The Motley Fool

Class Ltd fails to impress with trading update

The Class Ltd (ASX: CL1) share price is only up 0.5% today at $1.685 despite the superannuation platform provider releasing a reasonably positive trading update.

For the period ending March 31 2019 Class added 2,409 new investor accounts to 176,621 and total Class customers increased by 36 to 1,506.

Source: Class Presentation April 2, 2019.

As we can see Class is delivering consistent customer growth, but the stock is down around 23% over the past year on the back of investor disappointment that competition is rising, after AMP Limited (ASX: AMP) for example decided to try and take the platform product in house.

For the six-month period ending December 31 2018 Class posted a net profit after tax of $4.4 million on sales of $19 million, with the profit and sales up 2% and 12% respectively.

Class’s new CEO, Andrew Russell, is also expected to start the top job on May 14 2019 and will be tasked with returning it to its former market darling status despite an increasingly competitive market.

Other successful and fast-growing players in the financial platform space offering other products include Hub24 Ltd (ASX: HUB), Netwealth Ltd (ASX: NWL) and Praemium Ltd (ASX: PPS).

One ASX Stock For An Estimated $US22 Billion Marijuana Market

A little-known ASX company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.

And make no mistake – it is coming. To the tune of an estimated $US22 billion.

Cannabis legalisation is sweeping over North America, and full legalisation arrived in Canada in October 2018.

Here's the best part: we think there's one ASX stock that's uniquely positioned to profit immensely from this explosive new industry... taking savvy investors along for what could be one heck of a ride.

AND, this is the first time The Motley Fool Australia has EVER put a BUY recommendation on a marijuana stock.

Simply click here to learn more on how you can profit from the coming cannabis boom.

Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Praemium Limited. The Motley Fool Australia owns shares of Netwealth. The Motley Fool Australia has recommended Hub24 Ltd and Praemium Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!