StoneX Group Inc has officially released its first quarterly financial results since its GAIN Capital acquisition, with the quarter ending on the 30th of September, 2020.

Massive Increase In Revenue For FY Q4 2020

The firm, formerly known as INTL FCStone, has reported a tremendous increase in its quarterly income and operating revenue. Alongside this, the company went as far as recognizing an $81.8 million bargain purchase regarding the GAIN Capital acquisition.

StoneX made it clear that this bargain purchase gain is non-taxable. As such, this gain has no income tax provision amount corresponding to it or recorded for it.

A Massive Deal Seemingly Paying Off

It was concluded by StoneX to purchase GAIN Capital outright. GAIN, in question, stands as the City Index and Forex.com operator. This all-cash deal was approximately $236 million in total, with StoneX paying $6 per share of GAIN. The entire process saw its completion in July, which means that all transactional benefits had been accounted for within the financials of the prior quarter.

As for the acquisition amount recorded within the quarterly books themselves, another $9.6 million was included, detailed as fees related to the acquisition, such as lawyers and investment banks. Another $5.7 million was implemented in impairment charges, and was related to various capitalized software that had yet been placed into service.

Success In Almost Every Front

StoneX’s quarterly results itself shows that the publicly-listed company had an operating revenue recorded at $342.1 million. This stands as 19% year than the revenue recorded last year. The net revenue for the company was recorded at $226.2 million, which stands as a 30% increase since last year, as well.

The company’s quarterly net income so a spectacular rise, however, going up by 185% and standing at $77.4 million. Last year saw the firm report a quarterly net income of just $27.2 million.

As for StoneX’s FX contract business, that recorded a whopping jump of 725% in revenue. Last year’s Q4 revenue was recorded just at $5.9 million for the FX contract business, but this year it hit a startlingly increased $48.7 million.

Sean M. O’Connor stands as the CEO of StoneX Group, and gave comment about the matter at large. He explained that his firm had achieved record results, doing so in almost every area of business on a consolidated business. Alongside this, he highlighted the GAIN major strategic acquisitions, including the completion of several important transactions. Furthermore, the CEO highlighted the rebranding of the firm, reflecting its new plans for the future.