Countplus posts $11.31 million profit
Countplus has reported a net profit after tax of $11.31 million for the 2011-12 financial year - down 12.2 per cent on the previous period.
Financial planning revenue was up 11.6 per cent over the period, and made up 19.9 per cent of total net group revenue.
The group saw consolidated cash earnings for the period of $13.64 million - up 17.2 per cent.
The drop in net profit after tax profit was due to the impact of non-cash items in the previous financial year, according to a Countplus statement on the Australian Securities Exchange (ASX).
When a fair uplift on consolidation ($3.4 million in prior period), gain on deferred consideration ($0.4 million over both periods), and fair value adjustments on listed investments ($0.7 net over both periods) are taken into account, the net profit after tax for 2011-12 was up 19.4 per cent, according to Countplus.
Countplus acquired four firms over the 2011-12 financial year, along with two comparatively smaller 'tuck-ins'. In July 2012, the Melbourne-based Countplus firm Kidmans Partners acquired a suburban Melbourne accounting business.
"Given its strong balance sheet, Countplus expects to make further acquisitions at the group level, although 'tuck-ins' and 'bolt-on' acquisitions are likely to prove more rewarding," according to the ASX statement.
The company declared its first quarterly dividend for 2012-13 of 3 cents per share fully franked, payable on 15 November 2012.
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