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SMSF specialist Class reports strong result
Recently-listed self-managed superannuation fund (SMSF) administration company, Class Limited has reported a strong half-year result for the six months ended 31 December.
The company announced to the Australian Securities Exchange (ASX) today a 111 per cent increase in net profit, excluding Initial Public Offering (IPO) costs to $2.81 million.
The company said it had also recorded a 90 per cent increase in earnings before interest, tax, depreciation, and amortisation.
It said that after IPO transaction costs were taken into account, net profit after tax was up 64.6 per cent to $2.19 million.
The ASX announcement said that as at 31 December, Class held around 16.7 per cent of the SMSF market.
Commenting on the results, Class chief executive, Kevin Bungard, said the firm's improved financial performance demonstrated a strong, profitable and scalable business.
"Following the IPO, Class is now in a solid position to implement the business strategies previously highlighted and pursue other opportunities that may arise," he said.
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