Countplus has reported a 13 per cent fall in net profit after tax (NPAT) during the six months to December 31, while gross revenue climbed 8.4 per cent.
"NPAT was down 13 per cent on the prior year [to $6.03 million] due to the impact of reduced tax expense in the prior period [a benefit] gained on tax consolidation," Countplus said in a statement to the Australian Securities Exchange (ASX).
"By removing the prior tax benefit on a normalised basis, consolidated NPAT was up five per cent."
Net operating profit from member firms was up $11.5 million, or 8.4 per cent, and operating profit (earnings before interest tax, amortisation and fair value adjustments) increased by 4.1 per cent to reach $10.9 million.
Gross revenue reached $58.17 million, up by 8.4 per cent.
"Revenue is primarily derived from accounting and related services," Countplus said.
"Accounting and related services across the group increased organically over the period, despite continuing challenging business conditions."
The results come after a spate of acquisitions by Countplus in the 2013 financial year, including the acquisition of a 25 per cent interest in Hood Sweeny in October last year and the business assets of accounting firm Anthony Grieves and Associates in January.
"New acquisitions are expected to be largely initiated by existing member firms, who are regularly coming across new opportunities for their consideration," Countplus said.
"Given its strong balance sheet, Countplus will continue to make further acquisitions at the group level (beginning at a minority interest level), although 'tuck-ins' and 'bolt-on' acquisitions are likely to prove more rewarding and more numerous."
