Canaccord flips back to black

 
Michael Bow
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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.