CANACCORD Financial, the parent company behind City broker Canaccord Genuity, yesterday said it reversed into profit last quarter.
The Canadian firm said first quarter profits were C$7.9m (£5m), reversing a net loss of C$20.6m for the same period last year.
“This was a record quarter for our US division and another solid performance by our UK and European operations,” boss Paul Reynolds said.
Canaccord Genuity generated advisory revenues of C$35.9m for the quarter, a 43 per cent increase on last year. Its wealth management made C$54.6m in revenues.