Class net profit up 71pc
Self-managed superannuation fund (SMSF) software group, Class, has recorded a 71 per cent increase in net profit after tax to $5.83 million on the back of an increase in billable portfolios.
The firm also posted a 69 per cent increase in earnings before interest, tax, depreciation, and amortisation (EBITDA) to $10.05 million for the year ended 30 June 2016.
When taking into account the firm's initial public offering costs, Class' net profit after tax was $5.2 million, up 53 per cent.
The firm's total revenue for the year grew by 45 per cent, driven by an increase of 30,618 in the number of billable portfolios.
Class said by 30 June 2016, it had 112,441 billable portfolios, of which 110,614 were SMSF portfolios on the Class super product. It said Class Super's share of the SMSF market was 19.2 per cent.
"There has also been increasing interest in Class' non-SMSF solution, Class portfolio, which has experienced relatively strong growth in billable portfolios since its official release in October 2015," the firm said.
Class chief executive, Kevin Bungard, said the firm's performance demonstrated a fast growing business.
"Following the positive results of this financial year we remain well positioned to take advantage of new business opportunities as they arise," he said.
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