Australian accounting and wealth advisory community Depend – beforehand CountPlus – has achieved 22 p.c progress over the previous yr to push its revenues nicely past the $100 million mark.
Pushed partially by the agency’s current acquisition spree – together with that of Diverger – Depend’s members throughout Australia final yr introduced in collective revenues of circa $112 million, up from $91.5 million through the earlier monetary interval.
The accelerated progress, up from 7 p.c the yr prior, and 15 accomplished transactions have been only one side of what was a very busy yr for Depend, with the agency additionally enterprise a model refresh and unification train.
“It has been a transformative yr for Depend,” chief govt Hugh Humphrey stated of the annual outcomes. “Our disciplined execution towards clear strategic priorities has positioned the corporate as a frontrunner within the Australian monetary providers panorama, and as we strategy our forty fifth yr of serving our shoppers we’re excited to have such a robust platform to construct upon.”
Depend is made up of a rising mixture of providers corporations, fairness partnerships, and tons of of wealth administration licensees, inserting it within the nation’s high twenty largest accounting organisations with greater than 1,100 accountants and monetary advisers and virtually $35 billion in funds beneath recommendation – the latter determine getting a big enhance with the $46 million acquisition of Diverger in March.
Humphrey described the acquisition as certainly one of Depend’s most vital milestones within the firm’s 44-year historical past, stating; “The profitable completion of this transaction elevated Depend to grow to be the second-largest wealth administration recommendation agency in Australia, reinforcing our dedication to progress and making certain extra Australians have entry to high quality monetary providers.”
Key financials from Depend’s newest monetary yr.
Different full or half acquisitions over the previous yr embody investments into Bruce Edmunds & Associates in Victoria, JGA on the Gold Coast, and India-based offshore SMSF providers supplier Options Centric, whereas Adelaide-based member agency Crosby Dalwood merged with Warnecke & Co and took on the Depend title – certainly one of 4 companions to take action following the agency’s rebranding.
“We’re extremely happy our shareholders endorsed our transformation to a single, robust model centered on making a optimistic distinction for our shoppers and buyers,” Humphrey stated on the time. “Our firm title change, model transformation and new worth proposition give our shoppers larger certainty about our providing, offering them with the boldness to look forward.”