Canaccord Financial Inc. ended its 2010 fiscal year back in the black, after suffering a deep loss in the previous financial year.
The Vancouver-based investment dealer had $7.5-million or 14 cents per share of profit in its fiscal fourth quarter, ended March 31, and an annual profit of $38.5-million.
It was a big improvement on the year-earlier comparable periods, when Canaccord's fourth-quarter profit was just $3.6-million or 7 cents per diluted share and fiscal 2009 recorded a $47.6-million annual loss.
Canaccord's top line also improved year over year, with double-digit revenue growth.
It generated $143.1-million in revenue during the three months ended March 31, up 33.8 per cent from $107-million in the fourth quarter of fiscal 2009, which marked a low point for the Canadian stock market.
Canaccord's 2010 annual revenue was up 20.9 per cent from fiscal 2009, rising to $577.5-million from $477.7-million.