Countplus gaining momentum
Barry Lambert
Count Financial business Countplus is “actively engaged” in acquiring 10 additional accounting firms, according to executive chairman Barry Lambert.
Six offers for 25 per cent in each business have been made and accepted on a non binding basis following completion of preliminary due diligence, Lambert said.
The 10 firms reportedly have combined revenues of $40 million and earnings before interest and tax and after principals’ salaries of $9.4 million.
Lambert announced the acquisition program, which includes a further 19 prospective acquisitions, during an unscheduled profit upgrade for Count yesterday.
He forecast a net profit after tax of $22.6 million for 2006-07, up 28 per cent on last year, and representing annual earnings per share growth of 25 per cent.
Count’s earnings before interest and tax for 2006-07 is forecast to be $29 million, up 25 per cent on the previous year. This includes a $2.2 million non-cash cost for expensing company options.
“Good market conditions and a strong year-end, due in part to the new superannuation changes, have had a positive impact on Count’s business,” Lambert said.
Count’s quarterly key performance indicators business update will be released on July 16, 2006.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
