Count flags modest profit rise
TheCount Financialgroup has flagged a small increase in its after tax profit for the 2001-02 financial year, despite another horror year on investment markets.
Count managing director Barry Lambert announced last week the group was expecting its net profit after tax for the year to the end of June 2002 to rise to around $4.85 million, up from the $4.05 million profit the group reported for the 12 months to the end of June 2001.
Lambert says the result is largely a reflection of growth in Count’s wealth-e-account wrap service, which increased its funds under administration by 78 per cent to $1.46 billion over the year, despite the continuing uncertainty in the world’s investment markets.
According to Lambert, Count, which is due to announce its final full-year results on August 14, was also expecting its operating profit for the second half of the 2001-02 year to double the result for the first half of the year.
Count’s operating profit fell by 20 per cent in the first half of the year, mostly as a result of September 11 and the costs associated with the launch of its new dealer group,Compound Investments.
The Count group also increased the number of its franchisees over the last 12 months, growing the number of Count office from 471 at the end of June 2001 to 520 at the end of June 2002.
Lambert says the growth in franchisees comes despite the recent termination of four franchises because of poor compliance records.
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