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Despite significant IPO transaction costs, one accounting and superannuation software company has announced a significant jump in profits.
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Software provider announces jump in profits
18 August 2016
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Class recorded a 71 per cent increase in net profit after tax. After IPO transaction costs were taken into account, net profit after tax was up by 53 per cent.
Total revenue for the year grew by 45 per cent, which Class said was largely driven by an increase in billable portfolios of 30,618 over 12 months.
As at 30 June this year, Class’ SMSF software service Class Super recorded a market share of 19.2 per cent – which is based on an estimated market total of 576,000 SMSFs.
“Class’ financial performance demonstrates a fast-growing business. Following the positive results of this financial year, we remain well-positioned to take advantage of new business opportunities as they arise,” Class chief executive Kevin Bungard said.
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