5th Aug 2015 09:05
LONDON (Alliance News) - Investment banking and financial services company Canaccord Genuity Group Inc on Wednesday said its revenue for the first quarter to the end of June was down by 13% but said it cut costs across the business in order to maintain profitability.
Canaccord said it made a net profit of USD11.0 million in the quarter, down from USD18.9 million a year earlier but in contrast to the USD26.3 million loss it made in the fourth quarter of its 2015 financial year.
Canaccord said its sequential turn to profit was driven by cost-cutting across the business, as revenue fell to USD214.5 million from USD245.6 million a year earlier. Total costs for the company were brought down to USD202 million from USD222.3 million to mitigate the fall in revenue.
"The steps we have taken to reduce costs across our business were evident in our first quarter results, as we returned to profitability," said Chairman and Chief Executive David Kassie. "We continue to focus on improving operating efficiencies and growing our recurring revenue streams across our global business, to deliver long-term value for clients and our shareholders."
Shares in Canaccord were untraded Wednesday, having last traded at 380.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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