Accountants and specialist advisers Countplus says its financial planning businesses’ operating revenue grew 7.5% to $48.5 million in the year to June 30.

Total group operating revenue was $122 million, down from $122.5 million the previous year due to the accounting practices’ revenue falling to $58.2 million from $62.7 million.

Total expenses were $78.7 million, down from $81.6 million. 

Net profit was $9.9 million, compared with $11.3 million the previous year.

Among the group’s associate companies, Hood Sweeney made $3.4 million profit, up from $2.2 million.

Financial Momentum’s profit was $324,000, McQueen Wealth Management achieved $669,000 and Nixon Financial Services $73,000. None of the three companies was associated with Countplus the previous financial year.

Countplus CEO Phil Aris says the results reflect a “challenging trading environment in the small business sector”.

“Our results were supported by the diversification in our portfolio of businesses,” he said.

“We will continue to focus on organic growth and diversification, which should see improved performance into the future.”