GAIN Capital Holdings, Ltd., the UK subsidiary of largest provider of retail FX in the United States, has just released its financial results for the fiscal year ending December 31, 2017, showing a strong uptick in its net income relative to last year.
GAIN’s total revenues for 2017 came in at £6.81 million ($8.86 million), which is three times higher than the £1.97 million ($2.57 million) recorded in the year prior.
The most notable area of strength this year at GAIN Capital was its administrative expenses which were reported at only £81,000 ($105,000) compared to more than £2.4 million ($3.16 million) in 2016.
In terms of Gain Capital’s bottom line, the net profit after tax achieved £6.68 million ($8.7 million) million compared to an adjusted net loss of £530,000 ($690,000) in the previous year.
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For the same period, the parent company of the FCA-regulated firm, GAIN Capital Holdings, Inc. (NYSE: GCAP), reported dim results for Q4 2017, and the fiscal year ending on December 31, 2017.
GAIN’s net revenues under the US GAAP for 2017 netted a drop of 25 percent year-over-year, having declined to $308.6 million from $411.8 million reported back in the fiscal 2016.
The bottom line figure was also weaker after yielding a net loss of $11.2 million, or $0.20 per share, down 130 percent relative to a profit of $36.9 million in in the year ending December 31, 2016.
At the time, GAIN Capital said that the sweeping changes to US tax law knocked about $3.1 million, or $0.10 per share, off its profits for the end of 2017, as well as $5.7 million, or $0.13 per share, for the fourth quarter.