Diverger acquisition delivers for Count
Count Limited’s 2023/24 acquisition of Diverger has helped deliver the company one of its strongest full-year results, with an increase in statutory net profit after tax of 705% to $8.9 million on the back of a 28% increase in statutory revenue to $143.6 million.
The company said it had delivered $5.1 million in cost synergies from the integration of Diverger, significantly exceeding initial guidance of $3 million with this being complemented by strong revenue growth.
It said statutory EBITA increased by 144% to $24.9 million inclusive of transaction and integration costs and the impact of divested operations including any profit on sale.
The directors declared a final dividend of 2.75 cents per share.
Commenting on the result, Count chief executive, Hugh Humphrey said the company was taking advantage of its scale to unlock new revenue opportunities and remove cost, including expanding its investment solutions.
The company’s investor briefing pointed to the company’s increasing investment in managed accounts, noting that the market represents a significant growth opportunity for the company in circumstances where 42% of total industry advice firms are yet to adopt managed accounts.
It said this provided strong potential for additional growth of Count Investment Solutions Funds Under Management (FUM).
44% lift in FUA? how much associated with venture egg et al
Read Andrew Bragg's report regarding ASIC from last year. It's on the money.
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