The US online trading services provider, GAIN Capital Holdings, Inc. (NYSE: GCAP), announced its trading volumes for the second quarter of 2020.
GAIN reported that its net income reached to 14.3 million, or $0.37 per share for the first three months of 2020. Compared to last year, the company reported net loss of $0.9 million. The company delivered a record $77.3 million last quarter.
The net revenue amounted to $101 million for Q2, compared to last year’s first quarter when it was $75.5 million.
Adjusted net income reached to $15.2 million, or $0.40 per share and adjusted EBITDA for the Q2 2020 was $28.9 million.
A second quarter of high volatility, due in part to the ongoing economic concerns over the COVID-19 virus, allowed Gain to continue to benefit from high daily volumes, up 28% year on year, revenue capture of $150 plus improved operational leverage arising from a successful focus on cost efficiency over the past 2 years. Adjusted EBITDA was more than double the prior year’s at $29m, a margin of 29% compared to last year’s 17%, with adjusted EPS of $0.40 taking the half year to $2.48 earnings per share.
Client metrics in the second quarter further improved over the strong first quarter, as 42% more clients placed their first trade compared to the first quarter, an increase of 141% over prior year. These new clients, together with increased engagement from the large client base who opened accounts with us in 2019, helped improved our 3-month trailing active accounts by 34% over last year to a new record level. In addition, we look forward to the closing of the acquisition by StoneX Group (formerly INTL FCStone Inc.), which remains on track to complete later this quarter.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.