Count Limited (ASX: CUP) lifts revenue 23.2% to $52.1 million and takes 30% stake in Apiary
Count Limited (ASX: CUP) has entered into a binding agreement to acquire a strategic 30% shareholding in MP Pty Ltd (“Apiary”), and has released an unaudited, pre-tax update for the first quarter of FY2027. The quarter covers the three months ending 30 September 2026.
Unaudited, pre-tax revenue for FY2027 Q1 was $52.1 million, up 23.2% on the prior corresponding period. Unaudited, pre-tax underlying EBITA reached $12.7 million, an increase of 66.6%.
Continued deal activity alongside this earnings growth is central to the Count growth story. Group Chief Executive Officer Hugh Humphrey said:
Hugh Humphrey, Count Group Chief Executive Officer
“Pleasingly, the Group has delivered a very strong start to FY2027. FUM has reached a new record of $6.7 billion, and the integration of the Oracle businesses is progressing as planned.”
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FY2027 Q1 results show margin expansion
The table below compares FY2027 Q1 with the prior corresponding period. All FY2027 Q1 financial metrics are unaudited and pre-tax.
| Metric | FY2027 Q1 | FY2026 Q1 | Change |
|---|---|---|---|
| Revenue | **$52.1m** | **$42.3m** | **+23.2%** |
| Underlying EBITA | **$12.7m** | **$7.6m** | **+66.6%** |
| Underlying EBITA margin | **24.5%** | **18.1%** | n/a |
| Funds Under Management (FUM), at 30 September 2026 | **$6.7 billion** | n/a | **+31.3%** compared to 30 September 2025 |
Revenue is calculated on a statutory basis, in line with the FY2026 annual report. Underlying EBITA means earnings before interest, tax and amortisation, excluding transactions not directly attributable to the performance of Count’s business operations and significant items.
The lift in underlying EBITA margin from 18.1% to 24.5% shows earnings growing faster than revenue. Performance to date reflects:
- Carry over work from FY2026 in the Equity Partnership segment
- Strong actuarial consulting revenues
FUM reached a new record of $6.7 billion, reflecting new and existing client growth, net inflows and market movements. The figure is as at 30 September 2026 and includes the Oracle business, which completed on 20 July 2026.
Apiary investment and the Oracle integration
What Count is buying into
Apiary is a well-established accounting and financial advice business. Key details from the announcement:
- Based in Brisbane, it is an integrated accounting and financial planning firm
- It already operates under Count Financial Limited’s Australian financial services licence
- It generated $3.5 million in revenue in FY2026
Principals Scott McDonald and Craig Dobbs continue to lead the business and will together retain a 70% shareholding. They are looking to expand the business, including through tuck-in acquisitions.
The investment is consistent with Count’s strategy of investing into quality accounting and financial planning firms, supporting their ambition through capital, capability and broader strategic support. Humphrey commented:
Hugh Humphrey, Count Group Chief Executive Officer
“Apiary is a strong, growing business that is well aligned with the Group’s strategy. Our initial investment provides Scott and Craig with the support and capital to accelerate their growth ambitions, while creating a clear pathway for Count to increase its investment as the business grows and our partnership develops. We are particularly excited by the opportunity to expand financial planning services across Apiary’s established accounting client base.”
Acquisition momentum and Oracle synergies
The Apiary agreement follows four transactions completed during the financial year to date. Other updates include:
The Oracle completion on 20 July 2026 brought three entities into Count’s structure, including advisory, accounting and investment management arms, and the deal was revised down to $65.6 million from the original $72.2 million.
- Oracle Group, successfully rebranded Count Wealth, was acquired on 20 July 2026 and has progressed as planned
- Targeted annualised cost synergies have increased to $1.25 million, to be realised within 24 months post completion
- Count has completed four acquisitions in FY2027 to date, including Count Wealth and a cornerstone equity partnership investment in Tailored Lifetime Solutions
How equity partnerships work for investors
An equity partnership is a minority stake in a firm. It lets Count back an existing business while the founders keep operating control, which in this case means Count holds 30% and the principals hold 70%.
For investors, the structure matters because Humphrey described it as creating a clear pathway for Count to increase its investment as the business grows and the partnership develops. He also pointed to the opportunity to expand financial planning services across Apiary’s established accounting client base.
The Tailored Lifetime Solutions stake completed on 15 July 2026 gave Count a c.20% holding in one of its network’s top 25 advice businesses, and Count has flagged it may lift that shareholding over time.
What happens next for Count and Apiary
Two forward-looking items stand out from the announcement:
- Apiary transaction completion: expected on 1 December 2026, subject to customary closing conditions and regulatory approvals, including ACCC approval. Completion would give Count its 30% shareholding in MP Pty Ltd (“Apiary”).
- Oracle cost synergies: Count is targeting $1.25 million in annualised cost synergies, to be realised within 24 months post completion of the 20 July 2026 acquisition.
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