Count Financial’s funds under advice (FUA) have declined 24.6 per cent over the last 12 months but the company is well-positioned for growth, chief financial officer Michael Spurr said.
Spurr told InvestorDaily while there was no specific plan to boost the company’s FUA over the next 12 months, the dealer group had been diversifying in other areas of the business to boost Count’s profit numbers.
“Count introduced CountGPS not long ago and we have other services, such as finconnect and Countplus, that are also helping us to grow,” Spurr said.
CountGPS, an internet-based system, helps accounting firms grow their revenue and systemise accounting procedures across staff at all locations, and reduce the partner/principal workload.
finconnect provides existing Count members and the professional sector with a platform to offer their clients a high-quality and ethical lending practice, while Countplus seeks to acquire interests in accounting firms and financial planning firms.
Countplus made its fifth tuck-in acquisition last month and its ninth core acquisition in November last year.
A sixth tuck-in acquisition is currently in due diligence, Count said.
The dealer group announced its business performance results to the Australian Securities Exchange yesterday.
Count’s FUA excluding direct property but including direct shares also dropped, falling 27.3 per cent over the last 12 months.
“Following the continued market downturn since Count’s AGM guidance in November 2008, management expects 2008/09 earnings before interest and tax will be down marginally more than 20 per cent,” a company statement said.
“However, Count remains well-positioned to benefit when markets resume their long-term growth via our trusted and long-standing accounting-based franchised network.”
