Excluding significant items, quarterly earnings per common share of $0.15 (1)Excluding significant items, full fiscal year earnings per common share of $0.40 (1) TORONTO, June 5, 2024 /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, 2024. "Our wealth management businesses continue to deliver outstanding results and have been the primary driver of our resilience throughout the fourth quarter and fiscal year. Results in our capital markets businesses outside of Australia continued to reflect subdued activity across our industry and core mid-market sectors, but we are encouraged by improving activity levels and looking forward to delivering on a strong pipeline of mandates as risk appetite improves," said Dan Daviau, President & CEO of Canaccord Genuity Group Inc. "We also took important steps to improve employee alignment with our shareholders and advance our governance to guide the long-term strategy and operations of the company."  Fourth quarter and fiscal 2024 highlights:(All dollar amounts are stated in thousands of Canadian dollars unless otherwise indicated) Fourth quarter revenue of $409.0 million, a decrease of 5.0% year-over-year and an increase of 5.1% sequentially Fiscal 2024 revenue of $1.5 billion, down 2.1% year-over-year Global wealth management operations earned record quarterly revenue of $200.1 million and record revenue of $773.4 million for the fiscal year, up 9.2% compared to fiscal 2023 Total client assets(1) in our global wealth management business reached a new record of $103.9 billion, an increase of 8.0% from Q4/23 reflecting year-over-year increases of 7.2% in the UK & Crown Dependencies, 18.4% in Australia, and 7.6% in Canada Fourth quarter net income before taxes excluding significant items(1) of $39.1 million, an increase of 139.2% when compared to Q4/23 results ($14.4 million on an IFRS basis and a year-over-year increase of 164.6% ) Fiscal 2024 net income before taxes excluding significant items(1) of $133.2 million, an increase of 5.8% year-over-year ($57.1 million on an IFRS basis compared to a net loss before taxes of $34.4 million in the prior year) Excluding significant items (1), quarterly diluted earnings per common share for the fourth fiscal quarter of $0.15 and a loss of $0.07 per share on an IFRS basis Excluding significant items (1), diluted earnings per common share for fiscal 2024 of $0.40 and a loss of $0.27 per share on an IFRS basis Fourth quarter common share dividend of $0.085 per share ________________________________  (1)  See non-IFRS measures on page 6.   Three months ended March 31 Quarter-over-quarter change Three months ended December 31 Quarter-over-quarter change Fiscal 2024 Fiscal 2023 Change Q4/24 Q4/23 Q3/24 Fourth fiscal quarter highlights- adjusted(1) Revenue – excluding significant items(1) $409,278 $430,389 (4.9) % $389,503 5.1 % $1,479,732 $1,523,348 (2.9) % Expenses - excluding significant items(1) $370,205 $414,055 (10.6) % $344,803 7.4 % $1,346,572 $1,397,476 (3.6) % Earnings per common share – diluted, excluding significant items(1) $0.15 $0.07 114.3 % $0.20 (25.0) % $0.40 $0.59 (32.2) % Net Income - excluding significant items(1),(2) $30,779 $17,428 76.6 % $33,304 (7.6) % $94,233 $100,986 (6.7) % Net Income attributable to common shareholders – excluding significant items(1),(3) $17,397 $6,793 156.1 % $20,767 (16.2) % $45,422 $60,312 (24.7) % Fourth fiscal quarter highlights- IFRS Revenue $409,048 $430,389 (5.0) % $389,143 5.1 % $1,478,805 $1,510,397 (2.1) % Expenses $394,687 $424,962 (7.1) % $352,045 12.1 % $1,421,738 $1,544,830 (8.0) % (Loss) earnings per common share – diluted $(0.07) $(0.08) 12.5 % $0.14 (150.0) % $(0.27) $(1.16) 76.7 % Net Income (loss)(2) $7,912 $3,763 110.3 % $28,005 (71.7) % $29,782 $(54,742) 154.4 % Net (loss) income attributable to common shareholders(3) $(6,548) $(7,178) 8.8 % $14,346 (145.6) % $(24,571) $(101,052) 75.7 % 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.3. Net income (loss) attributable to common shareholders is calculated as the net income 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 record quarterly revenue of $200.1 million for the fourth fiscal quarter, a year-over-year increase of 1.5%. Revenue for the fiscal year amounted to $773.4 million, an increase of 9.2% compared to the prior year and a new record for this division. Excluding significant items(1), pre-tax net income decreased by 7.8% year-over year to $34.0 million for the fourth quarter and increased by 11.7% to $140.5 million for the fiscal year. On an IFRS basis, pre-tax net income decreased by 6.1% and increased by 20.9% for the fourth quarter and fiscal 2024 compared to the same period in the prior year. Profitability was impacted by higher interest costs and increased development costs and general and administrative expenses incurred to support a number of growth initiatives. Wealth management operations in the UK & Crown Dependencies generated record quarterly revenue of $105.5 million for the fourth quarter and record full-year revenue of $411.5 million for the fiscal year, increases of 1.7% and 19.7% respectively, mainly due to higher interest income. Net income excluding significant items(1) was $26.6 million before taxes in Q4/24, a slight increase of 0.9% year-over-year. For the year ended March 31, 2024 net income before taxes and excluding significant items (1) increased by 17.9% compared to fiscal 2023 to $101.5 million. Canaccord Genuity Wealth Management (North America) generated $77.6 million in revenue for the fourth quarter and $298.0 million for the fiscal year, decreases of 1.1% and 1.4% respectively. Revenue for the year was impacted by reduced investment banking and new issue activity in fiscal 2024 compared to fiscal 2023. Partially offsetting the reduced investment banking revenue was an increase in interest revenue for fiscal 2024 primarily because of higher interest rates. Fourth quarter interest income decreased by 13.8% year over year and 10.0% sequentially. Excluding significant items(1) net income before taxes for this business was $6.7 million in Q4/24 and $35.7 million for fiscal 2024, decreases of 38.4% and 9.5% compared to the respective periods in the prior year. Wealth management operations in Australia generated $17.0 million in revenue for the fourth quarter and $63.9 million for the fiscal year, increases of 13.8% and 2.3% respectively. Excluding significant items(1) net income before taxes for this business was $0.7 million in Q4/24 and $3.2 million for the fiscal year, compared to a pre-tax loss of $0.4 million and pre-tax income of $0.1 million for the comparative periods last year. ________________________________  (1)  See non-IFRS measures on page 6. Total client assets in the Company's global wealth management businesses at the end of the fourth fiscal quarter were $103.9 billion, an increase of $7.7 billion or 8.0% from March 31, 2023. Client assets in North America were $38.4 billion as at March 31, 2024, an increase of 5.8% from $36.3 billion at the end of the previous quarter and an increase of 7.6% from $35.7 billion at March 31, 2023. Client assets in the UK & Crown Dependencies were $59.1 billion (£34.6 billion) as at March 31, 2024, an increase of 4.1% from $56.8 billion (£33.7 billion) at the end of the previous quarter, and an increase of 7.2% from $55.1 billion (£33.0 billion) at March 31, 2023. Client assets held in our investment management platforms in Australia were $6.4 billion (AUD$ 7.3 billion) as at March 31, 2024, an increase of 5.1% from $6.1 billion (AUD$ 6.8 billion) as at December 31, 2023 and an increase of 18.4% from $5.4 billion (AUD$ 6.0 billion) at March 31, 2023. In addition to client assets held in our investment management platforms, client assets totalling $13.8 billion (AUD$ 15.6 billion) are also held in non-managed accounts. Canaccord Genuity Capital Markets Globally, Canaccord Genuity Capital Markets earned revenue of $202.9 million for the fourth fiscal quarter, representing a decrease of 10.3% from Q4/23, largely due to reduced advisory fees revenue reflecting the more difficult environment for completions although the pipeline of announced mandates remains robust. Our combined global capital markets businesses contributed revenue of $683.2 million for the fiscal year, a year-over-year decrease of 13.8%. The decline in advisory fees revenue was partially offset by increases in interest, investment banking, and commissions & fees revenue which improved by 27.3%, 18.2% and 3.4% respectively compared to fiscal 2023. Excluding significant items(1), this division recorded pre-tax income of $3.3 million for the fourth quarter and pre-tax income of $6.0 million for the fiscal year, compared to a pre-tax loss of $5.5 million in Q4/23 and pre-tax income of $30.8 million in the previous fiscal year. Canaccord Genuity Capital Markets led or co-led 204 investment banking transactions globally, raising total proceeds of C$6.4 billion during fiscal 2024. Canaccord Genuity Capital Markets, including led or co-led transactions, participated in 297 investment banking transactions globally, raising total proceeds of C$17.1 billion during fiscal 2024. The Company's US capital markets business earned revenue of $88.6 million for the fourth fiscal quarter and $342.8 million for the fiscal year, year-over-year decreases of 22.5% and 29.0% respectively, reflecting the impact of lower advisory fees revenue in both comparative periods due to a more challenging environment for completions. The decrease in advisory fees revenue was partially offset by an increase in investment banking revenue which improved by 92.1% and 33.1% respectively for the three and twelve-month periods to $13.8 million and $32.5 million.  Fourth quarter principal trading revenue also increased by 31.1% from the prior year to $28.0 million reflecting increased volumes and activity. Excluding significant items(1), this business generated  pre-tax losses before income taxes of $10.7 million for the fourth quarter and