Count ups profit forecast
Australia’s second largest independent dealer group, Count Financial, has upgraded its profit guidance on the back of what it has described as continued strong growth in funds under advice.
The listed financial planning group, which predicted in February that its earnings before interest and tax would be around $15 million for the 2005 financial year, announced today that the result could be as high as $16.3 million.
The groups said in a statement to the stock exchange that strong growth in funds under advice, as well its loans business, would underpin the result.
Count’s funds under advice, which have grown 26 per cent this financial year, currently stand at $7.96 billion, while its loan book is valued at about $1.54 billion.
“It is too early to be more definitive, but we now believe [earnings] will be no less than $15 million with the possibility of being as high as $16.3 million,” Count said.
Strong growth in funds flowing to recommended platforms was also expected, however this was forecast to have less of an impact on earnings growth, Count said.
“Further growth in recommended platforms will make limited additional impact on the current year’s result as Count receives no upfront income from this source,” the group said.
“However, with an expected increase of around 40 per cent at July 1, 2005 compared to July 1 2004, the growth underwrites solid income growth for 2005-06.”
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