Count Limited has entered FY2027 with sharper earnings momentum, record funds under management and a larger acquisition pipeline after shareholders approved all AGM resolutions. The company also outlined its biggest Equity Partnership investment yet, while maintaining a higher dividend and a $1.25 million Oracle synergy target.
- FY2026 underlying EBITA rose 20% to A$33.4 million
- Unaudited Q1 FY2027 underlying EBITA increased 66.6% to A$12.7 million
- Funds under management reached a record A$6.7 billion
- Skybridge acquisition targets mid to high single-digit FY2027 EPS accretion
- FY2026 total dividends increased to 5.0 cents per share
FY2027 Starts With A$12.7 Million Underlying EBITA
Count Limited (ASX:CUP) has started FY2027 with a sharp increase in earnings momentum, reporting unaudited first-quarter revenue of A$52.1 million and underlying EBITA of A$12.7 million. Revenue rose 23.2% on the prior corresponding period, while underlying EBITA jumped 66.6%, lifting the margin to 24.5% from 18.1%.
Management said the result was ahead of expectations on an annualised year-to-date comparison with full-year broker consensus. The quarter benefited from carry-over Equity Partnership work from FY2026, stronger-than-expected actuarial consulting revenue and a contribution from Oracle for part of the period. Count cautioned that the figures are unaudited, pre-tax and may not indicate the performance of the full financial year.
Wealth Platform Reaches Record Scale
Funds under management reached a record A$6.7 billion at 30 September, up 31.3% from a year earlier, while funds under advice stood at A$43.0 billion at 30 June. CARE portfolios exceeded A$5.0 billion, with 101 firms using the investment philosophy, and Count Investment Solutions were being used by 167 firms.
The stronger wealth contribution follows the completion and rebranding of Oracle as Count Wealth. The acquisition added about 22 employed advisers across 14 locations, and the company said integration was on schedule, with systems migrated, corporate functions integrated and the new operating model in place. Count has raised its targeted annualised cost synergies to at least A$1.25 million, expected to be realised within 24 months, while acknowledging FY2027 will be a transitional year for the business. The update builds on the earlier Oracle acquisition, which had lifted Count's funds under management and final dividend.
Skybridge Becomes Count's Largest Equity Partnership Investment
The next major step is Skybridge, a converged accounting and financial planning firm in which Count intends to acquire a 75% majority interest. Skybridge generated pro forma FY2026 revenue of A$29.0 million and normalised EBITA of A$8.8 million, a 30.3% margin, and has about 110 employees and contractors, including 13 employed advisers, across 16 locations.
Count described the transaction as its largest Equity Partnership investment and expects it to be mid to high single-digit EPS accretive on a FY2027 pro forma basis before synergies. The deal was supported by the Skybridge capital raise, with Count also issuing A$4.0 million of scrip consideration to Jason Birch. The company said Skybridge's existing acquisition record and mix of accounting, bookkeeping, self-managed superannuation and financial planning services should provide several avenues for growth, although the presentation did not provide a completion date or purchase price.
FY2026 Growth Supports Higher Dividend
Count's FY2026 results provide the financial base for the expansion. Statutory revenue increased 16% to A$165.9 million, statutory EBITA rose 39% to A$34.5 million and underlying EBITA grew 20% to A$33.4 million. Underlying EBITA margin reached 20.1%, up 40 basis points. The group said all three segments grew, with Equity Partnerships producing underlying EBITA of A$19.3 million, Wealth A$15.1 million and Services A$11.1 million.
The Board declared a fully franked final dividend of 3.0 cents per share, taking FY2026 total dividends to 5.0 cents, compared with 4.5 cents in FY2025. Count ended FY2026 with net cash of A$26.1 million and, after Oracle, said it had A$52.0 million of undrawn debt headroom. It also said future acquisitions could be funded through a combination of cash, capital raisings and debt, placing capital discipline alongside deal execution as a key test of the strategy.
Shareholders Back Board And CEO Incentive
All six AGM resolutions passed with more than 98% support of votes cast. Shareholders re-elected Alison Ledger, Carolyn Colley and Tim Martin, elected Katrina Glendinning to the Board, adopted the remuneration report and approved the grant of performance rights to managing director and CEO Hugh Humphrey.
Count is now targeting A$10.0 billion of funds under management, greater use of employed advisers and a 50% uptake of education, expertise and related services across its network by 2030. The ambition is clear; the harder measurement will be whether the enlarged platform can convert acquisitions, cross-selling and technology investment into repeatable cash earnings without steadily increasing its reliance on new capital.
Bottom Line?
Count has plenty of operating momentum, but the next proof point is whether Oracle and Skybridge can deliver accretion while acquisition funding preserves balance-sheet flexibility.
Questions in the middle?
- Can Count deliver the targeted A$1.25 million Oracle synergies within the stated 24-month timeframe?
- When will the Skybridge transaction complete, and how will its funding affect cash and debt capacity?
- Can the record A$6.7 billion FUM base translate into sustained organic margin growth beyond acquisition effects?