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Canaccord Financial posts 154% increase in Q1 net income

Canaccord Financial has reported net income of C$13.2m, or $0.16 per diluted share, for the first quarter of 2012 ended 30 June 2011, up 154%, compared to C$5.2m, or $0.07 per diluted share, for the same period in the previous fiscal year.

Excluding acquisition-related items, adjusted net income was lower at C$14.1m, compared to C$14.2m in the prior year.

Revenue for the quarter was C$159.8m, compared to C$151.9m for the same period in the prior year.

Canaccord wealth management recorded C$2.5m of net income before taxes in the first quarter of 2012. Assets under administration were C$15.7bn, up 25% from C$12.6bn at the end of first quarter 2011.

Canaccord Financial president and CEO Paul Reynolds said their recently announced partnership with BGF Equities will significantly grow their distribution capabilities through licenses to operate on the Australian and Hong Kong stock exchanges, and will also enhance Canaccord’s access to Australia’s robust resource sector.