3rd Jun 2015 08:01
LONDON (Alliance News) - Canaccord Genuity Group Inc Wednesday said it swung to a fourth-quarter net loss, amid continued pressure on its capital markets business.
In a statement, the financial services group said it made a CAD26.3 million net loss in the quarter ended March 31, compared with CAD25.9 million in net income in the corresponding quarter of the prior year.
Fourth-quarter revenue was down to CAD232.5 million from CAD253.7 million, while expenses were up to CAD260.8 million from CAD221.7 million.
Excluding restructuring costs, amortisation of intangible assets and costs related to acquisitions, the group recorded a net income of CAD8.8 million in the quarter.
"Despite a solid start to the fiscal year, a dramatic shift in global market conditions reduced activity levels in our capital markets business, which produced results below our expectations," David Kassie, chairman and chief executive, said in a statement.
"We have made significant efforts to address our operating structure and fixed costs, to better position our business for long-term, sustainable profitability in an evolving market," Kassie said.
Canaccord Genuity shares were untraded in London on Wednesday. The stock last traded at 340 pence.
By Samuel Agini; [email protected]; @samuelagini
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