Class Super accelerates public listing time-table
The self-managed superannuation fund (SMSF) administration business which was grown out of Count Financial and Countplus — Super IP — has moved to speed up its listing on the Australian Securities Exchange on the back of moving solidly into the black last financial year and performing solidly into 2013/14.
The company, which operates Class Super, has also announced the appointment of a new chief executive, David Smith, who is expected to be at the forefront of the group moving to an initial public offering (IPO) in 2015.
Smith will take up his position as chief executive in the second week of January while current CEO Rajarshi Ray will return to the board as a non-executive director.
The announcement was based on the company reporting a net profit after tax of $951,000 on the back of group revenues of $5.56 million — a significant turnaround from a $1 million loss reported in the prior period and group revenues of $3.1 million.
Commenting on the result, Rajarshi Ray said the outcome had exceeded all of the company's financial objectives.
He noted that the company's unaudited results to the end of October showed revenues up 55 per cent to $2.87 million and market share up 47 per cent to 8.5 per cent.
The pace with which the company now intends moving to a listing on the ASX was detailed by its chairman, Barry Lambert, who said it was intended to conduct the IPO as soon as practicably possible after 30 June, 2015.
"The board has also agreed that in the event of an IPO (markets permitting and in the absence of a trade sale) priority allocation will be given to current Class customers, based on their contribution to Class revenues," he said.
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