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.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
