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Count profits rise
George Liondis
Booming investment markets and a decision to not pay almost $1 million for professional indemnity cover have helped Barry Lambert’s Count Financial to record a $12.3 million after tax profit.
The result for the country’s third largest dealer group is 37 per cent up on last year and will see Count pay a quarterly dividend of 1.5 cents on October 17, taking the total dividend for the year to 4.5 cents.
On the back of strong investment markets, Count increased asset-based income by 29 per cent to $13.6 million. The group’s preferred platforms also witnessed strong inflows, growing 43 per cent to $4.13 billion. Overall, income for the group grew by 18 per cent to $29.71 million.
The company’s decision to self insure and not pay professional indemnity insurance saved it $900,000, but meant a tough approach towards planning practices.
The group, which has some 460 franchisee offices and 1,000 authorised representatives, said it was forced to cease its association with several franchises over the past year because they had operated outside accepted risk tolerance levels.
While Count, which has previously flagged plans to launch a spin-off accounting business, would look to increase its franchisee numbers, the “primary emphasis is on low risk organic growth by assisting our existing franchisees”, the group said.
16 August 2005
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