Count Limited reports results for ‘transformative year’
The accounting and wealth company has significantly outperformed on the delivery of cost synergies and experienced sizeable growth, according to its 2024 financial year results.
Count Limited announced group revenues have increased by 22 per cent to $111.8 million and underlying earnings before interest, tax and amortisation has lifted by 61 per cent to $16.63 million during this financial year.
Count said the company has significantly outperformed the delivery of cost synergies associated with the integration of Diverger Limited.
This removed $4.0 million of annualised costs compared to the initial commitment of $3.0 million.
Count CEO Hugh Humphrey said it has been a transformative year for the company which has placed them in an advantageous position within the market.
“One of the most significant milestones in our 44-year history was the acquisition in March 2024 of Diverger through a scheme of arrangement,” he said.
“The successful completion of this transaction elevated Count to become the second-largest wealth management advice firm in Australia, reinforcing our commitment to growth and ensuring more Australians have access to quality financial services.
“We were pleased to significantly exceed the initial cost synergy expectations through a structured integration program.”
Count declared a final dividend of 2.25 cents per share, which delivered consistent returns for shareholders at 3.75 cents for the full year, according to the company.
The company said their results also highlighted a 61 per cent increase in underlying EBITA and a 39 per cent increase in underlying net profit after tax.
“Statutory EBITA was $10.2 million and statutory NPAT was $3.4 million, reflecting one off costs from the Diverger transaction and divested business,” Count said.
For the 2024 financial year, the company worked with over 101,100 clients which contributed to the boost of annual revenue up 22 per cent to $111.8 million.
Along with a national client base that consists of 35,000 clients, Count said they now have investments in 20 other companies.
In the 2024 financial year, the company successfully reached their largest number of acquisitions with 13 now completed.
In terms of wealth, the company experienced a 115 per cent growth in underlying EBITA to $5.2 million.
Th wealth sector also saw the addition of new businesses such as GPS Wealth, the CARE Portfolios and Paragem.
According to Count, this has bolstered the wealth sector to represent 547 authorised representatives, $34.2 billion in funds under advice, $3.2 billion in funds under management, and more than $64.2 million of in-force life premiums.
Count said the services segment delivered an overall revenue of $14.3 million and now services around 6,000 accounting and wealth firms.
The company also noted $1.0 million was donated to “important causes” from the Count Charitable Foundation during the financial year.
Humphrey said as the company approaches 45 years, he is proud of the “strong platform” that can be continued to be built upon.
“Count generates revenues that is equivalent to a top 20 Australian accounting firm and is delivering against its ambition of creating an integrated system with a greatly expanded services segment, specialising in the delivery of education and expertise to all accountants and financial advisers.”
