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June 3, 2020

Canaccord Genuity Group shows resilience despite Covid-19 crisis

Canaccord Genuity Group has recorded a positive performance despite the market turbulence triggered by the Covid-19 crisis.

The firm reported revenues of C$319.64m ($236.1m) for the fourth fiscal quarter, an increase of 12% compared to C$284.81bn in the previous year.

The company’s net income attributable to common shareholders for the three-month period ending 31 March 2020 was C$19.14m. This is a 32% surge from the prior-year figure of C$14.46bn.

Canaccord Genuity Wealth Management earned revenues of C$137.9m globally in Q4, an 18% increase from a year ago.

Client assets in the global wealth management business dropped 8% year-on-year to C$60.7bn.

Revenues at Canaccord Genuity Wealth Management (North America) rose 6% to C$56.7m over the period.

Canaccord Genuity Wealth Management (UK & Europe) earned revenues of C$68.4m in Q4, up 8% from a year earlier.

The firm attributed the growth to higher commission and fees revenue as well as the acquisitions of Thomas Miller and McCarthy Taylor..

Australia wealth management operations generated C$12.9m in revenue, with contributions from the takeover of Patersons Securities.

Canaccord Genuity Group president and CEO Dan Daviau said: “We entered this environment with a robust financial and strategic position to support our business activities, and while themedium and longer-term macroeconomic impact of COVID-19 remains unclear, I am confident that Canaccord Genuity continues to perform well and remains well positioned to deliver long-term value for our clients and our shareholders.”

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