Class Super has reached 27% SMSF market share, according to the annual results for Class Ltd.
The company announced that SMSF market share was up 3% for the year, to approximately 27%, based on there being 600,000 SMSFs.
The Class announcement said the company had seen “strong growth and continued momentum in revenue and earnings,” for 2017/18.
Total revenue was up 18% for the year. Net profit after tax was up 9%, and there was a 14% increase in EBITDA.
“Revenue was primarily driven by growth in billable accounts which increased by 25,469 in the last twelve months,” said Class, across both Class Super and Class Portfolio. At 30 June 2018 there were 163,464 billable SMSFs using Class Super.
“Class has continued to deliver record revenue, increase market share and deliver solid account growth this year,” said Class CEO Kevin Bungard.
“The Federal Government’s Super Reforms have vastly changed the SMSF and wealth industry, and the complexity of reporting has further driven the need for cloud solutions,” he said.
“Class is the leading cloud provider of SMSF and wealth accounting software and is in an excellent position to capture these new entrants to the cloud market, while also continuing to win market share from competitors.”
“We remain confident that although disruptive for the industry in the short term, the Super Reforms have increased the need for Class software and we expect they will have a positive impact in the longer term.”
Class declared a final fully franked dividend of 2.5 cents a share for 2017/18. The AGM will be held on 15 October 2018.