UPDATE 1-Canaccord profit rises on fees, sees more UK growth

Wed Feb 6, 2013 6:07pm EST
 
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* Results miss estimates by a penny

* Canadian dealer cut costs last year

* Sees stronger markets, more UK M&A

By Cameron French

TORONTO, Feb 6 (Reuters) - Canaccord Financial reported a stronger third-quarter profit on Thursday as record advisory fees drove a 56 percent jump in revenue, and the company's CEO pledged to continue to expand its presence in the United Kingdom.

The Toronto-based investment dealer and wealth management firm earned C$10.3 million ($10.33 million), or 8 Canadian cents a share, in its fiscal third quarter ended Dec 31. That compared with a year-before profit of C$2.5 million, or 1 Canadian cent a share.

Excluding significant items, such as C$11.9 million in restructuring costs, Canaccord said it earned 17 Canadian cents a share.

Analysts had expected profit of 18 Canadian cents a share, before exception items, according to Thomson Reuters I/B/E/S.

Quarterly revenue rose 55.5 percent to C$230.0 million, with about two-thirds of that generated at the company's Canaccord Genuity investment dealer, which led or co-led 33 transactions globally.   Continued...