Canaccord Capital Inc. today reported its biggest-ever annual results, earning $93.5 million on revenue of $756.9 million in the year ended March 31.
However, profit in the January-March quarter declined from a year earlier, “primarily due to investment in business development in Canada, the U.K. and the U.S.,” the company said in a release.
Canaccord said its fourth-quarter profit was $26 million, or 54¢ a share, on revenue of $216.4 million. That compared with year-earlier net income of $30.1 million, or 63¢ a share, on revenue of $207.1 million.
The $756.9 million in full-year revenue was up 30% from the prior year’s $583.4 million, and net income rose 15% as expenses increased 33% to $618.7 million.
The year’s net income of $93.5 million was worth $1.94 per share, up from $81.2 million or $1.74 per share in the previous year.
Return on equity declined to 28.4% from 33.6%.
“Our results are a product of our global platform. We will continue to make investments in all of our key geographies in our effort to be highly relevant to our clients,” said Paul Reynolds, president.