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Class Limited (ASX:CL1) has come forward and made an announcement about the new CEO (or Chief Executive Officer) and Managing Director with help of the press release. As per the release dated February 18, 2019, the company stated that Mr. Andrew Russell has been placed as the Managing Director and Chief Executive Officer. The issued release also contained information about the experience. Mr. Andrew Russell happens to be an experienced senior executive and possess the expertise in the development of corporate strategy, sales leadership as well as market entry. As regards the current role of Mr. Andrew Russell as the EGM Financial Services at REA Group, in 2016, Mr. Russell developed a business case as well as rolled out REAâs new financial services business. By FY 2018, the new business gathered revenue amounting to $29 million as well as EBITDA (or earnings before interest, tax, depreciation, and amortization) amounting to $11 million.
The release also stated that before joining the REA, Mr. Andrew Russell was the GM as well as Interim CEO of the Mortgage Choice where he led the successful launch of its wealth management and financial planning business. Prior to that, Mr. Andrew Russell was appointed by Virgin Group to lead Australian market entry for the Virgin Money. We would now have a look at what the key executive of Class has to say.
Mr. Matthew Quinn, which the Chairman of Class Limited, welcomes Mr. Russell. He also added that Mr. Russell brings a substantial amount of knowledge as well as practical experience when it comes to financial markets, technology as well as product innovation. The release stated that the commencement date for Mr. Andrew Russellâs would be early May 2019.
It is also important for the market players to know that the Class Limited had recently published the results for the half-year ended December 31, 2018. As per the release, the company generated sales revenue amounting to $19.03 million which implies the rise of 12% on the prior corresponding period. The companyâs EBITDA stood at $8.6 million which reflects the rise of 11% as compared to the prior corresponding period. However, the companyâs net profit after tax and diluted EPS (or earnings per share) stood at $4.36 million and 3.70 cents, respectively.
We would now see how the stock of Class Limited had been performing from the past few months. The last-traded price of the companyâs stock was A$1.490 per share and the market capitalization of Class Limited stood at $175.32 million. As per the Australian Securities Exchange or ASX, the companyâs stock price is trading towards the lower level. The annual dividend yield of Class Limited stood at 3.36%. Talking about the past performance, the companyâs stock had delivered the return of -30.37% in the past 6 months and, in the time frame of previous three months, the stockâs return stood at -14.86%. However, in the past one month, the stock of Class Limited had posted the return of 14.18%.
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