Class reaches 10 per cent SMSF market share
In its latest business update, Class Financial Systems said it is continuing to perform strongly off the back of strong sales performance, having attained “10 per cent of the SMSF market”.
In a statement, Class said sales of its SMSF software provider Class Super and its investment reporting solution Class Investment Reporter (CIR) are performing particularly strongly.
Class chief executive Kevin Bungard explained its billable SMSFs at 30 June 2014 were 53,662 which represented a 73 per cent increase for the year.
Mr Bungard also said that based on ATO SMSF data which put the total number of SMSFs at 528,701, Class now holds a 10 per cent share of the market.
“Reaching 10 per cent of the SMSF market is a very significant milestone,” said Mr Bungard.
“Our rapid business growth is also readily demonstrated by the fact that our first 25,000 funds took around four years to accrue, whilst our most recent 25,000 took just over one year,” he said.
The statement said Class’s earnings before interest, tax, depreciation and amortisation for the 2013/2014 financial year was up 286 per cent.