Canaccord Genuity sees profit triple in Q4
TORONTO - Canaccord Genuity Group Inc. (TSX:CF) says its fourth-quarter net income more than tripled to $25.9 million, due to strong results from its operations in the U.S. and the U.K.
The independent securities broker and wealth management company said it earned 22 cents per diluted share of net income. This compared to net income of $6.42 million, or four cents per diluted share, during the same period a year earlier.
Revenue during the period climbed 17 per cent to $253.7 million, from $218 million year over year.
After excluding certain items, Canaccord's adjusted net income was $29.1 million, or 25 cents per share, up from $15.6 million, or 12 cents per share, for the fourth quarter of 2013.
For the full-year, the Vancouver-based firm earned net income of $52.1 million, or 39 cents per share, compared with a net loss of $18.8 million, or a loss of 31 cents per share, a year earlier. Revenue for 2013-14 came in at $855.2 million, up seven per cent from $797.1 million in 2013.
Canaccord has offices in 11 countries, including Canada, Australia, the UK , France, Hong Kong and Barbados.
"Our strong results during fiscal 2014 were driven by exceptional performance from our US and UK operations, with significant and growing contributions from the Asia-Pacific region," said Paul Reynolds, president and CEO of Canaccord Genuity Group Inc. "In addition, we are seeing a welcome pickup in volumes and transaction activity in the Canadian market."