Class profits jump by 28 per cent
A surge in billable portfolios has helped boost profits for Class to $3.6 million for the six months to 31 December 2016.
Total revenue for the half year also grew, increasing 31 per cent from the same period in 2015. Class attributed this to a 17,775 increase in billable portfolios up to 130,216 portfolios.
This included 127,806 billable SMSFs on Class Super.
Based on the estimated 589,000 SMSFs in the total market, Class said it has increased its market share from 19.2 per cent p to 21.7 per cent at 31 December 2016.
Class chief executive Kevin Bungard said it was another strong six months for Class.
“We have continued to experience record growth in billable portfolios on Class Super and recorded the strongest period to date for the Class portfolio product,” Mr Bungard said.