In a statement to the market on Tuesday, CountPlus reported a net profit attributable to shareholders of $4.07 million for the first half of the 2021 financial year, up 65 per cent on the prior corresponding period.
Underlying earnings before interest, tax and amortisation was $7.43 million for the half, up 11 per cent on the six months to December 2019, while earnings from associate firms rose 66 per cent on the prior corresponding period.
“These results represent a steady improvement, bolstered by disciplined financial controls, diligent operational process, and a focus on efficiencies in our core businesses,” CountPlus chief executive Matthew Rowe said.
“We see opportunity ahead to invest in underlying earnings of core firms that generate revenue through the delivery of client-centric accounting and financial advice.”
The company reported that its dealer group Count Financial, purchased from Commonwealth Bank in 2019, had increased its half-year earnings by 75 per cent to $1.6 million compared to $926,000 in the six months to December 2019.
“A sustainable Count Financial value proposition and underlying economic model supports our goal of being the natural ‘clean’ licensee destination for quality financial advisers,” Mr Rowe said.
“The business is demonstrating its competitive strengths within a challenging operating environment, with positive signals for growth.”
Licensee fees up, services down?