Key Financial Results for the Second Quarter 2019 include:
- GAAP net income of $0.9 million, or earnings of $0.02 per share
- GAAP net revenue of $75.5 million
- Adjusted net income of $3.6 million, or earnings of $0.10 per share
- Adjusted EBITDA of $13.0 million
Glenn Stevens, Chief Executive Officer of GAIN Capital, commented:
Q2 results, while mixed, showed positive signs of increased client engagement which will benefit GAIN and drive trading revenue upon the return of market volatility. Market conditions remained challenging during the second quarter and the Eurodollar, our most traded product, was even more tightly range-bound than the previous quarter’s record, impacting overall client activity and volume.
Despite these headwinds, pockets of volatility across the British Pound and major indices helped drive Q2 revenue per million of $130, improving the trailing twelve month average by 6% to $110. Looking ahead, we are well-positioned to drive future trading revenue upon the return of volatility as we’ve seen an increase in open client positions and continued growth in new direct accounts and direct active accounts.
- New direct accounts was up 83% YoY and 5% quarter-over-quarter; fourth consecutive quarter of new growth
- Pockets of volatility in the British Pound and major indices increased in revenue capture to $130 per million, 18% above the trailing twelve month average of $110 per million
A summary of GAIN’s financial highlights is included in the chart below (all amounts are from continuing operations).
The complete report can be seen here.