Canadian investment firm Canaccord Financial has reported a net income of C$6.4 million, or C$0.04 per diluted share, for the fourth quarter ended 31 March 2013, compared to a net loss of C$31.8 million, or C$0.42 per diluted share, for the same period of 2012.
The company posted revenue of C$218 million for the fourth quarter, an increase of 23% compared to C$177.7 million for the same quarter of 2012.
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On a global basis, Canaccord Genuity Wealth Management generated revenue of C$60.2 million in the fiscal fourth quarter.
Total assets under administration in Canada, and assets under management in the UK, Europe and Australia, were C$26.8 billion at the end of fiscal fourth quarter.
For the fiscal year ended 31 March 2013, the investment firm reported a net loss of C$18.8 million, or C$0.31 per diluted share, compared to a net loss of C$21.3 million, or C$0.33 per diluted share, for the fiscal year 2012.
The company posted revenue of C$797.1 million for the fiscal year ended 31 March 2013, a 32% increase compared to C$604.9 million for the fiscal year 2012.
Paul Reynolds, president and CEO of Canaccord Financial, said: "Our acquisition of Collins Stewart enhanced our sector coverage considerably, which has played an important role in our ability to offset supressed resource sector activity. It also expanded the scope of our international operations. In fact, over half of our revenue is now generated from operations outside of Canada, significantly improving the diversity and consistency of our revenue streams."
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