Count profits pay dividends
By Liam Egan
CountFinancial has reported a $9.01 million net profit for the year to June 30, 2004 — up 53 per cent or $3.14 million on the previous corresponding period.
The strong performance was boosted by $1.7 million improvement in interest and investment earnings for the financial planning group for the year ending June.
Ordinary revenues for the year were $69.76 million, up 59 per cent on 2002-03, while earnings before interest and tax (EBIT) grew 32 per cent to $10.85 million.
Count will pay a fully franked final dividend of $0.01 on October 15, taking the total dividend for the year to 3.5 cents per share — a 45 per cent increase on 2002-03, with total dividends of $7.74 million representing 86 per cent of the group’s net profit for the year.
Managing director Barry Lambert says the firm will issue its first ever ‘Christmas’ dividend of $0.01.
Lambert adds Count expects to pay four quarterly fully franked dividends of 1c during the year, an increase of 14 per cent on the 2003-04 dividend.
“Count is in great shape and another good year is expected in 2004-05,” he says.
However, he warns shareholders the company’s decision to self-insure will “increase the volatility” of its profits in 2004-05.
Count’s income for 2003-04 includes a 15 per cent increase in fees, commissions and related income, which Lambert attributes to strong growth in its loans and leasing business.
He projects a boost to the segment’s growth in 2004-05 from the implementation of a new commercial loan broking service and continued growth in home loans and asset purchase financing.
The company’s platform administered funds rose 41 per cent for the year to $3.03 billion, although asset based income rose only 28 per cent.
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