Class posts 19 per cent profit growth

Wealth industry cloud software solutions provider, Class has posted a 19 per cent profit growth ($4.297 million) in 1H18 which was helped by the firm’s growing market penetration.

The company’s sale revenue rose 21 per cent to $17.010 million while earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $7.823 million which translated into a 23 per cent growth, counting year-on-year.

At the end of December, 2017 Class had a total of 158,153 accounts which included 154,053 self-managed super funds (SMSFs) on its Super product.

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Also, the annualised committed monthly revenue (ACMR) representing the 95 per cent of sales revenue earned from software licences fees increased by 19 per cent to $33.7 million.

The board of directors declared a fully franked interim dividend of 2.5 cents per share with a record date of 14 February, to be paid on 7 March.

Class’ chief executive, Kevin Bungard said: “Class’ continued growth 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.”




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