TORONTO, April 26, 2017 /PRNewswire/ --
Canaccord Genuity Group Inc. (the
"Company") announces that it expects earnings for the quarter
ending March 31, 2017 to be
significantly higher than previous quarters in its most recent
fiscal years. Excluding significant items1, the
Company expects to record net income attributable to common
shareholders that will exceed $23
million, or earnings per common share that will exceed
$0.23. Including all expense items,
on an IFRS basis, the Company expects to record net income
attributable to common shareholders that will exceed $21 million, or earnings per common share of at
least $0.21 per share. These
preliminary financial results are subject to revision and may
change when the Company reports its full fourth quarter results on
June 1, 2017.
Revenue is expected to exceed $260
million for the fiscal quarter. This amount represents
an increase of 30% over the average for the first three quarters of
fiscal 2017.
Increased new issue activity in all regions in the Company's
focus sectors during the quarter led to a significant increase in
investment banking revenue. Two significant advisory
transactions outside of Canada
during the quarter contributed to an increase in advisory fee
revenue.
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 24, 2016 and the 2016 annual
Management's Discussion and Analysis in the annual report dated
June 1, 2016.
"We are very pleased with these improved expectations, but we
continue to anticipate certain levels of volatility as the markets
react to the specifics of regulatory and policy changes in the UK
and the US, and we note that activity in our capital markets
business is directly correlated with activity in our core focus
sectors," said Dan Daviau, President
& CEO of Canaccord Genuity Group Inc.
The Company will provide additional details of its performance
with the release of its fourth quarter and fiscal 2017 year-end
results on June 1, 2017 and
management will discuss these results on a conference call on
Friday, June 2nd. Dial-in and webcast
details will be circulated two weeks prior to the event and will
also made available on the Company's website
at http://www.canaccordgenuitygroup.com.
______________________________
1 Figures excluding significant items are non-IFRS
measures. Significant items include restructuring costs,
amortization of intangible assets acquired in connection with
business combinations, impairment of goodwill and other assets,
acquisition-related expense items, which include costs recognized
in relation to both prospective and completed acquisitions, as well
as gains or losses related to business disposals including
recognition of translation gains on the disposal of foreign
operations. In Q4/17, the Company expects that the only significant
items to be recorded will be related to the amortization of
intangible assets acquired in connection with business
combinations.
About Canaccord Genuity Group
Inc.:
Through its principal subsidiaries, Canaccord Genuity Group Inc.
(the "Company") 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. We
achieve this by generating value for our individual, institutional
and corporate clients through comprehensive investment solutions,
brokerage services and investment banking services. The Company has
offices in 10 countries worldwide, including Wealth Management
offices located in Canada, the UK,
Guernsey, Jersey, the Isle of Man and Australia. Canaccord Genuity, the
international capital markets division, operates in Canada, the US, the UK, France, Ireland, Hong Kong,
China, Australia and
Dubai. To us there are no foreign
markets.™
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
Caution Regarding Forward-Looking
Statements:
This press release may contain "forward-looking statements" (as
defined under applicable securities laws). These statements relate
to future events or future performance and reflect management's
expectations, beliefs, plans, estimates, intentions and similar
statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical
facts, including business and economic conditions and Canaccord
Genuity Group's growth, results of operations, performance and
business prospects and opportunities. Specifically, this press
release contains forward-looking statements with respect to its
financial performance for the fourth quarter of its 2017 fiscal
year. Such forward-looking statements reflect management's current
beliefs and are based on information currently available to
management. In some cases, forward-looking statements can be
identified by terminology such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "estimate", "predict",
"potential", "continue", "target", "intend", "could" or the
negative of these terms or other comparable terminology. By their
very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and a number of factors
could cause actual events or results to differ materially from the
results discussed in the forward-looking statements. In evaluating
these statements, readers should specifically consider various
factors that may cause actual results to differ materially from any
forward-looking statement. These factors include, but are not
limited to, market and general economic conditions, the nature of
the financial services industry, the failure or delay in satisfying
any of the conditions to the completion of the debenture offering
and the risks and uncertainties discussed from time to time in the
Company's interim condensed and annual consolidated financial
statements, its annual report and its annual information form
("AIF") filed on http://www.sedar.com as well as the factors
discussed in the sections entitled "Risk Management" and "Risk
Factors" in the AIF, which include market, liquidity, credit,
operational, legal and regulatory risks. The preceding list is not
exhaustive of all possible risk factors that may influence actual
results. Readers are cautioned that the preceding list of material
factors or assumptions is not exhaustive. Although the
forward-looking statements contained in this press release are
based upon what management believes are reasonable assumptions,
there can be no assurance that actual results will be consistent
with these forward-looking statements. The forward-looking
statements contained in this press release are made as of the date
of this press release and should not be relied upon as representing
the Company's views as of any date subsequent to the date of this
press release. Except as may be required by applicable law, the
Company does not undertake, and specifically disclaims, any
obligation to update or revise any forward-looking statements,
whether as a result of new information, further developments or
otherwise.
Contact:
Christina Marinoff
Vice President, Investor Relations & Communications
Phone: +1-416-687-5507
email: christina.marinoff@canaccord.com
http://www.canaccordgenuitygroup.com