Count Financial has declared its intention to grow its Earnings Per Share (EPS) by 25 per cent in 2007, but has also signalled its profit growth for the upcoming year may not be as impressive due to a number of new initiatives to be introduced by the firm over the period.
The financial services organisation has indicated its management is confident of delivering a good result in the first half of 2006-07 but would need the whole 12 months to achieve its EPS target of 25 per cent.
Reasons provided for a less robust profit result for the next financial year include the effect of recent salary reviews, the commencement of the firm’s new accounting practice franchising initiative called Countplus, and the establishment of its loan referral business that has required boosting staff levels by six across Sydney and Melbourne.
Notwithstanding the increased expense level for the company, Count still expects strong income growth for 2007. This optimistic outlook comes on the back of an increase of 28 per cent in the firm’s combined funds and loans under advice over the past 12 months ending October 31, 2006, which now stands at $14 billion.
In addition, funds under management in Count’s recommended platforms over the same period rose by $1.5 billion, which represented a 34 per cent climb.
In all, the group’s funds under advice now total $11.91 billion after experiencing 6.5 per cent growth over the past 12 months. This total does not include direct property.
