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Listed accounting and financial services group reports bumper year.
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CountPlus profit leaps, raises dividend
30 August 2022
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CountPlus has reported a bumper year with underlying profits leaping 127 per cent to $5 million while underlying EBITA across its three operating segments – wealth, accounting and services – grew by 49 per cent to $11.4 million.
The company boosted its final dividend 33 per cent increase to $0.02 a share.
Its accounting operations grew to take in 18 firms and more than 35,000 clients, driving an 8 per cent increase in revenue to $115.2 million but only slight increase in underlying EBITA to $13.5 million.
Its Count Financial operations — now referred to as Wealth — delivered underlying EBITA growth of 432 per cent on the previous period to $3.2 million, while aggregated revenues increased by 39 per cent to $98.9 million.
CountPlus confirmed a 12 per cent jump on adviser numbers from 248 to 278, and 22 new firms as corporate authorised representatives.
Its services segment, in its inaugural result, brought in $6.4 million from the acquisitions of Accurium and Wealth Axis, and contributed $1.3 million to underlying EBITA.
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Chief executive Hugh Humphrey, who joined CountPlus in July, praised the results.
“In my first full year of financial results as CEO, I am pleased to report positive change for the business,” Mr Humphrey said.
“We have continued to scale our commercial footprint, navigate changes to the business and operating environment, and deliver balanced earnings growth organically and through strategic acquisitions.
“Importantly, this result has been achieved despite an uncertain economic environment and is the group’s first without conflicted remuneration following the end of grandfathered commissions. With earnings growing in our accounting, wealth and services businesses, we have a stable platform and well-defined pathways for growth in each segment.”
Mr Humphrey stepped into the CEO role last month after previously working as general manager of NAB’s consumer bank.
It came after CountPlus announced in February that a new employment agreement would not be entered with then-CEO and managing director, Matthew Rowe.
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