Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Count Group Revenue Jumps 23.2% in Q1 FY2027 as It Takes a 30% Stake in Apiary
Highlights:
Count Limited (ASX: CUP) announced a new equity partnership and an unaudited, pre-tax first-quarter trading update on 30 October 2026. Shares were last quoted at AU$1.650, up AU$0.310 or 23.134%.
Strong Start to the Financial Year
For the three months to 30 September 2026, revenue was AU$52.1 million, compared with AU$42.3 million in the same quarter a year earlier. Underlying EBITA reached AU$12.7 million, up from AU$7.6 million, and the underlying margin widened to 24.5% from 18.1%.
Count said the result was helped by carry-over work from FY2026 in its Equity Partnership segment and by strong actuarial consulting revenue. Funds under management rose to AU$6.7 billion, a figure that includes the Oracle business and reflects client growth, net inflows and market movements.
Integration and Deal Activity
The acquisition of Oracle Group, now rebranded Count Wealth, completed on 20 July 2026. Integration is progressing as planned, and the company lifted its targeted annualised cost synergies to AU$1.25 million, to be realised within 24 months of completion.
Count has completed four acquisitions so far in FY2027, including Count Wealth and a cornerstone equity partnership investment in Tailored Lifetime Solutions. Chief Executive Officer Hugh Humphrey described the quarter as a very strong start to the year and pointed to the record funds under management and the on-track Oracle integration.
The Apiary Partnership
Under a binding agreement, Count will acquire 30% of MP Pty Ltd, which trades as Apiary. The Brisbane firm provides integrated accounting and financial planning services and already operates under Count Financial Limited’s Australian financial services licence. Apiary generated AU$3.5 million in revenue in FY2026.
Principals Scott McDonald and Craig Dobbs will continue to lead the business and together keep the remaining 70%. They plan to grow Apiary, including through tuck-in acquisitions. Completion is expected on 1 December 2026 and remains subject to customary closing conditions and regulatory approvals, including clearance from the ACCC.
Humphrey said the initial investment gives the founders capital and support to accelerate growth, while creating a pathway for Count to increase its stake as the partnership develops. He also highlighted the opportunity to expand financial planning services across Apiary’s established accounting client base.
What to Watch
The announcement fits Count’s strategy of backing quality accounting and financial planning firms with capital, capability and strategic support. Investors will likely track regulatory approval for the Apiary deal, delivery of the Count Wealth synergies and whether the strong quarterly momentum carries through the rest of the financial year. The first-quarter figures are unaudited and pre-tax.
Note: All data presented is based on information available at the time of writing.
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