Publicly listed brokerage GAIN Capital Holdings, Inc. (NYSE: GCAP), the largest provider of retail FX in the United States, has reported its results for Q4 2018, and the fiscal year ending on December 31, 2018.
The group has disclosed an improved performance across a number of different metrics during the three months through December, including its revenues and net income. In addition, the latest report shows strong figures across key components of its business on a year-over-year basis, per a company financial disclosure.
Detailing the results, GAIN’s net revenues under the US GAAP for Q4 2018 came in at $79.9 million, up 27 percent when compared with $62.7 million in the same quarter a year ago. Furthermore, the year ending December 31, 2018, netted a revenue increase of 28 percent year-over-year, having risen to $358.0 million from $278.2 million reported back in fiscal 2017.
The bottom line figure was flat and upbeat across the quarterly and yearly timetables respectively, showing a mitigated net loss of $4.6 million, or $0.11 per share for the fourth quarter vs. an adjusted net loss of $4.8 million in the Q4 2017.
Furthermore, the full year’s figures reflected a stronger performance after yielding a net profit of $29.1 million, or $0.66 per share, compared to a loss of $11.3 million in the year ending December 31, 2017.
The sweeping changes to US tax law knocked about $3.1 million, or $0.10 per share, off Gain’s profits in 2017, as well as $5.7 million, or $0.13 per share, for the fourth quarter. The company also revealed that, throughout 2018, it returned a total of $73.8 million to shareholders in the form of share repurchases and dividends.
According to Glenn Stevens, CEO of GAIN Capital, in a statement on the results: "2018 was a solid year for GAIN Capital, with positive results in several key metrics. We delivered year-over-year revenue growth of 29% to $358 million, net income of $28 million on adjusted EBITDA of $87 million. New direct accounts increased 12% year-over-year, while client trading volumes increased 6% year-over-year."
