Listed dealer group reports 50% earnings lift

In a statement released to the market on Friday, CountPlus said its adjusted EBIDTA for FY2020 was $12.39 million, a 50 per cent increase on the previous year. The group reported a 61 per cent increase in earnings per share adjusted for the purchase of Count from Commonwealth Bank in the course of the year.

“The company is in a strong financial position, reporting a strengthened balance sheet with net cash at bank of $21.1 million,” CountPlus chief executive and managing director Matthew Rowe said.

“On the basis of this stability, we see opportunity on the horizon to selectively invest in high-quality accounting and financial advice firms that fit our purpose of unwavering client focus and making a decent profit, decently.

"The embedding of CountPlus as the new custodians of Count Financial since October 1, 2019 has demonstrated the company is ready for near-term industry challenges including the cessation from 2021 of rebates and product incentives paid to financial advisers."

Mr Rowe said while the advice industry was facing challenges from an increasing number of practitioners retiring and the overall economic impacts of COVID-19, he was confident CountPlus had strong foundations in place for the future.

"Notwithstanding the obvious external challenges, the opportunity for careful and considered expansion remains ahead for CountPlus," he said.

"We have put our two-year turnaround behind us and have in place the pre-requisites for strategic growth. Our approach provides for sustainable, fee-based services, based on the success of the 'Owner, Driver-Partner' equity model and creating a ‘clean’ approach to the provision of financial advice."