Countplus posts $11.31 million profit
Countplus has reported a net profit after tax of $11.31 million for the 2011-12 financial year - down 12.2 per cent on the previous period.
Financial planning revenue was up 11.6 per cent over the period, and made up 19.9 per cent of total net group revenue.
The group saw consolidated cash earnings for the period of $13.64 million - up 17.2 per cent.
The drop in net profit after tax profit was due to the impact of non-cash items in the previous financial year, according to a Countplus statement on the Australian Securities Exchange (ASX).
When a fair uplift on consolidation ($3.4 million in prior period), gain on deferred consideration ($0.4 million over both periods), and fair value adjustments on listed investments ($0.7 net over both periods) are taken into account, the net profit after tax for 2011-12 was up 19.4 per cent, according to Countplus.
Countplus acquired four firms over the 2011-12 financial year, along with two comparatively smaller 'tuck-ins'. In July 2012, the Melbourne-based Countplus firm Kidmans Partners acquired a suburban Melbourne accounting business.
"Given its strong balance sheet, Countplus expects to make further acquisitions at the group level, although 'tuck-ins' and 'bolt-on' acquisitions are likely to prove more rewarding," according to the ASX statement.
The company declared its first quarterly dividend for 2012-13 of 3 cents per share fully franked, payable on 15 November 2012.
AUTHOR
Staff Writer
Recommended for you
In this new episode of The Manager Mix, host Laura Dew speaks to Nick Paul, institutional portfolio manager at MFS Investment Management to delve into everything small and mid-cap equities.
In this episode of Relative Return, host Laura Dew chats with Kellie Wood, head of fixed income and deputy head of fixed income and multi-asset at Schroders Australia, to discuss why fixed income is returning to favour after a 12-year wait.
In this episode of Relative Return, host Laura Dew speaks with Michael Hunstad, deputy chief investment officer and chief investment officer of global equities at Northern Trust Asset Management, to debunk myths around index investing.
In this episode of Relative Return, host Maja Garaca Djurdjevic chats with Robin Tsui, APAC gold strategist at State Street Global Advisors, to discuss gold’s role as a diversifier in portfolios.
