Business News

Class takes 17 per cent slice of market

Class has revealed its share of the overall SMSF market has grown to over 17 per cent and its total number of customers now stands at 865.

The company reached a significant milestone with 100,025 billable portfolios on the Class system as at 29 February, following an increase of 3388 portfolios in December 2015.

Of the 100,025 billable portfolios, 98,515 are SMSFs, with the remaining 1510 being other, non-SMSF investments administered on the new Class Portfolio product.

“Reaching 100,000 billable portfolios on Class is a significant accomplishment for the company,” Class chief executive Kevin Bungard said.

“We’re happy with the momentum of the business – the addition of 3388 portfolios since 31 December 2015 has been achieved in what has traditionally been our slowest period of the year.”

Last month, the company reported a net profit after tax 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 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 had a total of 96,637 billable portfolios at 31 December, which included 95,289 billable SMSFs.

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