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Canaccord Genuity Group Inc. Provides Outlook For First Quarter Fiscal 2020 Results

Nachrichtenquelle: PR Newswire (engl.)
18.07.2019, 23:14  |  216   |   |   

Preliminary first quarter financial results expected to be consistent with management expectations

TORONTO, July 18, 2019 /CNW/ - Canaccord Genuity Group Inc. (TSX: CF, the "Company") announced preliminary results for the quarter ending June 30,2019. The preliminary results announced 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 August 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substantial issuer bid, which commenced on July 9, 2019, is scheduled to expire on August 9, 2019, unless extended or withdrawn.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 $0.23. Including all expense items, on an IFRS basis, the Company expects to record net income attributable to common shareholders of approximately $22 million, which is earnings per common share of approximately $0.18. These preliminary financial results are subject to revision and may change when the Company reports its full first fiscal quarter results on August 6, 2019.

Revenue is expected to be approximately $322 million for the fiscal quarter. This amount represents an increase of approximately 17% when compared to the first quarter of fiscal 2019 and an increase of approximately 13% compared to 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 benefitted from a supportive environment for new issue and advisory activities in core focus sectors.

As expected, pre-tax 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 UK and higher general and administrative expenses to support increased business activities.

Investors are reminded that the financial performance of Canaccord Genuity Group Inc. 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.

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