Countplus announces $6.2m profit

Countplus announces $6.2m profit

Countplus has posted a half-year net profit after tax of $6.23 million, with the investment in SMSF administrator Class Limited boosting the result.

In a statement to the ASX yesterday, Countplus said the increase was due to the fair value gain on its investment in Class Super of $4.73 million (after tax).

The gain was partially offset by a $1 million impairment expense and a higher tax expense of $890,000 relating to the tax deconsolidation of three member firms under its direct equity plan.

Profit attributable to the owners of Countplus sat at $5.99 million (down 1 per cent) due to the completion of the three member firm buybacks.

Countplus also reported a half-year consolidated net profit before tax of $10.66 million (up 22 per cent) and declared its third quarterly dividend for 2015–16 of 2 cents per share, fully franked, payable on 16 May 2016.

Despite the boost, the company's results reflect continued challenging conditions in the accounting/business services area, with net revenue down 2.9 per cent.

"Our first-half results are down due to higher provisioning charges, non-recurring cost relating to ADVICE389 and BLUE789 and an impairment of one of our smaller accounting businesses. Non-accounting businesses performed relatively stronger," Countplus said.

"Financial planning is continuing to see growth (up 5.4 per cent) across member firms and the group's largest firm, Total Financial Solutions, is benefitting from the impact of new firms joining their network over the last two years."

Read more:

Tinkering with super 'not tax reform': FSC

Frontier 'draws a line in the sand' on fees

Vision Super moves to protect DB plans

Brexit would ‘shake’ European Union

ING Direct upgrades super options

Related Articles


Countplus announces $6.2m profit
investordaily image
ID logo
promoted stories


Tania Cummin

Equip Super appoints strategy and markets executive

Staff Reporter

Paul Harding-Davis

Premium China Funds Management names new CEO

Jessica Yun

Matthew Wallis

Synchron appoints new state manager

Staff Reporter


investordaily image

A correction, not a turning point

James Swanson

Martin Dropkin

Why bond covenants matter

Martin Dropkin

Maurizio Canton

Striking a balance between security and innovation

Maurizio Canton