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