Count touts profit upswing
Listed financial planning group Count Financial has forecast an $8 million operating profit for the current financial year.
The prediction was made by Count’s chairman Len Spencer at the group’s annual general meeting yesterday, despite what he says could be a continuing weak situation on investment markets.
“It is not in the company’s policy to make forecasts because of the volatile nature of the investment industry, however after four months we do have sufficient confidence in the business to give guidance than an operating profit, before earnings and tax, of around $8 million is in prospect,” Spencer says.
The result would represent a 29 per cent increase on Count’s operating profit for the previous financial year.
Spencer says the increase would come from continued growth in the group’s Wealth-e-account wrap platform, as well as a range of new services, such as the group’s home and commercial lending facilities.
“With the investment markets performing poorly, we have been able to rapidly grow our lending business. Unlike our investment activities, which still have enormous growth, our lending business appears to operate in a different business cycle, which help to smooth our income and profits,” Spencer says.
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