Count Financial is pre-empting potential downturns in its business, despite posting a 53 per cent growth in net profits for the year to June 30 today, by launching a new executive committee to ensure strong future growth and avert the need for adopting an acquisition model.
Posting its 24th consecutive profit at its annual general meeting in Sydney last week, the group also announced a 32 per cent rise in operating profits.
But Count managing director Barry Lambert remained circumspect and said that without an acquisition strategy in place it would become more difficult over the long term to produce 30 per cent per annum EBIT growth.
Lambert said in retrospect the group was able to achieve similar average growth for the last seven years without need for a single acquisition and reinforced the groups intention to maintain this tact.
As a result, Lambert announced the formation a new taskforce, the LG 30 Committee to develop strategies and work alongside existing management initiatives to sustain the group’s profitability.
Lambert flagged three areas the group will focus on including loans to franchisees to acquire other firms, and more specifically accountancy firms already involved in financial planning
“Many in the accounting industry have been convinced by entrepreneurs, or for reasons of avoiding Count’s rigid standards that they should obtain their own licence,” Lambert said.
“Personally I believe they need new advisers because their experiments have generally failed,” he said.
Count will also look to entice accountants on board by offering a joining incentive of 100,000 bonus options subject to certain performance criteria.
