Canaccord sees first-quarter revenues fall

Joseph Millis
CANADIAN financial services group Canaccord Genuity yesterday announced that first-quarter revenues fell to CA$214.5m (£104m) – 13 per cent lower than the same period last year.

Excluding significant items, the company recorded net income of CA$13.3m or net income of CA$9.5m attributable to common shareholders.

Including all expense items, on a non-International Financial Reporting Standards basis, the company recorded net income of CA$11m or net income attributable to common shareholders of CA$7.4m.

Chairman and chief executive David Kassie said in a statement: “The steps we have taken to reduce costs across our business were evident in our first quarter results, as we returned to profitability.

“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.”

He added that in Britain, “for the first fiscal quarter, our capital markets operations in the region recorded a year-over-year increase of 30 per cent in advisory revenues”.