Class posts solid growth, introduces new tax feature

14 February 2019

| By Anastasia Santoreneos |

Class has posted solid half-yearly results and announced a tax statement automation solution to increase time savings and reliability for accountants and administrators.

In a statement to the Australian Securities Exchange, the firm said sales revenue was up 12 per cent to $19 million, EBITDA was up 11 per cent to $8.6 million, and its net profit after tax was up two per cent to $4.4 million.

Acting chief executive officer, Glenn Day, said the solid results were underpinned by continuing increase in market share from competitors, world class retention rates of 99.2 per cent and a growing annualised recurring revenue of $37.1 million.

Day foreshadowed new offerings from the firm, stating “a range of other opportunities and new feature releases will broaden customer offerings in the coming half year”.

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One of the features already released, the new tax statement automation solution, includes a tax statement console to manage and drive the automated processing of tax statements and aggregated underlying tax statement data for a large percentage of directly held securities.

Instead of manually entering data, accountants and administrators could use Class’ tax statement console to view a list of all tax statements that require processing, and either generate statements individually for each security or in bulk.

Day said the introduction of the new feature was an innovative solution to a long-standing challenge for accountants and administrators, and was an example of automation driving better client outcomes.

“With less processing, it not only greatly increases efficiency, it also reduces keying errors,” added First Class Super CEO, Paul Murray. “We can now add value for our clients by spending more of our time on reviewing than simply processing.”