Countplus has reported its half-year profit has dropped 10.3 per cent for the year ending December 2014, citing difficult business conditions as the cause.
In a statement issued by the accounting and financial planning business, Countplus has reported a net profit after tax profit of $6.08 million for the half-year.
Commenting on the result, Countplus chairman Barry Lambert said while some areas of the business performed strongly the company also experienced “challenging conditions” across its accounting and business services.
“Our diversified portfolio of businesses contributed strongly to the group result, while accounting business revenue was flat for the period,” Mr Lambert said.
Also commenting, recently appointed Countplus chief executive Phil Aris said its financial planning and property broking businesses have grown organically and by acquisition.
“In financial planning we continue to see improvement across the member firms with increased confidence amongst retail investors,” Mr Aris said.
“The group’s largest firm, Total Financial Solutions, also benefitted from new firms joining their network over the last year.
“Independent property broking group, Pacific East Coast, was one of the group’s strongest performers assisted by continued strength in the residential property market along the eastern seaboard,” he said.
Countplus also said its experience with member firms and market conditions have led the board and management to launch a new business called Blue789.
“Market conditions demand that accounting practice principals have access to succession solutions, and effective responses to industry changes and trends such as regulation, offshoring and technology disruption – both to stay competitive and to grow,” Mr Aris said.
“We are meeting the prevailing market with an innovative, and well-considered, shared equity business model.
“We will become a ‘growth facilitator’, partnering with businesses that are already successful, whose principals want to retain their branding and entrepreneurial control, and that have the opportunity to grow in their market.”