Count Financial expects profits in the 2011 financial year to increase by more than 100 per cent, propelled by the spin-off of Countplus.
Subject to final audit, the company would report net profit after tax (NPAT) of about $52 million for the 12 months to June, up 118 per cent on 2009/10, the company said in a statement to the Australian Securities Exchange yesterday.
However, when earnings were normalised to remove the fair value gains on Countplus of $37.1 million pre-tax, NPAT was around $26 million, which was 8 per cent higher compared to 2009/10, it said.
“Operating profit for 2010/11 will be around $25.5 million, down less than 3 per cent compared to the prior period,” it said.
“Reported EPS (earnings per share) growth for 2010/11 is expected to be around 115 per cent, while normalised EPS growth will be around 6 per cent.”
During the period, Count Financial spun-off Countplus, appointed IRESS as its strategic software provider, chose Lonsec as its new research provider and acquired an 8.25 per cent stake in Centrepoint Alliance.
The company in May announced its intention to become the investor directed portfolio services operator and responsible superannuation entity of its strategic platform offerings.
The company will release its finalised annual results on 29 August.
