Count closes out remediation provisioning

Count Limited has told shareholders it has closed out all its long-running remediation programs and has reduced provisioning to zero.

Count chief executive, Hugh Humphrey not the closing out of the remediation programs during the company’s annual general meeting at the same time as claiming that Count had expanded to become the second largest wealth management advice firm in Australia measured by the number of authorised financial advisers.

He said the firm’s first quarter FY25 results are tracking well with the business achieving its growth objectives and realising the upgraded annualised cost synergies of at least $4 million from its Diverger acquisition.

“We report a strong unaudited EBITA trading performance in $6.4 million for the first quarter,” he said. “This is approximately +87% compared to the prior corresponding period of $3.4 million.

Humphrey claimed Count’s integrated model of accounting and wealth management firms within the sector represented a market leading proposition.

“More importantly, our economic fly wheel works by providing significant value to the accounting and financial planning firms that Count invests in and brings a tight model to amplifying shareholder value through the three segments of Equity Partners, Wealth and Services,” he said.

Humphrey said Count had seen more growth in its funds under advice (FUA) to $34.8 billion and funds under management (FUM) to $3.4 billion as at 30 September, 2024.