The nation's largest independent dealership Count Financial (Count) has forecast 2007/08 earnings before interest and tax [EBIT] to be up 24 per cent to $36 million.
At its annual general meeting yesterday, Count executive chairman Barry Lambert announced its Countplus venture was on track with two deals expected in December, a third in January and the target of 10 by June 30, 2008 likely to be met.
Countplus takes equity stakes in accounting businesses that have or will have a financial planning division. Countplus plans to reach EBIT of $25 million before a public listing.
Count chief executive Marianne Perkovic released Count's key performance indicators up to October 31, 2007, which showed that growth was on track.
The dealer group's combined funds and loans under advice stands at more than $18.5 billion - up 30 per cent over the past 12 months.
Funds in its six preferred platforms had swelled by more than $2 billion in the last 12 months.
Total funds under management stand at $7.92 billion, making Count Australia's fifth largest dealer group and the largest independent licensee in Australia.
Margin gains as a result of preferred platform use are passed on by Count to franchisees through its options scheme allowing them to be more competitive and give better value to clients, Perkovic said.
"Due to the power of the platforms, funds manager's margins will continue to be squeezed and Count continues to support this initiative ... the main element is that Count continues to support passing on the margins back to the client," she said.
Shareholders re-elected Lambert and Western Australia non-executive director Alden Halse at the meeting. Attendees also voted to issue Perkovic with 100,000 share options.
