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August 3, 2018

Canaccord Genuity Group Q1 revenues surge 37%

Canaccord Genuity Group has reported revenues of C$274.1m ($210.4m) for the first quarter of fiscal 2019, an increase of 37% compared to C$199.8m ($153.5m) in the same quarter last year.

The company posted a net income of C$18.6m for the quarter ended 30 June 2018, versus a net loss of C$2.6m in the previous year.

Canaccord Genuity Wealth Management generated revenues of C$112.6m globally, while Canaccord Genuity Wealth Management (North America) generated revenues of C$46.8m.

In Canada, the company’s assets under administration totalled C$18.9bn at the end of June 2018, a 49% surge from C$12.7bn a year ago.

Discretionary assets under management in Canada soared 41% to C$3.7bn from C$2.6bn last year.

Canaccord Genuity Wealth Management (UK & Europe) earned C$65.8m in revenue.

In the UK & Europe, assets under management (discretionary and non-discretionary) totalled C$46.4bn at the end of June 2018, an 80% jump from C$25.8bn a year ago.

Canaccord Genuity Group president and CEO Dan Daviau said: “Fiscal 2019 is off to a strong start and we continued to strengthen our business mix and increase scale in our wealth management operations, while our capital markets business benefited from a continued positive backdrop for growth stocks.

“We are confident in our market position and we are increasingly demonstrating that our business is advantageously positioned to navigate changes in the market environment, while we stay focussed on driving stability for our business and our shareholders.”

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