SMSF software provider Class has reported a 37 per cent increase in net profit after tax for the 2017 financial year and increased its share of the SMSF market to around 24 per cent.
In an ASX results announcement, Class reported that net profit after tax for the 2016/17 financial year was $7.99 million, up 37 per cent from 2015/16.
According to the results, Class had a total of 143,944 billable accounts at 30 June 2017 including 140,690 billable SMSFs.
Class estimates that its share of the SMSF market at 30 June 2017 was approximately 24 per cent, based on estimated total market of 594,000 SMSFs. This increased from 19 per cent the previous financial year.
Class chief executive Kevin Bungard said the super reforms have had a major impact on the Class Super product and required an immediate and significant investment in product development.
“While the reforms are time consuming for the industry in the short term, they have increased the need for Class software and we expect they will make a positive impact in the longer term,” said Mr Bungard.
Estimates by Class in the results indicated there has already been a reduction in the proportion of SMSFs using excel to administer their SMSF, falling from 15 per cent down to 13 per cent.
The results also indicated that Class portfolio accounts grew by 78 per cent over the 2016/17 financial year, with 26 per cent of Class Super subscribers now also using Class Portfolio.
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