Class reports jump in profits for first half
Following the addition of over 13,000 new accounts to its SMSF software, Class has reported a 19 per cent jump in profit for the first half of the financial year.
In its half year results for 2017/18, Class attracted 13,363 new accounts to its Class Super software, representing a 9.5 per cent growth over the six months.
At 31 December 2017, Class had 154,053 SMSFs in total and a 25 per cent market share.
Class portfolio also saw growth, attracting 846 new accounts in the first half of the year, which brought the total number of accounts to 4,100 portfolios
Total net profit after tax for the six months to 31 December was $4.297 million, a 19 per cent increase from 30 June 2017.
Class noted that AMP has stated its intention to migrate its funds to its own software and has now commenced this migration process. Class said at 6 February 2018, AMP had 9,500 funds on Class which accounts for less than 5 per cent of annualised committed monthly revenue.
Class chief executive Kevin Bungard said the continued growth by Class demonstrates a strong business which remains the market leader in cloud-based SMSF accounting software.
“Our recent investment in the non-SMSF product is also paying off with growing market penetration of our Class Portfolio product,” said Mr Bungard.
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.