Canaccord Genuity Group Inc., 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).