Count leaves profit guidance unchanged
CountFinancial is maintaining its projection of full year operating profit earnings before interest and taxes (EBIT) of approximately $34 million, up 17 per cent on the $28.92 million it posted last year, despite the challenging market conditions.
Count has “never been in better shape and, being debt free, is well positioned to benefit from any competitor failures”, according to its quarterly business report to June 30 this year.
Adverse market conditions saw funds under administration (excluding direct property but including direct shares) fall by 9 per cent over the last 12 months to $12.8 billion.
However, the report said Count remains well-positioned to benefit when markets resume their long-term growth.
Funds in preferred platforms declined by less than 7 per cent over the last 12 months compared with a 12 per cent reduction in the All Ordinaries Accumulation Index and a 16 per cent reduction in the All Ordinaries Index.
Loans outstanding are now $4.3 billion (up 40 per cent) for the last 12 months. Combined funds and loans under advice are unchanged at $17.1 billion.
In-force insurance premiums are up 26 per cent for the financial year.
Count’s annual results are due to be released to the market on Monday August 18, 2008.
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