Business News

Class posts strong half-year results

Class has reported a net profit after tax (NPAT) of $2.19 million, up 64.6 per cent, for the half-year ended 31 December 2015, after taking into account post-initial public offering (IPO) transaction costs.

Total revenue for the half year grew by 48 per cent compared to the same period last financial year, which was primarily driven by an increase in billable portfolios.

Class announced it had a total of 96,637 billable portfolios at 31 December, which included 95,289 billable SMSFs.

The company’s total billable portfolios were 67,168 at 31 December 2014.

Class Super’s share of the SMSF market at 31 December 2015 was 16.7 per cent of the estimated total market of 570,030 SMSFs.

In addition to the strong growth in sales of Class Super, the company revealed it had experienced increasing interest in its non-SMSF solution, Class Portfolio, which at 31 December had experienced strong growth in billable portfolios since its official release in October last year.

“The IPO in December capped off an exciting and extremely encouraging six months for the Class team,” Class chief executive Kevin Bungard said.

“We were thrilled to experience record growth in billable portfolios on Class Super and high levels of interest in the Class Portfolio product.

“Class’s improved financial performance demonstrates a strong, profitable and scalable business.

“Following the IPO, Class is now in a solid position to implement the business strategies previously highlighted and pursue other opportunities that may arise.”

For the six-month period, the company recorded a 111 per cent increase in NPAT and a 90 per cent increase in earnings before interest, tax, depreciation and amortisation.

These increases were before one-off costs in relation to the company’s IPO.

Class was officially listed on the Australian Securities Exchange on 18 December 2015.

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