Leading provider of cloud-based administration software, Class Limited (ASX: CL1) has provided an update for the quarter ended 31 March 2019. The company informed that its total accounts have increased by 2,409 to 176,621 in the 2019 March quarter as compared to the March quarter of the previous year. Further, the total class customers have now reached to 1,506.
During the March quarter, the company released various significant new product features which include Tax statement automation, Adviser Dashboard and Managed accounts support. These new features are helping the company in accomplishing its mission of providing innovative administration solutions that automate manual workloads.
The feature of Tax statement automation is used for processing tax statements which help accountants and administrators in saving their time. The Adviser Dashboard is an easy to use dashboard for advisers which help them in managing their portfolios. These new features are extremely helpful to customers. Further, Class’ integration with financial planning tools is helping in customer engagement.
During the March quarter, the company’s Portfolio increased to 6,961 accounts with 33% of Class Super customers now using Class Portfolio. Further, the company informed that its pilot Class to XPLAN feed is now used by over 50 advisers and it will move to general availability in the next quarter.
Class Portfolio Engine provides wholesale investment portfolio administration and reporting services. This Portfolio Engine is gaining recognition in the growing fintech space and recently the company signed OpenInvest and InvestSMART as partners of Portfolio Engine adding to the established relationship with Stockspot. The company will continue to build and expand the integration capabilities of the platform to drive further growth.
In February 2019, the company announced the appointment of highly experienced Mr. Andrew Russell as Managing Director and Chief Executive Officer (CEO) of the company. Mr. Andrew Russell is having significant experience in developing corporate strategy, sales leadership and market entry and he has held various executive roles in many big organizations like REA Group, Mortgage Choice and Virgin Money.
In the 2019 Fintech Business Awards, Class Limited won Software Services Innovator of the Year. And for the second year in a row, the company won Accounting Innovator of the Year.
Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. At the time of writing, i.e., on 3rd April 2019 (AEST 2:01 PM), the stock of the company was trading at a price of A$1.675 with the market capitalisation of ~A$197.08 Mn. The counter opened the day at $1.685 and reached the day’s high of $1.695 and touched a day’s low of $1.675 with a daily volume of ~114,759. The stock has provided a year till date return of 13.95% & in the past six months, the stock has decreased by 22.09% as on 2 April 2019. It had a 52-week high price of $2.770 and touched 52 weeks low of $1.260, with an average volume of ~225,642.
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