Specialist SMSF administration provider Class Financial Systems has grown its market share to 10 per cent as it looks to prepare for its initial public offering (IPO) after the end of the 2015 financial year.
“Reaching 10 per cent share of the SMSF market is a very significant milestone for our business, and further reinforcement of our increasingly strong market leadership, innovative technology and highly skilled team,” Class chief executive Kevin Bungard said.
Class was “very happy with the way things are trending” for the financial year and the company’s focus for the second half of the year would be on creating efficient work-flow processes and working with various partners, Bungard told selfmanagedsuper.
Both Class Super, its flagship SMSF administration software solution, and its investment reporting solution, Class Investment Reporter, performed strongly, in line with company expectations for the financial year ending June 30.
This resulted in a 73 per cent increase for the year in billable SMSFs at 53,662 and led Class to announce at share of over 10 per cent of the SMSF market. This was based on the latest Australian Taxation Office SMSF statistical report at March.
“Our rapid business growth is also readily demonstrated by the fact that our first 25,000 funds took around four years to accrue, whilst our most recent 25,000 funds took just over one year,” Bungard said.
Net growth in billable funds for the year was 22,983.
The total number of billable funds for both Class Super and Class Investment Reporter at 24 July 2014 was 56,703.
The plan for the IPO will be presented at the company’s annual general meeting in November.
Class earnings before interest, tax, depreciation and amortisation for 2013/14 was up 286 per cent. This is based on preliminary unaudited results.
