5th Nov 2015 11:20
LONDON (Alliance News) - Canaccord Genuity Group Inc on Wednesday said it was hit by the "sharp decline" in global capital markets activity in its second quarter.
Revenue fell to CAD190.6 million in the quarter to September 30, down 19% on the corresponding period the prior year.
Expenses decreased by 11% to CAD189.1 million.
It swung to a net loss of CAD0.4 million compared with a net income of CAD17.6 million.
"We are using this period of market weakness productively, with a focus on improving alignment
across our global operations to enhance operating efficiencies and drive significantly stronger outcomes for our shareholders and for our clients," Dan Daviau, president and chief executive of Canaccord Genuity Group, said in a statement.
Shares in Canaccord Genuity were down 4.4% at 248.50 pence on Thursday late morning in London.
By Samuel Agini; [email protected]; @samuelagini
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