Net revenues were higher compared to Q4 but net income dropped as costs rose.
Ahead of the US market open this Thursday, New Jersey-based online brokerage operator GAIN Capital Holdings Inc., listed on the NYSE under ticker symbol GCAP, has released its 2016 first quarter (Q1) results, according to an official company press release, and shortly before the company's earnings call that will take place 8am EST.
GAIN reported net revenue of $115.6 million, up from $93 million when compared to Q1 2015 on a year-over-year basis and up from $102.8 million during Q4 2015, while adjusted EBITDA was $31.7 million for Q1 and higher from $19.8 million over the same period last year. The company's EBITDA metrics have been improving, as explained by the company's CFO during the conference call.
Net income also rose to $8.4 million from $5.5 million YoY, yet was nearly half as much as the prior quarter, down from the $15.5 million reported for Q4 2015, comparing quarter-over-quarter (QoQ). Meanwhile, the company’s adjusted net income was $16.9 million and higher YoY, compared to the adjusted net income of $10.8 million reported for Q1 2015. This resulted in adjusted earnings per share (EPS) of $0.35 (up from $0.24 YoY and from $0.32 MoM), and $0.17 on a diluted basis.
Net revenue for the quarter was $115.6 million, up from $93.0 million in the first quarter of 2015, and adjusted EBITDA was $31.7 million, up from $19.8 million in the first quarter of 2015. Operating expenses also rose from $73.2 million in the prior year period to $83.8 million during Q1 2015, yet the company will focus on cost reductions, according to comments made by management in the update.
Cost savings come into focus
Commenting in the press release, GAIN Capital CEO Glenn Stevens said: "Our performance this quarter reflects the strength of GAIN's business and operating model and demonstrates the earnings power of the company. For the trailing twelve months ended March 31, 2016, GAIN delivered over $92 million of adjusted EBITDA."
Mr. Stevens added: "The first quarter of 2016 represents the third consecutive quarter that GAIN has delivered more than $20 million of adjusted EBITDA," and concluded, "Our financial results highlight our ability to capture synergies from acquisitions and reduce our overall costs. Operating margins should continue to improve as we deliver approximately $45 million in run-rate cost synergies by Q4 2016 from the City Index integration and focus on overall cost reductions."
In response to questions during the conference call, the firm's institutional business was brought up and parts of it such as those related to the prime of prime (PoP) segment was explained by the firms CEO as having been migrated over to the City Index platform and subsequently seeing a pullback in some customer volumes on the new platform.
The company also included April retail operating metrics which showed that the average daily volume for GAIN’s OTC trading reached $12.2 billion, and was higher by 5% from the prior month, yet down 30.2% YoY. OTC trading volume totaled $255.8 billion, lower by 4.1% from March 2016 and down 33.4% from April 2015, according to the press release.
The number of active OTC accounts, defined as having placed a trading in the trailing twelve month period, reached 140,286 in April, up by 2.7% from March - yet lower by 4.4% YoY. GAIN reported that for April its ECN average daily volume reached $7.8 billion, which was higher by 5.7% MoM and up 1.7% YoY, yet lower than the Q1 average of $8.3 billion. However, the ECN overall volume for the month was $163.2 billion, lower by 3.5% from March 2016 and down 2.9% YoY, indicating a difference in the number of trading days compared to the prior month - despite the higher ADV.
The ADV from the company's swap dealer business in April was of $3.3 billion, an increase of 18.6% from March 2016 and 0.3% from April 2015. Swap dealer total volumes reached $69.7 billion last month, higher by 8.3% from March 2016, while lower by 4.3% compared to the same month last year.
The company's futures trading volumes were also included in the April trading metrics, and ADV in that segment was 36,488 contracts during the month, higher by 2.6% from March 2016 and up 12.3% when compared YoY. The total number of futures contracts traded in April were reported as 766,254 and lower by 2.1% from March 2016 yet up by 12.3% YoY. In addition, the number of active futures accounts at the end of April were 8,931, higher by 0.5% from March 2016 and up 3.5% YoY.
Ahead of the US market open this Thursday, New Jersey-based online brokerage operator GAIN Capital Holdings Inc., listed on the NYSE under ticker symbol GCAP, has released its 2016 first quarter (Q1) results, according to an official company press release, and shortly before the company's earnings call that will take place 8am EST.
GAIN reported net revenue of $115.6 million, up from $93 million when compared to Q1 2015 on a year-over-year basis and up from $102.8 million during Q4 2015, while adjusted EBITDA was $31.7 million for Q1 and higher from $19.8 million over the same period last year. The company's EBITDA metrics have been improving, as explained by the company's CFO during the conference call.
Net income also rose to $8.4 million from $5.5 million YoY, yet was nearly half as much as the prior quarter, down from the $15.5 million reported for Q4 2015, comparing quarter-over-quarter (QoQ). Meanwhile, the company’s adjusted net income was $16.9 million and higher YoY, compared to the adjusted net income of $10.8 million reported for Q1 2015. This resulted in adjusted earnings per share (EPS) of $0.35 (up from $0.24 YoY and from $0.32 MoM), and $0.17 on a diluted basis.
Net revenue for the quarter was $115.6 million, up from $93.0 million in the first quarter of 2015, and adjusted EBITDA was $31.7 million, up from $19.8 million in the first quarter of 2015. Operating expenses also rose from $73.2 million in the prior year period to $83.8 million during Q1 2015, yet the company will focus on cost reductions, according to comments made by management in the update.
Cost savings come into focus
Commenting in the press release, GAIN Capital CEO Glenn Stevens said: "Our performance this quarter reflects the strength of GAIN's business and operating model and demonstrates the earnings power of the company. For the trailing twelve months ended March 31, 2016, GAIN delivered over $92 million of adjusted EBITDA."
Mr. Stevens added: "The first quarter of 2016 represents the third consecutive quarter that GAIN has delivered more than $20 million of adjusted EBITDA," and concluded, "Our financial results highlight our ability to capture synergies from acquisitions and reduce our overall costs. Operating margins should continue to improve as we deliver approximately $45 million in run-rate cost synergies by Q4 2016 from the City Index integration and focus on overall cost reductions."
In response to questions during the conference call, the firm's institutional business was brought up and parts of it such as those related to the prime of prime (PoP) segment was explained by the firms CEO as having been migrated over to the City Index platform and subsequently seeing a pullback in some customer volumes on the new platform.
The company also included April retail operating metrics which showed that the average daily volume for GAIN’s OTC trading reached $12.2 billion, and was higher by 5% from the prior month, yet down 30.2% YoY. OTC trading volume totaled $255.8 billion, lower by 4.1% from March 2016 and down 33.4% from April 2015, according to the press release.
The number of active OTC accounts, defined as having placed a trading in the trailing twelve month period, reached 140,286 in April, up by 2.7% from March - yet lower by 4.4% YoY. GAIN reported that for April its ECN average daily volume reached $7.8 billion, which was higher by 5.7% MoM and up 1.7% YoY, yet lower than the Q1 average of $8.3 billion. However, the ECN overall volume for the month was $163.2 billion, lower by 3.5% from March 2016 and down 2.9% YoY, indicating a difference in the number of trading days compared to the prior month - despite the higher ADV.
The ADV from the company's swap dealer business in April was of $3.3 billion, an increase of 18.6% from March 2016 and 0.3% from April 2015. Swap dealer total volumes reached $69.7 billion last month, higher by 8.3% from March 2016, while lower by 4.3% compared to the same month last year.
The company's futures trading volumes were also included in the April trading metrics, and ADV in that segment was 36,488 contracts during the month, higher by 2.6% from March 2016 and up 12.3% when compared YoY. The total number of futures contracts traded in April were reported as 766,254 and lower by 2.1% from March 2016 yet up by 12.3% YoY. In addition, the number of active futures accounts at the end of April were 8,931, higher by 0.5% from March 2016 and up 3.5% YoY.
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔