Canada’s largest independent brokerage firm Canaccord Financial Inc. (TSX: T.CF, Stock Forum) reported an ajusted net profit of $15.6 million or 12 cents a share in the fourth quarter ended March 31, 2013, compared to a profits of $2 million or 2 cents in the same period last year.
Revenue in the quarter was $218 million, a 22.7% increase from $177.7 million a year earlier.
“Fiscal 2013 was a pivotal year for Canaccord Financial, as we integrated the largest acquisition in the firm’s history,’’ said Paul Reynolds, President and CEO in a statement.
Canaccord Financial shares rose 4.5% to $6.23 Tuesday, leaving the company with a market cap of $642.3 million, based on 103 million shares outstanding. The 52-week range is $7.93 and $4.03.