Count Financial has announced a record net profit after tax (NPAT) for the 2011 financial year of $51.56 million – more than double the previous year.
That number is more than double the previous result and comes mainly as a result of the listing of Countplus, which resulted in a one-off pre-tax fair value gain on Countplus and its investees of $37.15 million, Count stated.
Without the fair-value gain, the normalised NPAT was $25.56 million – a 5.7 per cent increase on the prior year.
The company has declared a four cents dividend per share payable in October, taking the total dividend for 2010/11 to 10 cents.
Count’s revenue was up by a third to $174 million (including the Countplus contribution), while net fees and retail revenue were down 9 per cent.
Asset-based revenue was up 1 per cent, although funds under advice on approved platforms dropped 1.7 per cent.
Total expenses, including employment costs, were down 6 per cent, and earnings before interest and tax were down 4 per cent on the previous year.
Count described the year as a "tough and challenging period", but said key foundations had been laid for future growth, and added the company was well placed in terms of upcoming regulatory changes.
The medium term business outlook is positive, with around 85 per cent of wealth management through superannuation and retirement, with a prospective 10 per cent compound annual growth rate over the next 10 years, Count stated.
Count listed short term earnings drivers as market performance, margin on funds under advice, and expense management. In the medium term, Count expected organic network expansion and growth of its revenue streams, as well as inorganic growth for corporate development and mergers and acquisitions.
