Flash Update 2/1/2024
ASX:KPG
Kelly Partners Group Holdings Limited (KPG) recently announced the completion of its partnership with a second accounting business in California, USA, as of January 1, 2024.
The partnership entails the rebranding of the acquired business to "Kelly Partners Burbank," with the existing partner retaining a 49.9% equity share.
This marks the second business in the United States to join the Kelly+Partners Group. While the partnership itself is not considered material to KPG's overall operations, it signifies the company's growing focus and commitment to expanding its presence in the California market.
The expected annual revenue from this partnership is between US$2.7m and US$3.3m, with a net profit after tax and before amortization (NPATA) to the parent company ranging from US$0.3m to US$0.4m.
Brett Kelly, the Founder and CEO of Kelly+Partners, commented on the partnership's success and the attractiveness of their Partner-Owner-Driver® model to leading accounting firms in both Australia and the United States, expressing excitement about establishing their presence in the US, particularly in California.
This note was based on facts from the company update dated 2/1/2024.
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This note was based on facts from the company update dated 2/1/2024 and is not financial advice.