Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Class doubles profit in first half

Miranda Brownlee
11 February 2016 — 1 minute read

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.

Advertisement
Advertisement

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.”

Read more:

Senator calls for freeze to SG rate 

AMP Capital expands SMSF offering

BGL announces milestone, new beta release

Miranda Brownlee

Miranda Brownlee

 

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.

You can email Miranda on: This email address is being protected from spambots. You need JavaScript enabled to view it.

Class doubles profit in first half
default
smsfadviser logo
join the discussion

Latest poll

What is the best solution to improve access to SMSF advice?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.