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Class reports lift in SMSF market share

Class has posted an increase in its share of all SMSFs from 19.2 per cent to 21.7 per cent in the six months to 31 December 2016, based on an estimated total market of 589,000 SMSFs.

At 30 June 2016, Class Super had the largest share of the cloud SMSF software market at 68 per cent, up from 64.8 per cent a year earlier.

Furthermore, since March 2013, funds exceeding the total SMSF industry growth had moved to Class, while other providers and systems had collectively stood still in terms of absolute numbers and they continued to lose market share relative to Class, the company said.

Class chief executive Kevin Bungard said the results confirmed the company as the clear market leader in cloud SMSF software.

“It has been another strong six months for the Class team,” Bungard said.

“We have continued to experience record growth in billable portfolios on Class Super and recorded the strongest period to date for the Class Portfolio product.

“Class is executing its clear and consistent business strategy and remains in a strong position to consider other opportunities that may arise.”

The company posted a 28 per cent increase in profit to $3.6 million for the half-year, driven by a record increase in billable portfolios.

The increase was before one-off prior-period costs in relation to the company’s December 2015 initial public offering (IPO).

Total revenue for the half-year grew by 31 per cent compared to the same period last financial year, assisted by a record 17,775 increase in billable portfolios to 130,216 portfolios.

SMSFs on the Class Super product make up 127,806 of those billable portfolios.

Class also announced chairman Barry Lambert retired on 9 February, with Matthew Quinn succeeding him as the new chairman.

The Class board is in the process of recruiting a new independent director.

Quinn joined the board in July 2015 and was previously managing director of Stockland, an ASX 50 company. He is also a non-executive director of CSR and UrbanGrowth NSW and chairman of Carbonxt Group and mPort.

Lambert was elected chairman in 2008 and during his tenure assisted Class to become the leading provider of cloud-based SMSF software, while also leading the company into its successful IPO in December 2015.

He has retired to concentrate on human rights campaign work for greenlight.support.

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