POWERED BY MOMENTUM MEDIA
SMSF specialist Class reports strong result
Recently-listed self-managed superannuation fund (SMSF) administration company, Class Limited has reported a strong half-year result for the six months ended 31 December.
The company announced to the Australian Securities Exchange (ASX) today a 111 per cent increase in net profit, excluding Initial Public Offering (IPO) costs to $2.81 million.
The company said it had also recorded a 90 per cent increase in earnings before interest, tax, depreciation, and amortisation.
It said that after IPO transaction costs were taken into account, net profit after tax was up 64.6 per cent to $2.19 million.
The ASX announcement said that as at 31 December, Class held around 16.7 per cent of the SMSF market.
Commenting on the results, Class chief executive, Kevin Bungard, said the firm's improved financial performance demonstrated a strong, profitable and scalable business.
"Following the IPO, Class is now in a solid position to implement the business strategies previously highlighted and pursue other opportunities that may arise," he said.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
