CountPlus lifts average profit margin to 15%
CountPlus has announced an average firm profit margin of 15 per cent for fiscal 2018, compared with 12 per cent in 2017.
The network of accounting and advice firms also resumed payment of dividends with 1.0 cent a share to be paid on 17 October 2018 to shareholders on the register as of 28 September 2018.
The group also said its net cash position stood at $8.975 million as at 30 June 2018.
CountPlus said it is one year into a two-year transformation, with 80 per cent of its firms having refreshed their leadership teams, which has led to increased revenues, and the group having repaid $11.6 million in interest-bearing debt.
“Our combined actions over the past year place CountPlus on a strong footing to become Australia’s leading network of professional accounting and advice firms,” CountPlus chief executive Matthew Rowe said in a statement to the Australian Securities Exchange.
“Our future expansion will be driven by partnering with quality member firms who fit within our ‘family photograph’ and can add to our accounting and financial advice skills.
“We will continue to align our member firms through shared values, common aims and a strong sense of community. Over the next three years, the company will align, build and grow its core business.”
Recommended for you
ASIC has banned a former AFSL director after he failed to adequately address fees-for-no-service conduct by one of his firm’s representatives.
The Financial Advice Association Australia has appointed two new board members following two weeks of voting, as well as one re-elected member.
Advice licensee Bombora has introduced a board of six financial advisers from its national network to ensure industry voices are heard collectively on future decisions.
Technology firm Iress and investment manager Challenger have formed a strategic partnership to launch an adviser solution to better serve their retiring clients.
