In a quarter which was much more about strategic, long-term focused moves than about numbers, FX brokerage group GAIN Capital Holdings Inc (NYSE:GCAP) has reported its financial figures for Q2-2018 that take a little time to digest. The company has restated historical figures due to the sale of the company’s institutional FX division GTX, which was acquired during Q2 by Deutsche Boerse AG’s 360T for $100 million.
As was exclusively reported by LeapRate, GAIN also discontinued its FOREX.com money transfer business during Q2.
Overall, GAIN Capital – which is now solely focused on the Retail FX business via its FOREX.com and City Index brands – saw Revenues fall by 14% from Q1, $84.2 million versus a restated $98.3 million in Q1. The company remained profitable, with Net Income of $6.5 million in Q2, which excludes an after-tax Q2 gain of $61 million from the sale of GTX.
Glenn Stevens, GAIN Capital
Glenn Stevens, CEO of GAIN Capital stated:
The second quarter marked a key milestone for our Company as we announced the sale of our Institutional GTX ECN business and reaffirmed our commitment to invest in the long-term growth of our core Retail segment.
Despite the lower volatility environment during the second quarter, our results for the first half of 2018 remained strong with net revenue from continued operations increasing 29% year-over-year, demonstrating our early success in executing on our strategic priorities to deliver more sustainable returns and drive growth. Looking ahead, we will continue to make significant investments in our products and services and marketing, execute on our operational excellence and revenue volatility reduction initiatives, and optimize our capital allocation to enhance GAIN’s shareholder value and further position us for long-term growth.
GAIN Capital’s full Q2 results press release can be seen here.