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Canaccord reports strong third quarter

Monday 12 February 2018

Canaccord reports strong third quarter

Canaccord Genuity Wealth Management has released information about its third quarter 2018 financial performance.

David Esfandi, CEO of Canaccord, said they had continued to see strong momentum in their business.

The headline statistics in the report included a generated revenue of £36.1 million during the quarter, an increase of £15.2 million, or 73.1% compared to the same quarter of the previous fiscal year.

Of this total increase, 90% was attributable to the acquisition of Hargreave Hale, and 10% was from organic growth.

Excluding significant items, Canaccord Genuity Wealth Management also recorded net income of £6.9 million before taxes for the third quarter of fiscal 2018, an increase of £2.0 million over the same period of the prior fiscal year.

At 31 December 2017, Canaccord Genuity Wealth Management UK & Europe had assets under management of £25.8 billion, an increase of 5.8% from £24.4 billion at the end of the previous fiscal quarter, and an increase of 83.1% from £14.1 billion at the end of the third quarter of the previous fiscal year.

Mr Esfandi, CEO of Canaccord Genuity Wealth Management in the UK & Europe added: "We continue to see strong momentum in our business for our third fiscal quarter, having increased assets under management by 5.8% over the three‐month period, to £25.8 billion.

"I am also very pleased to report that we are ahead of schedule with our integration efforts, and with this progress, we look forward to capturing the greater value from our operating scale, while simultaneously delivering increasingly stronger benefits for our clients."

Canaccord Genuity Wealth Management has offices in Guernsey, Jersey and Isle of Man.


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