Skip to main content

The Globe and Mail

Record advisory fees drive up Canaccord revenue

Canaccord CEO Paul Reynolds

Rafal Gerszak/The Globe and Mail

Canaccord Financial Inc. says record advisory fees drove revenue gains in its fiscal third quarter.

The Toronto-based financial services firm posted revenue of $230-million for the three months ended Dec. 31, up 56 per cent from $147.9-million year over year.

Net income came in at $10.3-million, or 8 cents per diluted share, compared to $2.5-million, or 1 cent per diluted share in the year-earlier period.

Story continues below advertisement

"The results of our fiscal third quarter clearly illustrate the benefits of the acquisitions we've made over the last several years," said president and chief executive officer Paul Reynolds.

"With record advisory revenue, continued growth of our U.K. wealth management business, and strong performance in the U.K. and U.S., we're pleased with the results we generated this quarter."

Over half of Canaccord's revenue is now earned outside of Canada, he added.

On an adjusted basis, Canaccord said it earned net income of $20.5-million, or 17 cents per diluted share.

Analysts polled by Thomson Reuters had called for adjusted earnings per share of 18 cents on $220.7-million in revenue.

Canaccord Genuity provides corporate brokering, securities and advisory services to corporate and institutional clients.

Through Collins Stewart Wealth Management, Canaccord Genuity also provides wealth management services to individual investors, institutions and intermediaries.

Story continues below advertisement

Based in London, the business has more than 650 employees at 12 offices across the United Kingdom and Europe.

The company has offices in 12 countries worldwide, including wealth management officers in Canada, Australia, the U.K. and Europe.

Canaccord Genuity, the international capital markets division, operates in Canada, the U.S., the U.K., France, Germany, Ireland, Italy, China, Hong Kong, Singapore, Australia and Barbados.

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.