6th Feb 2014 12:02
LONDON (Alliance News) - Canaccord Genuity Group Inc reported a strong rise in third-quarter profit after achieving record revenue in the UK and Europe.
In a statement issued in Toronto on Wednesday and in London Thursday morning, the Canadian financial services company said it made a CAD18.3 million profit for the three months ended December 31, 2013, compared with CAD10.3 million for the corresponding quarter the year prior. Revenue took a small step forward, growing by CAD1.0 million to CAD231.0 million.
"During our fiscal third quarter, our strong results were driven by the record performance in the UK and Europe, and we were pleased with the record contribution made by our Australian operations," Paul Reynolds, president and chief executive, said in a statement.
"This quarter, 68% of our revenue came from outside of Canada, driven largely by a 75% increase in global underwriting compared to last year."
In the UK and Europe, we generated CAD65.7 million in revenue for the quarter, a 53% increase from the previous quarter, and a record result for this group that was driven largely by the success of our advisory and equity transaction leadership in this market," he added.
"In Canada, the market began to show early signs of a recovery and our Canadian capital markets practice returned to profitability during the quarter. We generated CAD41.3 million in revenue, a 32% increase compared to the previous quarter, while increasing expenses by only 1%," Reynolds said.
Expenses rose by CAD22.2 million to CAD206.5 million.
Canaccord Genuity shares were Thursday midday quoted at 365.00 pence, down 2.0%.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
CF..L