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Canaccord Genuity Group Inc
Symbol CF
Shares Issued 117,827,294
Close 2019-07-18 C$ 5.71
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Canaccord expects to earn $28-million in Q1 2019

2019-07-18 17:08 ET - News Release


Canaccord Genuity Group Inc. has released preliminary results for the quarter ending June 30, 2019. The preliminary results are consistent with management's expectations for the quarter and are being disclosed at this time because of the short time period between the scheduled quarterly earnings release date of Aug. 6, 2019, and the expiry of the company's substantial issuer bid. The company's substantial issuer bid, which commenced on July 9, 2019, is scheduled to expire on Aug. 9, 2019, unless extended or withdrawn.

Excluding significant items, the company expects to record net income attributable to common shareholders of approximately $28-million, which is earnings per common share of approximately 23 cents. Including all expense items, on an International Financial Reporting Standards basis, the company expects to record net income attributable to common shareholders of approximately $22-million, which is earnings per common share of approximately 18 cents. These preliminary financial results are subject to revision and may change when the company reports its full first fiscal quarter results on Aug. 6, 2019.

Revenue is expected to be approximately $322-million for the fiscal quarter. This amount represents an increase of approximately 17 per cent when compared with the first quarter of fiscal 2019 and an increase of approximately 13 per cent compared with the most recent fiscal quarter.

The company's global wealth management operations have continued to provide increasing contributions to revenue and profitability. Global capital markets operations have benefited from a supportive environment for new issue and advisory activities in core focus sectors.

As expected, pretax margins have continued to improve in the wealth management division. Expenses for the three-month period include increased development costs primarily related to the expansion of the company's wealth management operations in the United Kingdom, and higher general and administrative expenses to support increased business activities.

Investors are reminded that the financial performance of Canaccord is impacted by broad market and general economic conditions, the nature of the financial services industry both globally and in its local markets, activity in specific focus sectors, and other risks and uncertainties as more fully described in the company's annual information form dated June 28, 2019, and the 2019 annual management's discussion and analysis in the annual report dated June 17, 2019.

The company will provide additional details of its performance with the release of its first quarter fiscal 2020 results scheduled for Tuesday, Aug. 6, 2019, and management will discuss these results in a conference call on Wednesday, Aug. 7, 2019. Conference call and webcast details will be circulated two weeks prior to the event and will also be made available on the company's website.

About Canaccord Genuity Group Inc.

Through its principal subsidiaries, Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the company has been driven by an unwavering commitment to building lasting client relationships. It achieves this by generating value for its individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services.

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