Class doubles profit in first half
SMSF software provider Class has reported a 111 per cent increase in net profit after tax in the first half of the 2015-16 financial year, excluding costs associated with its IPO.
The company announced a net profit of $2.81 million for the six months to 31 December 2015; however, this excluded one-off costs in relation to the company’s initial public offering (IPO).
After the IPO costs were taken into account, net profit after tax was $2.19 million, a 64.6 per cent increase from the same six-month period in 2014.
Total revenue for the half year also grew, increasing 48 per cent compared to the same period in the previous financial year.
Class attributed this to the growth in billable portfolios, with the number of portfolios increasing by 14,814 in the past six months.
Class chief executive Kevin Bungard said the company's improved financial performance demonstrates a strong, profitable and scalable business.
“Following the IPO, Class is now in a solid position to implement the business strategies previously highlighted and pursue other opportunities that may arise.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.