Countplus Limited has announced a full-year net profit after tax of $9.93 million, representing a 12 per cent decrease year-on-year, and expects to see similar outcomes for next year.
According to the announcement, posted on the ASX, the comparison figures for FY15 were negatively impacted by the run-off of CBA loyalty payments.
Next year's results are also expected to see negative impacts following Countplus' move to provide principals and senior employees of firms the opportunity to buy directly in their existing business over the next three years.
"The small business sector (the target client base for our member firms) across the country experienced a difficult year. The partial 'buy-back' of member firms under the direct equity plan has commenced and will negatively impact the results for 2016," the company said.
"However, this is expected to be fully offset over time by reinvestment in new business under the company's new business models."
Revenue from financial planning came in at $20,087, down 15.9 per cent on the year before. The directors declared an interim quarterly dividend for 2016-17 of 2 cents per share, fully franked and payable on 16 November 2015.
Countplus' full-year results come after a recent announcement that subsidiary Advice389 has taken a 40 per cent stake in a Newcastle-based financial advice practice.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Jun 2018FASEA names new chief executiveBy Reporter
- 20 Jun 2018Sexual harassment debate sparked in US advice industryBy Aleks Vickovich
- 20 Jun 2018Dealer group to appear before royal commission’s fourth roundBy Aleks Vickovich
- 20 Jun 2018BT turns off grandfathered commissions for salaried advisersBy Killian Plastow
- 20 Jun 2018Product providers back Dover advisersBy Aleks Vickovich
- 19 Jun 2018Consultant calls for ‘restricted’ product adviceBy Tim Stewart
- view all