Canaccord Financial (TSX:CF, StockForum), a Toronto-based independent full-service investment dealer with capital market operations in United Kingdom and Europe, the United States, Australia, China, Singapore and Barbados, released results from its fiscal 2014 third quarter.
According to the news release, the company generated $231.0 million in revenues, up 26% from $183.3 million reported in the preceding quarter. This resulted in a net income of $21.1 million or a net income of $17.0 million or $0.17 per diluted common share available to shareholders.
Paul Reynolds, Canaccord Genuity Group president and CEO, commented, “During our fiscal third quarter, our strong results were driven by the record performance in the UK and Europe, and we were pleased with the record contribution made by our Australian operations. This quarter, 68% of our revenue came from outside of Canada, driven largely by a 75% increase in global underwriting compared to last year.”
Reynolds then stated, “The decisions we've made to dramatically alter the revenue composition of our business were pursued over the past several years in order to provide our clients with differentiated global services and our shareholders with significantly diversified revenue streams.”
He went on, “Our fiscal third quarter showcased the earnings power of our global business and the important progress we've made in becoming a fully integrated, collaborative global franchise. Our teams are working more effectively together than ever before and are very optimistic about our near-term prospects of success.”
Then summed up, “I share in this enthusiasm as we look to further enhance the global alignment of our product offering and distribution, and continue to increase our relevance to clients.”
Canaccord Financial was in the news recently when the company disclosed a transaction in its own shares under a normal course issuer bid/buyback program.
Shares rose 9.32% on the news to $7.51 per share.
Currently there are 101.8m outstanding shares with a market cap of $764.7 million.