Class Ltd is planning to release a number of “significant” new features for its Class Super software in the first three months of 2019, as growth in SMSFs using the software slows.
The announcement accompanied the company’s quarterly update to the stock market, which reported an increase of Class Super accounts by 1,529 for the December 2018 quarter. This took the total number of SMSFs using Class Super to 167,631. The increase in new accounts would have been higher, but the figure is “net of ~1,000 AMP suspensions”.
“Class is committed to strengthening its product leadership over its competitors and restoring account growth back to historical benchmarks,” said Class Ltd in the update.
“The lower than expected growth in accounts reflects regulatory uncertainty, increased competition and a lower number of average accounts per new customer.”
“Despite it being the second ever highest quarter for new customer additions, the average number of accounts per new customer (~40) was lower than usual.”
Class says the new features will drive increased levels of automation and further streamline SMSF administration for accountants. It is planned that these new features will be “accompanied by a broad range of marketing and customer engagement initiatives”.
The Class Ltd Board is in the “final stages” of recruitment for the CEO role, following the resignation of Kevin Bungard. An announcement is expected prior to the release of the half year results on 14 February 2019.