FXCM have declared their Q2 results, highlights cover:
Second quarter 2011 revenues of $103.4 million, up 9% from first quarter 2011 and 7% versus the same period in 2010
Adjusted Pro Forma EBITDA of $28.5 million, up 12 % from first quarter 2011 and down 19% versus the same period in 2010
Pro Forma net income of $15.6 million, or $0.21 per fully diluted share
US GAAP net income of $3.3 million, or $0.19 per fully diluted share
Customer equity of $839.0 million at June 30, 2011, up 31% from year-end 2010 and up 97% from June 30, 2010
Declared a quarterly dividend of $0.06 per share of Class A common stock
FXCM – H2 2011
For the six months ended June 30, 2011 revenues increased 14% to $198.1 million, compared to $173.6 million for the corresponding period in 2010.
Adjusted Pro Forma EBITDA for the six months ended June 30, 2011 was $54.0 million, compared to $60.3 million, for the corresponding prior period, a decrease of 10%.
During the three months ended June 30, 2011, FXCM Inc. established a reserve of $16.0 million related to a settlement with the National Futures Association ("NFA") and ongoing discussions with the Commodity Futures Trading Commission ("CFTC").
Certain founding members of FXCM Holdings, LLC have agreed to reimburse the expense, resulting in no impact to the net income of FXCM Inc.
"FXCM delivered solid results in the second quarter. In particular, we are pleased with growing client equity to $839.0 million, up 97% from a year-ago and up 31% just from December 31, 2010," said Drew Niv, Chief Executive Officer of FXCM. "We are also pleased that in the quarter our retail clients generated record trading volume of $938 billion."
"FXCM is well positioned in the event of market turmoil," he continued. "In fact, in the first seven trading days in August our retail clients traded $19.0 billion per day in volume, a record for FXCM," he continued.
FXCM - Quarterly Dividend
The company also announced today that its board of directors has declared a quarterly dividend of 6¢ per share on its outstanding Class A common stock. The dividend is payable on September 30, 2011 to Class A stockholders of record at the close of business on September 19, 2011.
About FXCM
FXCM Inc. is a global online provider of foreign exchange, or FX, trading and related services to retail and institutional customers world-wide.
At the heart of FXCM's client offering is No Dealing Desk FXCM forex trading. Clients benefit from FXCM's large network of forex liquidity providers enabling FXCM to offer competitive spreads on major currency pairs.
FXCM spread betting clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. FXCM's U.K. subsidiary, Forex Capital Markets Limited, offers FXCM CFD products with no re-quote trading and allows clients to trade oil, gold, silver and stock indices along with FX on one platform.
Trading foreign exchange and CFDs on margin carries a high level of risk, and may not be suitable for all.
Spread Betting, Contracts for Difference (CFDs) and Margined Forex trading are leveraged forms of investing which carry a high level of risk. You may incur losses that are in excess of your initial stake or investment. Make sure that you only speculate with funds you can afford to lose. Before trading ensure you recognise the risk. These products might not be suited to all kinds of investor. Seek independent investment guidance if necessary.
Article provided / approved by Forex Capital Markets Limited which is authorised and regulated in the UK by the Financial Services Authority, reference number 217689.
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Risk Warning:
Please note that spread betting and CFD trading carry a high level of risk to your capital. You can lose more than your initial deposit. These products may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
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