Canaccord Genuity Profit Triples on U.S., U.K. Operations

Canaccord Genuity Group Inc. (CF), Canada’s largest non-bank brokerage, said fiscal fourth-quarter profit tripled, beating analysts’ estimates, on improved business in its U.S. and U.K. operations.

Net income for the period ended March 31 climbed to C$25.9 million ($23.7 million), or 22 cents a share, from C$6.42 million, or 4 cents, a year earlier, the Toronto-based firm said today in a statement. Revenue increased 16 percent to a record C$253.7 million.

“Our strong results during fiscal 2014 were driven by exceptional performance from our U.S. and U.K. operations, with significant and growing contributions from the Asia-Pacific region,” President Paul Reynolds said. “In addition, we are seeing a welcome pickup in volumes and transaction activity in the Canadian market.”

Canaccord said it earned 25 cents a share excluding some items, beating the 20-cent average estimate of five analysts surveyed by Bloomberg.

Canaccord rose 2 percent to C$11.08 at 4 p.m. in Toronto. The shares have surged 59 percent this year, outpacing the 8.2 percent advance of the benchmark Standard & Poor’s/TSX Composite Index.

(Canaccord Genuity will hold a conference call to discuss quarterly results tomorrow at 8 a.m. Toronto time. Dial 1-888-231-8191).

To contact the reporter on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net Jacqueline Thorpe, Steven Crabill

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