Class scores top marks in continued growth
Cloud-based wealth accounting and SMSF software provider Class has continued its growth on the ASX with share prices rising nearly $3 over the past three months.
The company’s performance for Q3 FY23 was supported by the share price of a number of its entities rising including Class Super, Class Portfolio and Class Trust products all up two per cent on PCP and the number of companies using Corporate Messenger, up 12.2 per cent on PCP.
On 30 January this year the HUB24 share price, under which Class sits, was recorded at $24.89 and 17 April had risen to $27.30.
During Q3 FY23, Class has continued to invest in delivering enhanced product solutions and customer experience. This included the launch of ‘Scan and Save’ functionality which leverages machine learning to enable customers to efficiently upload bank statement data from financial institutions where there is no data feed available, and the introduction of Multi-factor Authentication to provide end-users with additional cyber security protection.
Today, Class administers more than 200,000 entities, the majority of which are SMSFs administered through Class Super.
These results reflect a continuing focus on supporting current customers and partners, building relationships and propositions for new customer segments, and positioning the business for growth.
Class CEO Tim Steele said it is an encouraging result, demonstrating that together with HUB24, the company remains focused on our core SMSF capabilities, supporting the growth of the SMSF market, and improving the retirement outcomes for more Australians.
Class Super currently administers to more than 184,000 SMSFs and Mr Steele said the sector continues to grow with millennials being the main driving force in new fund establishments as they become more engaged and interested in their financial future. [1][2]
“The benefits of SMSFs for millennials is supported by the Rice Warner research into SMSF costs which found assets with a lower balance of $200,000 can be competitive with APRA regulated funds,” he said.
“Furthermore, the University of Adelaide research into SMSF investment performance also found no material differences in performance patterns at this asset level.”
