Class Financial Systems (Class) has delivered a business update for the year to 30 June 2014.
Class has reported that sales of both Class Super, its flagship SMSF administration software solution, and its investment reporting solution, Class Investment Reporter (CIR), continue to perform strongly.
10% SMSF market share
Billable SMSFs at 30 June 2014 were 53,662 which represents a 73% increase for the year. Based on the latest ATO SMSF statistical report at March 2014, which showed the total number of SMSFs as being 528,701, this means that Class now holds over 10% share of the SMSF market.
“Reaching 10% 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”, said Kevin Bungard, CEO of Class.
“Our rapid business growth is also readily demonstrated by the fact that our first 25,000 funds took around 4 years to accrue, whilst our most recent 25,000 funds took just over 1 year.”
Net growth in billable funds for the year was 22,983.
The total number of billable funds (both Class Super and Class Investment Reporter) at 24 July 2014 was 56,703.
Class Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the 2013/14 financial year was up 286%. (Note: this is based on preliminary unaudited results.)
Further details of the Class planned IPO will be presented at the company’s AGM which takes place on 24 November 2014.
