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 appoints industry expert to data feed position

Class Ltd, maker of Class Super and Class Portfolio, has announced the appointment of Tom Sargent, a “high profile figure in the financial services industry”, as Feeds Operations Manager.

“Tom will drive innovation and growth in the delivery of data feeds to accountants, administrators, planners and their clients, supporting Class’ technology leadership in this area,” said the announcement.

According to Class, Mr Sargent has over 30 years experience in retail banking, fund management operations and wrap platforms. This includes over 20 years at Macquarie Bank, of which 7 was as Head of 3rd Party Connectivity and Integration. 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...

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...

Class Super market share at 24%, with more than 140,000 SMSFs

Class Ltd said it achieved a record increase in the number of SMSFs administered using its software, Class Super, in the 2016/17 financial year.

Class added a record 31,503 accounts in the 2017 financial year, according to a statement released to the ASX, beating the 30,618 added in 2015/16.

This takes Class to over 140,000 SMSFs – an estimated market share of 24%, compared to 19% at the start of the financial year.

“In the June quarter Class added over 8,200 accounts – this is a great result given the ATO, in response to industry input, deferred the mid-May lodgment date for SMSF Annual Returns to the end of June,” said Class in the ASX statement. Read more...

Class Super first SMSF admin software to support ING Cash data feed

Class Super is the first SMSF administration software to have data feeds for ING Cash Accounts.

“Leading cloud SMSF administration software provider Class now offers its users a direct-connect data feed from ING’s popular cash account, the first to do so,” said Class, in a statement.

“Accountants and advisers using Class can now turn on the adviser-level data feed from within Class and receive daily transaction data from their clients’ ING accounts.”

Class Ltd CEO Kevin Bungard said the ING data feed was already one of the most popular in Class, after those for the major banks and Macquarie. Read more...