Countplus to deliver for Count
Count Financial is set to reap significant benefits from the float of Countplus, with the company telling the Australian Securities Exchange (ASX) that it expects to achieve an increase in Net Profit after Tax and Earnings Per Share of around 20 per cent before significant items and above 120 per cent for the 2011 financial year.
It said the major contributor to this would be the revaluation of Count’s holding in Countplus to around $29 million after its listing on the ASX.
The ASX announcement said however that separated out from the Countplus float, the company’s operating profit growth was expected to be more subdued and to end in low single digits for the 2011 financial year.
“Earnings before interest and tax growth is likely to be constrained by funds under administration growth due to flat Australian equity market levels compared to the first half and the appreciation of the Australian dollar, which adversely impacts the approximately 20 per cent of funds under advice invested in international equities,” it said.
The announcement noted that industry funds flows had also been subdued, with investors remaining cautious about the first half of the 2011 year.
AUTHOR
Mike Taylor
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