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Class posts 19 per cent profit growth
Wealth industry cloud software solutions provider, Class has posted a 19 per cent profit growth ($4.297 million) in 1H18 which was helped by the firm’s growing market penetration.
The company’s sale revenue rose 21 per cent to $17.010 million while earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $7.823 million which translated into a 23 per cent growth, counting year-on-year.
At the end of December, 2017 Class had a total of 158,153 accounts which included 154,053 self-managed super funds (SMSFs) on its Super product.
Also, the annualised committed monthly revenue (ACMR) representing the 95 per cent of sales revenue earned from software licences fees increased by 19 per cent to $33.7 million.
The board of directors declared a fully franked interim dividend of 2.5 cents per share with a record date of 14 February, to be paid on 7 March.
Class’ chief executive, Kevin Bungard said: “Class’ continued growth demonstrates a strong business which remains the market leader in cloud based SMSF accounting software.”
“Our recent investment in the non-SMSF product is also paying off with growing market penetration of our Class portfolio product.”
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Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
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