6th Aug 2014 11:04
LONDON (Alliance News) - Wealth manager and stockbroker Canaccord Genuity Group Inc reported Wednesday its first-quarter net income more than doubled, boosted by the performance of its capital markets business, which led or co-led 50 transactions and participated in 115 transactions all together.
In a statement, Vancouver-based Canaccord Genuity said it made CAD18.9 million in net income in the quarter ended June 30, compared with CAD7.9 million in the corresponding quarter last year. Revenue increased by CAD58.4 million to CAD245.6 million, while expenses rose by CAD44.2 million to CAD222.3 million.
"Our fiscal first quarter results were characterized by the positive momentum in our Canadian capital markets business that started in the second half of fiscal 2014," Paul Reynolds, president and chief executive officer, said in a statement. "During the quarter, we made continued progress growing all of our businesses, reflecting the impact of our diversification strategy and the differentiated global service we provide."
Canaccord Genuity shares were last quoted in London at 687.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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