GAIN Capital Holdings, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net revenue of $84.2 million compared to $90.6 million a year ago. Operating profit was $10 million compared to $17.8 million a year ago. Income before income tax benefit was $6.6 million compared to $15.1 million a year ago. Net income from continuing operations was $6.8 million or $0.13 per basic and diluted share compared to $13.5 million or $0.30 per basic and diluted share a year ago. Net income applicable to the company was $67.1 million or $1.47 per diluted share compared to $13.9 million or $0.31 per basic and diluted share a year ago. Adjusted pre-tax income was $6.6 million against $15.1 million a year ago. Adjusted net income was $4.4 million or $0.10 per basic and diluted share compared to $11.3 million or $0.24 per basic and diluted share a year ago. Adjusted EBITDA was $19 million compared to $25.7 million a year ago.

For the six months period, the company reported net revenue of $182.5 million compared to $141.8 million a year ago. Operating profit was $32.9 million compared to operating loss of $3.9 million a year ago. Income before tax income tax was $26.2 million compared to loss before tax benefit of $9.3 million a year ago. Net income from continuing operations was $18.7 million or $0.38 per diluted share compared to net loss from continuing operations of $4.9 million or $0.09 per basic and diluted share a year ago. Net income applicable to the company was $83.2 million or $1.81 per diluted share compared to net loss applicable to the company of $4.9 million or $0.08 per basic and diluted share a year ago. Adjusted pre-tax income was $26.1 million against adjusted pre-tax loss of $9.3 million a year ago. Adjusted net income was $18.4 million or $0.40 per diluted share compared to adjusted net loss of $7.4 million or $0.15 per basic and diluted share a year ago. Adjusted EBITDA was $50.8 million compared to $11 million a year ago.

For the full year of 2018, the company expects continuing operations to be approximately 27% to 28%. Including the GTX results from the first half of 2018 and accounting for one-off costs related to the sale of the business, the company expects the full year rate for 2018 for the combined business to be approximately 14%.
Bridging from company's previous tax guidance of 18% for full year 2018, the company has adjusted to account for a 9% to 10% increase for 2 reasons: Firstly, the U.S. is turning profitable this year as compared to a previous expectation of a small loss; and secondly, the sale of company's GTX Bermuda operation, which was taxed at 0%.