Count sees 104% FUA growth in ‘transformative’ FY24

The licensee has become the second-largest wealth management advice firm in Australia, with its funds under advice hitting $34.2 billion in FY24.

In an ASX announcement on 30 August 2024, Count reported that its underlying net profit after tax (NPAT) for the period increased to $5.75 million, up 68 per cent from $3.42 million in FY23. 

Its statutory NPAT was lower at $3.4 million, which Count said was driven by one-off costs related to the acquisition of Diverger as well as divested businesses.

Count now services a total of 547 financial advisers across 505 firms, it said in the announcement, alongside 601 accountants in equity partnerships, serving more than 101,100 clients.

It also reported $34.2 billion in funds under advice (FUA), which is up 104 per cent from $16.8 billion in FY23.

According to chair Ray Kellerman, Count continued its “growth narrative” in the 2023–24 financial year largely on the back of its “transformational acquisition” of Diverger.

“This acquisition significantly leverages the existing wealth and services business platforms and provides greater scale and breadth of operations,” Kellerman said.

“We are now six months into the integration of Diverger and witnessing an emerging culture of optimism and ambition across the group, and seeing business and cost synergies exceeding our initial expectations. Throughout the year, our focus on quality mergers and acquisitions led to investments in new businesses, increasing our market share in the accounting and wealth sectors.”

The chair said that following these acquisitions and the greater scale they have provided the business, Count will now be shifting focus to “increasing returns on already invested capital”.

“Investment activity in accretive acquisitions will continue, along with driving higher margins in our existing businesses,” Kellerman added.

The company also noted a significant expansion of the wealth segment with underlying EBITA increasing by 115 per cent to $5.2 million. New businesses such as GPS Wealth, the CARE Portfolios and Paragem added to this segment, Count said.

Count chief executive Hugh Humphrey said: “It has been a transformative year for Count. Our disciplined execution against clear strategic priorities has positioned the company as a leader in the Australian financial services landscape. As we approach our 45th year of serving our clients, we’re excited to have such a strong platform to build upon.

“A clear highlight for the company has been the delivery of the benefits associated to the successful acquisition of Diverger in March 2024 through a scheme of arrangement.

“This elevated Count to become the second-largest wealth management advice firm in Australia, reinforcing our commitment to growth and ensuring more Australians have access to quality financial services. We were pleased to have already significantly exceeded the initial cost synergy commitments.”