Sprott CEO Peter GrosskopfFred Lum/The Globe and Mail
Investment company Sprott Inc. says its profits rose 64 per cent in the first quarter as it booked stronger revenues from the purchase of the Global Group of Companies.
Sprott's net income was $10.6-million, or 7 cents per share, up from $6.4-million or 4 cents per share a year ago, the Toronto-based firm announced Thursday.
Revenue grew to $39.5-million from $25.7-million as it began to recognize results from the Global Group of Companies.
"We are pleased with the synergistic opportunities that this transaction has brought to our organization. In the near future, we expect to use this growth platform to launch new Sprott-branded products targeted to U.S. investors," said CEO Peter Grosskopf in a release.
"With the integration of the Global Group of Companies, we are now beginning to see the earning potential of our larger, more diversified organization."