Count profit slightly off

Count Financial has slightly downgraded forecast profit for this financial year, saying operating income may be 15 per cent down on the $6.4 million predicted in the group’s prospectus prior to listing late last year.

Count chief executive Barry Lambert says that despite the shortfall on the prospectus forecast, the operating income is likely to be 30 per cent up on last year's figures.

In a recent interview with Corporatefile.com, Lambert said volatility on share markets around the world was to blame for the downgrade, primarily due to its affect on investor confidence.

Lambert said May and June were traditionally Count's biggest months for superannuation investments, it was unclear whether a hike in business writing in those months would get Count up to its prospectus forecast.

On a brighter note, Lambert says the group is successfully recruiting accounting firms into the business. He says the group is concentrating on "quality rather than quantity", however he expects a slight increase in the number of Count franchisees from the 470 at the end of the last financial year.

Lambert also says he expects the group to post another 30 per cent increase in operating profit for the 2001/2002 financial year for the third year in succession.