Canaccord increases revenue but losses continue as it restructures

 
Charlotte Henry
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CANACCORD Genuity, the Canadian brokerage, announced revenue of $232.5m Canadian dollars (£121.7m) for the first quarter of this year.

Overall, it had losses of C$26.3m for the first three months of 2015.

It had revenues of C$880.8m for the fiscal year to 31 March, a three per cent rise, but the firm still made a loss of C$11.3m.

“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,” said David Kassie, the group’s chief executive.

Kassie has been filling in the top role since the untimely death of former chief executive Paul Reynolds in April.

He said that the Toronto-based firm has “made significant efforts to address our operating structure and fixed costs”.

Canaccord shares were trading up five per cent yesterday.