Count calculating another good year
LISTED financial planning dealer group Count Financial is on track to exceed its operating profit growth target of 30 per cent for the third consecutive year.
In a recent statement to shareholders, Count attributed the result to both its franchisee businesses as well as favourable market conditions.
Assisted by strong investment markets, Count added a further 20 per cent in funds under advice, with a total of $7.62 billion on the books as at the end of the December quarter 2004.
Investments in recommended platforms grew by 24 per cent to $3.47 billion at the end of the December quarter 2004, compared to $3.06 billion reported in September 2004.
Other investments grew by 17 per cent to sit at $4.15 billion at the end of 2004, up from the $3.55 billion on the books at the end of the September period.
The news comes ahead of the group’s release of its 2004-05 half yearly results, which are scheduled to be announced on February 15.
Looking ahead to the first half of 2005, the group is also set to scrap an incentive program that rewards its planners for placing funds into preferred platforms.
The move, which was flagged to Money Management by Count managing director Barry Lambert in November last year, is an effort to reassure consumers that its planners are not pressured to use platforms with which Count has an arrangement.
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