Countplus sells 3 firms, merges 2 following strategic review

Company News

by Jessica Amir

Countplus Limited (ASX:CUP) has announced three of its member firms have been sold and two others merged, following an extensive strategic review of the company.

The accounting, financial services, and financial planning network says it comes as the sold firms generated an aggregate loss of around $160,000 together, for the 2017 financial year.

The company also reduced its net debt interest bearing position from $25.4 million to $11.63 million from 31 December 2016 to 13 July 2017.

The company says it partially reduced its debt by selling substantially all of its investment in Class shares and selling its member firms.

Countplus also advised it will move its dividends from quarterly to half-yearly and declare 40 to 70 per cent of maintainable net profit after tax and minority interests.

Shares in Countplus Limited (ASX:CUP) are trading 14.41 per cent lower to $0.50.

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.