Canaccord Genuity Group Inc. CF-T says its net loss attributable to common shareholders for the fourth quarter was $7.2 million, down 113 per cent from a net income of $56.3 million a year earlier.
The Toronto-based financial services firm says it lost eight cents per diluted common share, down from earnings of 53 cents per diluted common share in the same quarter last year.
Revenue for the quarter ended March 31 was $430.4 million, down from $499.8 million a year earlier.
President and CEO Dan Daviau says in a press release that the company’s results for fiscal 2023 were below expectations amid a challenging operating environment, but the business remains on solid ground.
The company says results for the fourth quarter were impacted by several factors including the amortization of intangible assets, costs related to acquisition and growth and costs related to an expired management-led takeover.
Earlier this week, Canaccord said a proposed management buyout of the firm would not go ahead after key conditions of the offer were not received by expiry time.