Class Limited CEO Kevin Bungard to step down

Class Limited has announced that CEO Kevin Bungard is stepping down “by mutual agreement with the board”.

“Having achieved a strong market position in the SMSF administration software sector, Class is now well-positioned to expand its reach and to leverage its platform into the broader wealth management industry,” said a statement by the listed company.

“Mr Bungard and the board have agreed that the next stage of the company’s growth requires new leadership, and this is the right time for him to hand over the reins. A search has commenced for a new CEO, and this will include the evaluation of potential internal successors.” Read more...

Class Super SMSF growth slows in September 2018 quarter

Class Ltd has seen much slower growth in SMSFs using Class Super in the latest quarter.

Class Super accounts for the September 2018 quarter were up 2,638. This is the lowest of any September quarter since at least 2013/14 and the second lowest of any quarter over that period, after March 2014.

For comparison, SMSFs using Class Super were up 4,526 in the June 2018 quarter, and up 6,232 in the September 2017 quarter.

Class said these lower growth figures were anticipated. “Lodgment extensions made for a slow start in July and August with nearly half of the new customers for this quarter signing up in the month of September,” said Class Ltd in its Quarterly Shareholder Update. Read more...

Class Super reaches 27% SMSF market share

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. Read more...

Class Ltd sees record account growth for a March quarter

Class Ltd saw record March quarter account growth, adding 6,102 accounts to its Class Super and Class Portfolio products – taking the total to 164,255, according to its quarterly shareholder update.

4,885 of the account growth was for Class Super, which had 158,938 accounts at the end of the quarter.

“This growth was helped by clients who signed up under the Q2 ‘Better move’ campaign and continue to load their SMSFs onto Class Super,” said Class.

The announcement to the market said AMP continues to migrate accounts off of Class. At the end of the March quarter AMP had around 8,800 SMSFs still on Class, which says account growth would have been around 7,000 for the quarter “were it not for AMP’s migration”. Read more...

Class Ltd profit up 19% in first half 2017/18

Class Ltd, which makes Class Super and Class Portfolio, grew its profit by 19% in the first half of the 2017/18 financial year.

“Class’ continued growth demonstrates a strong business which remains the market leader in cloud based SMSF accounting software,” said Class CEO Kevin Bungard.

“Our recent investment in the non-SMSF product is also paying off with growing market penetration of our Class Portfolio product.”

Sales revenue for the half year ending 31 December 2017 was up 21% to $17.010 million, with net profit after tax up 19% to $4.297 million. Read more...

Class Ltd sees record account growth for a December quarter

Class Ltd has seen record growth in accounts for a December quarter, the company announced.

Total accounts – including Class Super and Class Portfolio – increased by 7,600 in the December 2017 quarter, to 158,153. Class Super accounts represented 7,131 of this increase, taking its total accounts to 154,053.

“This is a very strong result given the time of the year and was achieved with the help of an extremely effective sales and marketing effort,” said the statement by Class.

This may have been driven, in part, by the superannuation reforms which took effect in 2017. Read more...

KPMG to use Class Super in SMSF admin business

KPMG, one of the Big Four accounting and professional services firms, will use Class Super software in its SMSF administration business.

Class Ltd, which makes Class Super along with Class Portfolio, announced that it had entered an agreement with KPMG.

“The agreement will see KPMG use Class Super in its SMSF administration business and Class Portfolio in its business advisory group,” said the announcement.

Class Ltd CEO Kevin Bungard welcomed KPMG’s decision, saying one of the biggest advantages to using an automated reporting and administration software like Class Super was the potential for business growth. Read more...

BGL disputes Class claim to be first to support Simple BAS

Class Ltd says it is the first SMSF software provider to deliver Simple BAS functionality, a claim that is disputed by BGL.

Class announced on 26 October that it was the first to include Simple BAS functionality in its software, Class Super and Class Portfolio.

Simple BAS is a government initiative intended to reduce the complexity of GST record-keeping and reporting. It was announced in the 2016 Budget, and started on 1 July 2017 – making 28 October the first due date for quarterly BASs since its introduction. Read more...

Class Super now has 25% SMSF market share

Class Super now has 25% market share, based on an estimate 598,000 SMSFs, up from 24% as at the end of the 2016/17 financial year, according to the latest Class Ltd Quarterly Shareholder Update.

Class Ltd has also passed the 150,000 account milestone, counting Class Super and Class Portfolio, across 1,204 customers. The number of Class Super accounts increased by 6,323 to 146,922. 28% of Class Super customers also use Class Portfolio, which saw growth of 12%, to 3,631 accounts.

“SMSF accountants continued to be impacted by the implementation of Super Reforms. Class achieved a very high win ratio for customers moving to the cloud, but many potential customers deferred their decision resulting in lower than expected accounts growth for the quarter,” said a statement from Class Ltd. Read more...

Class wins SMSF software award for 4th year running

Class, which makes Class Super, has won the award for SMSF Accounting Software/Administration for the 4th year running, at the CoreData SMSF Service Provider Awards 2017.

The awards are based on a survey of SMSF accountants and advisors.

After the awards were announce Class CEO Kevin Bungard paid tribute to the Class team.

“Our people are committed to developing innovative solutions that help accountants, financial advisers and their clients,” said Mr Bungard.

“It’s great to come out on top in a survey of advisers working with SMSF clients every day.” Read more...