The accounting and financial advice firm, CountPlus, has reported $2.2 million in net profit after tax (NPAT) for the six months to December, 31, 2018 which compared favourably to a $3.3 million loss incurred during the first half of the year 2018.
The firm said a positive result was enabled by its turnaround strategy and underpinned by disciplined financial controls, cultural changes and refreshed leadership change as well as a larger focus on its core business activities.
This resulted in earnings before interest, tax, and amortisation (EBITA) of $4.7 million for the six-month period.
At the same time, the company announced a one cent dividend per share to shareholders for the period which reflected improved underlying fundamentals and profitability of member firms, it said.
“The dividend is one of several healthy signs of a revitalised CountPlus, but there is more for us to do,” the firm said in a report.
The EBITA margin of member firms rose to 18 per cent the first half ended 31 December, 2018, up from 15 per cent for the same period a year ago and 12 per cent when CountPlus first implemented its turnaround plan.
The company also pushed down the employment costs by 62 per cent for the first half of 2019 financial year, from 66 per cent as of 30 June, 2018, with a target to achieve 60 per cent or lower over the medium term.
At the same time, revenue per full-time employee at the firm rose to $192,000 in H119 from $182,000 as at 30 June, 2018.
