Wealth management group Count Financial’s half-yearly results showed an increase in net profit after tax of 27 per cent to $9.48 million with revenues reaching $58.63 million, up 20.6 per cent.
It declared an Easter dividend on shares of 2 cents, up 100 per cent and announced an on market share buy back. The dealer group also announced it was in talks with 10 accounting and financial planning firms to join its Countplus (CPL) network, which it hopes to finalise within six months.
Count chairman Barry Lambert said there were 10 practices from four different states keen to join.
However, only seven of the 10 are Count members and they will be given preference according to the business’ charter.
The businesses have a combined revenue of more than $2 million.
Countplus is the Count business that acquires interests in accounting and other financial services companies, which will be licensed through Count as a form of succession planning.
Acquisitions occur through a two-stage buyout with an initial acquisition of between 25-49 per cent, with CPL having the right to acquire the remainder of the partially-acquired businesses within five years.
It was announced in November that acquisitions were targeted to take place over a period of three to five years from 2007.
Acquisitions involved a 12-step process and only two of the steps had been achieved so far with any practice, Lambert said.
Finconnect, which is the renamed loans and leasing business, has expanded with a total of seven people appointed in Sydney and Melbourne.
The business will now have nine employees and they will provide an outsourcing service to Count franchisees.
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