One of the leading brokerage companies in the United States, BGC Partners (NASDAQ: BGCP), has just reported its financial results for the third quarter ending September 30, 2017- the group saw a rise across key metrics, including its revenues, securing a QoQ and year-on-year growth, according to a corporate statement.
For Q3 2017, BGC Partners saw its revenues climb to $827 million, up 12.5 percent year-on-year from $734.8 million in the same period a year back. The climb in operating revenues was attributed to solid growth of its fully electronic brokerage revenue from the FENICS platform, which accounted for more than 12 percent of the year-on-year improvement in BCG’s total revenue.
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In addition, the company’s adjusted EBITDA was reported at $227.1 million for the three months through September 30, up 6.3 percent year-on-year from $213.7 million in Q3 2016.
In a different vein, BGC Partners reported that its GAAP net income for fully diluted shares declined by 3.5 percent to $127.5 million compared with Q3 2016 figures of $132.2 million.
Commenting on the results, Shaun D. Lynn, President of BGC, said: “Our rates business generated a top line increase of nearly 10 percent, driven by organic growth, including an over 40 percent improvement from FENICS fully electronic rates. This strong performance from FENICS rates was a result of our continued investment in technology and the ongoing conversion of our businesses to more profitable fully electronic trading. Our overall quarterly revenues for Financial Services increased by more than 17 percent to $417 million.”
Barry M. Gosin, CEO of Newmark, added: “We generated strong year-on-year growth in leasing, capital markets, and management and servicing fees. Newmark’s overall revenues for the quarter were up 7 percent to $399 million, while our top-line revenues increased by 18 percent to $1,139 million for the first nine months of 2017, both when compared with the year-earlier periods. As we continue to invest in our business, we expect our Real Estate Services growth to outpace the industry over time”.