CANACCORD GENUITY GROUP INC. REPORTS FOURTH QUARTER AND FISCAL 2025 RESULTS

Cision Canada

2 days ago

TORONTO, June 4, 2025 /CNW/ - Canaccord Genuity Group Inc. (Canaccord Genuity Group, the Company) (TSX: CF) today announced its financial results for the fourth quarter and fiscal year ended March 31, 2025.
"We delivered impressive top-line growth in both the three- and twelve-month periods, driven by record performances in wealth management and robust advisory activity in capital markets," said Dan Daviau, Chairman & CEO of Canaccord Genuity Group Inc. "Our wealth businesses continue to execute against clearly defined business plans focused on sustainable growth and profitability, and we are cautiously optimistic for improving activity levels in capital markets. Continued advancement of our organic and inorganic growth initiatives, combined with firm-wide cost-efficiency efforts, is expected to further improve our firmwide operating margins in the coming fiscal year."
Fourth quarter and fiscal 2025 highlights:
(All dollar amounts are stated in thousands of Canadian dollars unless otherwise indicated)
Fourth quarter revenue of $461.2 million, an increase of 12.8% compared to the same period in the prior year and 2.3% compared to Q3/25
Fiscal 2025 revenue of $1.8 billion increased by 19.6% year-over-year
Global wealth management operations earned record quarterly revenue of $238.9 million and record revenue of $904.8 million for fiscal 2025, year-over-year increases of 19.4% and 17.0%
Global capital markets revenue for the fourth fiscal quarter increased by 4.7% year-over- year to $212.3 million and by 21.6% year-over-year to $830.7 million for fiscal 2025
Fourth quarter net income before taxes excluding significant items (1) of $32.2 million, a decrease of 17.5% compared to Q4/24 (on an IFRS basis Q4/25 net income before taxes of $18.3 million, an increase of 27.3% compared to Q4/24)
Fiscal 2025 net income before taxes excluding significant items (1) of $149.1 million, an increase of 12.0% compared to fiscal 2024 (on an IFRS basis fiscal 2025 net income before taxes of $53.5 million, a decrease of 6.2% compared to fiscal 2024)
Diluted earnings per common share excluding significant items (1) for Q4/25 of $0.12 per common share (diluted loss per common share of $0.01 on an IFRS basis)
Diluted earnings per common share excluding significant items (1) for fiscal 2025 of $0.61 per common share (diluted loss per common share of $0.30 on an IFRS basis)
Excluding significant items (1), CG's global wealth management businesses contributed net income before taxes of $41.3 million in the fourth quarter of fiscal 2025 and net income before taxes of $149.0 million in fiscal 2025
Excluding significant items (1) CG's global capital markets business contributed net income before taxes of $1.0 million in the fourth quarter of fiscal 2025 and net income before taxes of $43.8 million in fiscal 2025
Total client assets (1) in our global wealth management business were $120.4 billion at March 31, 2025, a year-over-year increase of 15.9%, reflecting year-over-year increases of 11.2% in Canada, 17.2% in the UK & Crown Dependencies and 31.3% in Australia
Fourth quarter common share dividend of $0.085 per share
1. Figures excluding significant items are non-IFRS measures. See Non-IFRS Measures on page 6
2. Before non-controlling interests and preferred share dividends paid on the Series A and Series C Preferred Shares
3. Net income (loss) attributable to common shareholders is calculated as the net income (loss) adjusted for non-controlling interests and preferred share dividends
Core business performance highlights:
Canaccord Genuity Wealth Management
The Company's combined global wealth management operations earned revenue of $238.9 million for the fourth fiscal quarter, a year-over-year increase of 19.4% due to higher commissions and fees revenue from all regions. Fiscal 2025 revenue in this division amounted to $904.8 million, an increase of 17.0% compared to the prior fiscal year. Net income before taxes excluding significant items (1) for this segment increased by 21.5% and 6.1% year-over-year for the three and twelve-month periods ended March 31, 2025. Excluding significant items (1) non-compensation expenses in this division increased by $10.2 million or 17.3% year-over-year but decreased by 4.9% sequentially to $69.2 million.
Wealth management operations in the UK & Crown Dependencies generated record quarterly revenue of $117.6 million in the fourth fiscal quarter, an increase of 11.5% compared to the same period last year. Fiscal 2025 revenue of $449.8 million increased 9.3% year-over-year and represents a new record for this business. Excluding significant items (1), this business contributed pre-tax net income of $27.6 million in Q4/25, a year-over-your increase of 3.6%. Pre-tax net income excluding significant items (1) for the fiscal year decreased slightly by 0.5% year-over-year to $101.0 million. Normalized EBITDA (1) (2) a commonly used operating metric for this business was £21.0 million for the three months ended March 31, 2025 and £78.6 million for the year ended March 31, 2025, a year-over-year increase of 1.2% (3).
Canaccord Genuity Wealth Management (North America) generated revenue of $100.4 million in the fourth fiscal quarter, a year-over-year increase of 29.4% compared to Q4/24. Fiscal 2025 revenue in this business improved by 25.7% year-over-year to $374.8 million. Excluding significant items (1), net income before taxes was $12.7 million in Q4/25 and $43.1 million for fiscal 2025, year-over-year increases of 90.2% and 20.5% respectively. EBITDA (1) (2) in this business was $19.2 million for the three months ended March 31, 2025 and $68.8 million for fiscal 2025, an improvement of 25.5% compared to the prior fiscal year.
Wealth management operations in Australia generated $20.9 million in fourth quarter revenue and $80.3 million for fiscal 2025 representing year-over-year increases of 22.5% and 25.7% respectively. Excluding significant items (1) net income before income taxes for this business was $1.0 million in Q4/25, an increase of 44.6% compared to the same period a year ago and net income before income taxes for fiscal 2025 of $4.9 million, an increase of 52.8% compared to the prior year.
Total client assets in the Company's global wealth management businesses at March 31, 2025 amounted to a record $120.4 billion, an increase of 4.7% compared to Q3/25 and a year-over-year increase of 15.9%.
Client assets (1) in the UK & Crown Dependencies were $69.2 billion (£37.2 billion) as at March 31, 2025, an increase of 17.2% (increase of 7.7% in local currency) from $59.1 billion (£34.6 billion) at March 31, 2024 due to net new assets from acquisitions, market growth and foreign exchange movement. On a sequential basis, client assets (1) increased by 7.3% (increase of 3.9 % in local currency) from $64.5 billion (£35.9 billion) at the end of the previous quarter.
Client assets (1) in North America were $42.7 billion as at March 31, 2025 , an increase of 11.2% from $38.4 billion at March 31, 2024 due to increases in market values and net new assets from new recruits, and an increase of 1.0 % compared to the previous fiscal quarter.
Client assets (1) in Australia were $8.4 billion (AUD 9.4 billion) at March 31, 2025, an increase of 4.0% from $8.1 billion (AUD 9.1 billion) at the end of the previous quarter and an increase of 31.3% from $6.4 billion (AUD 7.3 billion) at March 31, 2024. In addition, client assets (1) totalling $13.2 billion (AUD 14.7 billion) are also held on record in transactional accounts through our Australian platform.
Canaccord Genuity Capital Markets
Globally, Canaccord Genuity Capital Markets earned revenue of $212.3 million for the fourth fiscal quarter, broadly in-line with Q3/25 and a year-over-year improvement of 4.7%, primarily reflecting stronger advisory completions during the three-month period. Fiscal 2025 revenue in this division increased by 21.6% year-over-year to $830.7 million, reflecting stronger contributions from advisory, corporate financing and principal trading activities.
Advisory revenue for the three-month period amounted to $89.8 million, a year-over-year increase of 30.4% and an increase of 28.3% sequentially, which reflects improving contributions from our US and UK businesses. Advisory revenue of $305.0 million for fiscal 2025 increased by 32.7% year-over-year and represents the third highest annual revenue on record for this business line.
Canaccord Genuity Capital Markets participated in 355 investment banking transactions globally, raising total proceeds of C$36.7 billion during fiscal 2025. Investment banking revenue for the fiscal year amounted to $215.3 million, an increase of 43.9% compared to the fiscal 2024. For Q4/25, revenue in this business line declined both sequentially and when compared to the same period a year ago largely due to lower revenue generated from our Australian operations compared to the exceptionally strong performances in the comparative periods.
Commissions and fees revenue decreased by 2.8% year-over-year for the three-month period and by 5.7% for the fiscal year, primarily reflecting lower activity levels in our North American operations, partially offset by stronger contributions from the UK. Principal trading revenue decreased by 1.9% year-over-year for Q4/25 but increased by 13.1% in fiscal 2025. Interest revenue decreased by 19.5% and 7.6% respectively, for the three- and twelve- month periods ended March 31, 2025 due to reduced stock borrowing activity in our Canadian operations.
Excluding significant items (1), our global capital markets division recorded net income before taxes of $1.0 million for the quarter, a decrease of 69.3% compared to the fourth quarter of fiscal 2024 as the increase in revenue was offset by higher interest expense and professional fees. Net income excluding significant items (1) for fiscal 2025 was $43.8 million for fiscal 2025 compared to net income before tax of $6.0 million in the prior fiscal year.
Summary of Corporate Developments
On February 4, 2025, the board of directors formally appointed Nadine Ahn as the Company's Chief Financial Officer, effective February 5, 2025.
On February 24, 2025, the Company, through CGWM UK, completed its acquisition of Brooks Macdonald Asset Management (International) Ltd. ("BMI"), previously a wholly owned subsidiary of Brooks Macdonald Group. BMI provides investment management, financial planning and fund management services through its offices in Jersey, Guernsey, and the Isle of Man.
Subsequent to year-end of the fiscal fourth quarter, on April 1, 2025, the Company announced that it had entered into a definitive agreement to sell its U.S. wholesale market making business to Cantor, further strengthening its focus on its core global advisory and ECM-led investment banking platform. Completion of the sale is subject to customary closing conditions and is expected to occur in the first half of the Company's 2026 fiscal year.
Prior to the end of the first quarter of fiscal 2026, subsidiaries of the Company ("CG Group") are expected to loan certain executive officers, senior managers and senior revenue producing employees (the "Participants") the aggregate principal amount of up to approximately $27.0 million pursuant to new purchase loans ("2026 Purchase Loans") for the purpose of subscribing for limited partnership units ("LP Units") in CG Partners Limited Partnership, the employee share ownership partnership (the "Partnership"). In connection therewith, prior to the end of the first quarter of fiscal 2026, the Company expects to advance the Partnership a short-term interest-bearing secured loan in an amount up to the aggregate principal amount of the 2026 Purchase Loans and related Participants' Partnership contributions ("New Partnership Loan"). The Partnership will be required to repay the New Partnership Loan using the cash proceeds that it receives from the Participants' subscription for LP Units. For more information, see the Company's annual management's discussion & analysis (MD&A) dated June 4, 2025.
Results for the Fourth Quarter of Fiscal 2025 were impacted by the following significant items:
Fair value adjustments on certain warrants and illiquid or restricted marketable securities recorded for IFRS reporting purposes in prior periods net of adjustments recorded in the current period, but which are excluded for management reporting purposes and are not used by management to assess operating performance
Amortization of intangible assets acquired in connection with business combinations
Certain incentive-based costs related to acquisitions in US and UK capital markets and CGWM UK
Fair value adjustment of the non-controlling interest derivative liability
Fair value adjustment of convertible debentures derivative liability
Fair value adjustment of a CGWM UK management incentive plan
Fair value adjustment of contingent consideration related to previous acquisitions
Provisions and professional fees related to ongoing US regulatory matters
Provision related to a tax matter
Certain components of the non-controlling interest expense associated with CGWM UK recorded for IFRS purposes.
Summary of Results for Q4 and Fiscal 2025 and Selected Financial Information Excluding Significant Items (1):
Three months ended
March 31
Quarter-
over-
quarter
change
Year ended
March 31
Year over
year
change
(C$ thousands, except per share and % amounts)
2025
2024
2025
2024
Revenue
Revenue per IFRS
$461,227
$409,048
12.8 %
$1,769,062
$1,478,805
19.6 %
Significant items recorded in Corporate and Other
Fair value adjustments on certain warrants and illiquid or restricted marketable securities
$(1,211)
$230
n.m.
$(1,131)
$927
(222.0) %
Total revenue excluding significant item (1)
$460,016
$409,278
12.4 %
$1,767,931
$1,479,732
19.5 %
Expenses
Expenses per IFRS
$442,944
$394,687
12.2 %
$1,715,549
$1,421,738
20.7 %
Significant items recorded in Canaccord Genuity Capital Markets
Amortization of intangible assets
$105
$218
(51.8) %
$585
$1,163
(49.7) %
Incentive-based costs related to acquisitions
$528
$200
164.0 %
$1,748
$1,667
4.9 %
Change in fair value of contingent consideration
$(73)
$(9,151)
99.2 %
$(73)
(27,325)
99.7 %
Restructuring costs
$1,163
-
n.m.
$5,103
$12,673
(59.7) %
Lease expenses related to premises
under construction
-
$1,975
(100.0) %
$5,894
$1,975
198.4 %
Provision
$1,750
-
n.m.
$19,478
-
n.m.
Impairment of goodwill and intangible assets
-
$17,756
(100.0) %
-
$17,756
(100.0) %
Significant items recorded in Canaccord Genuity Wealth Management
Amortization of intangible assets
$7,249
$5,754
26.0 %
$25,478
$22,827
11.6 %
CGWM UK management incentive plan
$5,000
-
n.m.
$11,478
-
n.m.
Acquisition-related costs
$1,567
-
n.m.
$2,271
-
n.m.
Incentive-based costs related to acquisitions
$1,175
$948
23.9 %
$4,485
$3,886
15.4 %
Restructuring costs
-
-
-
-
$810
(100.0) %
Fair value adjustment of contingent consideration
$1,012
-
n.m.
$1,012
-
n.m.
Significant items recorded in Corporate and Other
Lease expenses related to premises
under construction
-
$2,361
(100.0) %
$3,001
$2,361
27.1 %
Restructuring costs
-
-
-
-
$4,664
(100.0) %
Fair value adjustment of non-controlling interest derivative liability
$6,000
-
n.m.
$21,000
$13,250
58.5 %
Provision related to tax matter
$4,000
-
n.m.
$4,000
-
n.m.
Fair value adjustment of convertible debentures
derivative liability
$(14,307)
$4,421
n.m.
$(8,724)
$4,421
(297.3) %
Development costs
-
-
-
-
$15,038
(100.0) %
Total significant items – expenses (1)
$15,169
$24,482
(38.0) %
$96,736
$75,166
28.7 %
Total expenses excluding significant items (1)
$427,775
$370,205
15.6 %
$1,618,813
$1,346,572
20.2 %
Net income before taxes excluding significant items (1)
$32,241
$39,073
(17.5) %
$149,118
$133,160
12.0 %
Income taxes – adjusted (1)
$9,760
$8,294
17.7 %
$40,137
$38,927
3.1 %
Net income excluding significant items (1)
$22,481
$30,779
(27.0) %
$108,981
$94,233
15.7 %
Significant items impacting net income attributable to common shareholders
Non-controlling interests – IFRS
$9,171
$11,608
(21.0) %
$42,650
$42,945
(0.7) %
Amortization of equity component of the non-controlling interests in CGWM UK and other adjustments
$1,434
$1,078
33.0 %
$7,197
$5,542
29.9 %
Non-controlling interests (adjusted) (1)
$7,737
$10,530
(26.5) %
$35,453
$37,403
(5.2) %
Preferred share dividends
$2,852
$2,852
-
$11,408
$11,408
-
Net income attributable to common shareholders, excluding significant items (1)
$11,892
$17,397
(31.6) %
$62,120
$45,422
36.8 %
Earnings per common share excluding significant items – basic (1)(2)
$0.12
$0.20
(40.0) %
$0.65
$0.53
22.6 %
Earnings per common share excluding significant items – diluted (1)(2)
$0.12
$0.15
(20.0) %
$0.61
$0.40
52.5 %
(1) Figures excluding significant items are non-IFRS measures. See Non-IFRS Measures on page 6.
(2) For the quarter and fiscal year ended March 31, 2025, the effect of reflecting the Company's proportionate share of CGWM UK's earnings is anti-dilutive under both IFRS and on an adjusted basis excluding significant items (1). As such, the diluted EPS and net income attributable to common shareholders under IFRS and on an adjusted basis excluding significant items (1) is computed based on net income less paid and accrued dividends on the Convertible Preferred Shares and Preference Shares issued by CGWM UK to determine net income attributable to CGGI shareholders.
n.m. not measurable
Financial conditions
Common and Preferred Share Dividends:
On June 4, 2025, the Board of Directors approved a dividend of $0.085 per common share, payable on June 30, 2025, with a record date of June 20, 2025.
On June 4, 2025, the Board of Directors approved a cash dividend of $0.25175 per Series A Preferred Share payable on June 30, 2025 to Series A Preferred shareholders of record as at June 20, 2025.
On June 4, 2025, the Board of Directors approved a cash dividend of $0.42731 per Series C Preferred Share payable on June 30, 2025 to Series C Preferred shareholders of record as at June 20, 2025.
Non-IFRS Measures
Non-IFRS Measures (Adjusted Figures)
Figures that exclude significant items provide useful information by excluding certain items that may not be indicative of the Company's core operating results. Financial statement items that exclude significant items are non-IFRS measures. To calculate these non-IFRS financial statement items, we exclude certain items from our financial results prepared in accordance with IFRS. The items which have been excluded are referred to herein as significant items. The following is a description of the composition of the non-IFRS measures used in this earnings release (note that some significant items excluded may not be applicable to the calculation of the non-IFRS measure for each comparative period): (i) revenue excluding significant items, which is revenue per IFRS excluding any applicable fair value adjustments on certain illiquid or restricted marketable securities, warrants and options as recorded for IFRS reporting purposes but which are excluded for management reporting purposes and are not used by management to assess operating performance; (ii) expenses excluding significant items are expenses per IFRS less any applicable amortization of intangible assets acquired in connection with a business combination, acquisition-related expense items, which includes costs recognized in relation to both prospective and completed acquisitions, restructuring expenses, certain incentive-based costs related to the acquisitions and growth initiatives of Canaccord Genuity Wealth Management in the UK and Crown Dependencies ("CGWM UK") and the US and UK capital markets divisions, certain costs included in Corporate and Other development costs related to the expired management-led takeover bid for the common shares of the Company, fair value adjustment of certain contingent consideration in connection with prior acquisitions, fair value adjustments to the derivative liability component of non-controlling interests in CGWM UK, fair value adjustments to the derivative liability component related to the convertible debentures; certain expenses related to leased premises under construction, a fair value adjustment in respect of the CGWM UK management incentive plan; certain provisions and professional fees related to the ongoing US regulatory matters; and certain provision in connection with a tax matter related to previous fiscal years (iii) overhead expenses excluding significant items, which are calculated as expenses excluding significant items less compensation expense; (iv) net income before taxes after intersegment allocations and excluding significant items, which is composed of revenue excluding significant items less expenses excluding significant items; (v) income taxes (adjusted), which is composed of income taxes per IFRS adjusted to reflect the associated tax effect of the excluded significant items; (vi) net income excluding significant items, which is net income before income taxes excluding significant items less income taxes (adjusted); (vii) non-controlling interests (adjusted), which is composed of the non-controlling interests per IFRS less the amortization of the equity component of the non-controlling interests in CGWM UK and adjusted as applicable under the treasury stock method when dilutive; (viii) net income attributable to common shareholders excluding significant items, which is net income excluding significant items less non-controlling interests (adjusted) and preferred share dividends paid on the Series A and Series C Preferred Shares. Other non-IFRS measures include earnings before income taxes, interest, depreciation and amortization (EBITDA), which is net income before taxes excluding significant items and also excludes certain corporate interest revenue and corporate interest expense, depreciation and amortization and normalized EBITDA which is EBITDA excluding certain expenses of a specialized or non-recurring nature. EBITDA does not exclude right of use assets amortization and lease interest expense. The respective figures as described in this paragraph for the Company's operating divisions are determined as described herein and are non-IFRS measures.
A reconciliation of non-IFRS measures that exclude significant items to the applicable IFRS measures from the consolidated financial statements for fiscal 2025 can be found in the above table titled "Summary of Results for Q4 and Fiscal 2025 and Selected Financial Information Excluding Significant Items".
Non-IFRS Ratios
Non-IFRS ratios are calculated using the non-IFRS measures defined above. For the periods presented herein, we have used the following non-IFRS ratios: (i) total expenses excluding significant items as a percentage of revenue which is calculated by dividing expenses excluding significant items by revenue excluding significant items; (ii) earnings per common share excluding significant items which is calculated by dividing net income attributable to common shareholders excluding significant items by the weighted average number of common shares outstanding (basic); (iii) diluted earnings per common share excluding significant items which is calculated by dividing net income attributable to common shareholders excluding significant items by the weighted average number of common shares outstanding (diluted); and (iv) pre-tax profit margin which is calculated by dividing net income before taxes excluding significant items by revenue excluding significant items.
Supplementary Financial Measures
Client assets are supplementary financial measures that do not have any definitions prescribed under IFRS and do not meet the definition of a non-IFRS measure or non-IFRS ratio. Client assets, which include both Assets under Management (AUM) and Assets under Administration (AUA), is a measure that is common to the wealth management business. Client assets is the market value of client assets managed and administered by the Company from which the Company earns interest, commissions and fees. This measure includes funds held in client accounts as well as the aggregate market value of long and short security positions. The Company's method of calculating client assets may differ from the methods used by other companies and therefore these measures may not be comparable to other companies. Management uses these measures to assess operational performance of the Canaccord Genuity Wealth Management business segment.
ACCESS TO QUARTERLY RESULTS INFORMATION
Interested parties are invited to listen to Canaccord Genuity's fourth fiscal quarter results conference call via live webcast or a toll-free number. The conference call is scheduled for Thursday, June 5, 2025 at 8:00 a.m. Eastern time, 1:00 p.m. UK, and 10:00 AEST.
The conference call may be accessed live and will also be archived on a listen-only basis at: www.cgf.com/investor-relations/news-and-events/conference-calls-and-webcasts/
Analysts and institutional investors can call in via telephone at:
1-416-945-7677 (within Toronto)
1-888-699-1199 (toll free in North America)
448-002-797-040 (toll free from the United Kingdom)
612-801-71385 (within Australia)
Please ask to participate in the Canaccord Genuity Group Inc. Q4/25 results call. If a conference call ID is requested, please use 52680.
A replay of the conference call will be made available from approximately two hours after the live call on June 5, 2025, until July 5, 2025, at 1-289-819-1450 or 1-888-660-6345 by entering passcode 52680 followed by the (#) key.
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 Wealth Management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital markets division operates in North America, UK & Europe, Asia, and Australia.
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This earnings release may contain "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). These statements relate to future events or future performance and reflect the Company's expectations, beliefs, plans, estimates, intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including statements related to potential future transactions, actions by the Management Group or future Board representation. Such forward-looking statements reflect management's current beliefs and are based on information currently available to the Company. 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, the trading price of the Company's shares; the Company's financial condition and earnings; market and general economic conditions (including slowing economic growth, inflation and rising interest rates); the dynamic nature of the financial services industry; 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 www.sedarplus.ca 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.
Although the forward-looking statements contained in this press release are based upon assumptions that the Company believes are reasonable, 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.
SOURCE Canaccord Genuity Group Inc.