The FinancialGain Capital Holdings Inc (NYSE:GCAP), the popular US broker which operates the FOREX.com brand has published its quarterly financial results for Q2 2020 indicating that the positive income and revenue streak the broker began earlier in 2020 is still continuing.
The broker reported GAAP net revenue of $101.0 million, which resulted in $14.3 million in net income and adjusted net income of $15.2 million. Adjusted EBITDA was $28.9 million. GAIN Capital noted that “another quarter of high volatility due to the ongoing economic concerns over COVID-19” affected its retail performance in a positive manner. Likewise, direct active accounts generated by the broker increased 34% from the same quarter last year to a record 93,433.
Glenn Steves, GAIN Capital CEO noted that: “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 improve 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”.
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