Count has reported a strong start to FY2027, with first-quarter revenue up 23.2%, underlying EBITA up 66.6% and funds under management reaching $6.7 billion. The group is also pursuing a 30% stake in Brisbane accounting and advice firm Apiary, although the purchase price remains undisclosed and completion requires ACCC approval.
- Revenue rises 23.2% to $52.1 million in unaudited FY2027 Q1
- Underlying EBITA jumps 66.6% to $12.7 million
- Funds under management reach a record $6.7 billion
- Count agrees to acquire 30% of Brisbane firm Apiary
- Oracle integration remains on track with $1.25 million annualised synergy target
Count opens FY2027 with sharper earnings growth
Count Limited (ASX:CUP) has started FY2027 with earnings growth well ahead of revenue growth, reporting unaudited, pre-tax revenue of $52.1 million for the three months to 30 September, up 23.2% from $42.3 million a year earlier. Underlying EBITA rose 66.6% to $12.7 million, lifting the margin to 24.5% from 18.1%.
The company attributed the quarter’s performance to carry-over work from FY2026 in its Equity Partnership segment and strong actuarial consulting revenue. The figures are not yet audited, but the gap between top-line and EBITA growth is the most consequential feature of the update.
Apiary investment adds another partnership pathway
Alongside the trading update, Count agreed to acquire a 30% stake in Brisbane-based MP Pty Ltd, which trades as Apiary. The integrated accounting and financial planning firm generated $3.5 million in FY2026 revenue and already operates under Count Financial’s Australian financial services licence.
Apiary principals Scott McDonald and Craig Dobbs will retain the remaining 70% and continue to lead the business. Count said the partnership is intended to provide capital, capability and strategic support, including scope for tuck-in acquisitions and wider financial planning services for Apiary’s accounting clients. The investment follows four transactions completed by Count in FY2027 to date, including the Oracle Group acquisition, which expanded the group’s advice and wealth management footprint.
The transaction is expected to complete on 1 December 2026, subject to customary conditions and regulatory approvals, including ACCC approval. Count has not disclosed the consideration for the 30% interest, leaving the valuation and funding profile of this latest investment unresolved.
FUM reaches $6.7 billion as Count Wealth beds down
Funds under management reached $6.7 billion at 30 September, 31.3% above the corresponding point last year. Count said the increase reflected new and existing client growth, net inflows and market movements, and includes the Oracle business, now rebranded Count Wealth, following its 20 July completion.
Integration of Count Wealth is progressing as planned, with the targeted annualised cost synergies increased to $1.25 million to be realised within 24 months of completion. That target had been raised ahead of the acquisition closing, while the latest update provides an early indication that the integration timetable remains intact.
The next test is execution across several deals
Count is now balancing a larger acquisition and partnership pipeline with the task of converting the first-quarter momentum into audited results. Apiary still needs regulatory clearance, while the benefits of the Oracle integration are measured against a defined 24-month delivery window. The next disclosures should clarify whether the elevated EBITA margin can hold beyond the quarter’s carry-over work and how much capital Count is committing to its new partnership strategy.
Bottom Line?
Count’s early FY2027 numbers are strong, but the next test is whether margin expansion and acquisition synergies persist as carry-over work fades and Apiary moves through approval.
Questions in the middle?
- How much will Count pay for the 30% Apiary stake, and how will the investment be funded?
- Can the 24.5% underlying EBITA margin be sustained once FY2026 carry-over work rolls off?
- Will Apiary receive regulatory clearance and become the next platform for further tuck-in acquisitions?