GAIN Capital UK (City Index) files fiscal year 2015 report, FX revenues drop


GAIN Capital UK, formerly City Index, has just published its financial report for the fiscal year to March 31, 2015.

The report provides the audited numbers for the performance of the company before its acquisition by Gain Capital Holdings Inc (NYSE:GCAP), which was completed on April 1, 2015.

City Index incurred a net loss of £358,000 for the reporting period, but the loss is much smaller than the one reported for the fiscal year to March 31, 2014 – the net loss then amounted to £7.1 million.

Net operating income rose to £59.7 million.

EBITDA amounted to £7.3 million, compared with a loss of £400,000 for the preceding year. The result reflected a 0.3% year-on-year rise in revenues, which totalled £83.3 million in the fiscal year to March 31, 2015. The reading also reflected a drop in costs of sales and a rise in administrative expenses.

The company ended the fiscal year with net assets of £69.63 million, somewhat down from the preceding year (£70 million in assets).

Forex volumes fell in annual terms due to increased competition in some regions. This fall had negative impact on revenues generated in the Middle East and China. Forex revenues for the fiscal year amounted to £26.15 million, down from £42.76 million for the year to March 31, 2014.

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A SEC filing by GAIN Capital, out in November 2015, has shed some light on the financial results (albeit unaudited) of City Index for the first nine months of 2015.

Below are the highlights from the filing:

  • City Index’s total net revenues for the nine months to September 30, 2015 were $35.2 million.
  • Operating expenses for the period amounted to $40.09 million.
  • The company incurred an operating loss of $4.86 million in the nine-month period, whereas the net loss is $4.96 million.

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GAIN Capital UK (City Index) files fiscal year 2015 report, FX revenues drop

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