51% over the year to USD 58.8 million in the nine months through September 2015. 
 
The holding company’s net revenue amounted to USD 332.4 million in the January-September 2015 period, posting an increase of 30.5% compared to the same period a year earlier. 
 
In the third quarter alone, GAIN Capital had an EBITDA of USD 29.8 million and a net revenue of USD 127.9 million, up by an annual 5.3% and 23.3%, respectively.  Compared to the previous quarter, the company’s EBITDA jumped more than threefold from USD 9.2 million, while its net revenue was up 14.6% from USD 127.9 million. 
 
The company’s financial results in the third quarter were positively affected by the scaling and diversification of its retail business, according to GAIN Capital CEO Glenn Stevens. Furthermore, four product groups contributed by USD 10 million each to its total retail revenue. "Non-FX products represented 50% of retail revenue year-to-date, which further illustrates GAIN's progress on its diversification strategy,” Stevens said. “Third quarter average daily OTC volume of USD 15.6 billion represents an increase of 30% over the same period last year and reflects the impact of GAIN's acquisition of City Index, as well as its ability to grow active accounts," he also said, adding that the integration of City Index is on track to achieve USD 40-45 million in run-rate cost synergies by the fourth quarter of 2016.
 
In the first nine months of 2015, GAIN Capital’s revenue from retail services was USD 300.4 million, up by nearly 35% on the year, and its institutional revenue increased nearly 4% over the year to USD 26.7 million. In the third quarter alone, the company’s retail revenue grew by an annual 31.4% to USD 118.8 million, while its institutional revenue went down by 2.3% year-on-year to USD 8.3 million. 
 
GAIN Capital’s total assets amounted to USD 1.5 billion at end-September 2015, compared to USD 1.18 billion at the end of 2014.
 
TAGS: gain capital  forex.com  ebitda  revenue  q3 2015 

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