GAIN Capital Holdings, Inc. (NYSE: GCAP), the largest provider of retail FX in the United States, has just released its financial results for the first quarter ending March 31, 2018, showing a strong uptick in revenues relative to last year.
GAIN’s net revenues under the US GAAP for Q1 2018 came in at $106.9 million, constituting a gain of 80 percent compared to $59.6 reported back in the first three months of 2017. Over a quarterly basis, the company revenue was higher 52 percent year-over-year from $69.7 million the previous quarter.
InstaForex Partners Pay Tribute to Loprais Team in Prague VisitGo to article >>
Another area of strength this quarter at GAIN Capital was its adjusted EBITDA which was reported at $33 million, up from a $13.4 million loss in the three months through March 31, 2017.
In terms of Gain Capital’s bottom line, the adjusted quarterly GAAP net income achieved $16.2 million compared to an adjusted net loss of $18.9 million in the first quarter of 2017. Gain Capital’s net income was $2.1 million in Q4 2017.
CEO Glenn Stevens commented: “Our strong first quarter financial results are highlighted by 79 percent revenue growth, margin expansion to 31 percent and robust overall operating metrics, especially within our Retail business. A return to more normalized volatility levels provided a market environment in which GAIN was able to showcase the benefits of our investment in organic initiatives over the past year. Customer engagement was up across the board, with Retail average daily volume up 31% year-over-year and Institutional ECN average daily volume up 26% to reach a record high of $14.8 billion. As we look ahead, we are confident that our strategic priorities will continue to position us for long-term growth.”