TORONTO – Canaccord Genuity Group Inc. (TSX:CF) narrowed its net loss to $100,000 in its fiscal second quarter despite a two per cent decline in revenue.
The Toronto-based global financial services firm said Wednesday that the loss amounted to three cents per share.
That compared with a net loss of $14.8 million, or 19 cents per share, in the comparable prior-year period as the company pared expenses by just over 10 per cent to $184.3 million from $204.9 million.
Revenue fell to $183.3 million from $186.6 million.
“Fiscal Q2 was characterized by a challenging environment in some of our operating units, but we believe we are beginning to see signs of improved market activity across our geographies,” president and CEO Paul Reynolds said in a statement accompanying the results.
“Canaccord Genuity’s global platform is very well suited to meet the evolving demands of our clients,” Reynolds said, adding that he was “confident that our improving pipeline of activity, combined with our focus on cost-containment, should provide for better results in the coming quarters.”
Canaccord Genuity is an independent, full-service financial services company whose operations are divided into two segments, Canaccord Genuity capital markets operations and Canaccord Wealth Management.