Jacob Medel

Not-for-profit disability and aged-care providers are facing a critical financial juncture, with new NDIS pricing arrangements and the Support at Home framework reshaping funding models and increasing pressure on sustainability, says Jacob Medel, partner, Audit & Assurance, HLB Mann Judd.

From 1 July 2025, updated NDIS pricing arrangements introduced a 3.95 per cent increase for support worker services, revised therapy rates and tighter limits on travel charges. Further, the Support at Home framework, effective 1 November 2025, brings greater transparency to how aged-care services are funded, delivered and monitored.

These changes are placing increased scrutiny on how businesses manage costs, allocate resources and maintain service quality.

“We are now seeing the impacts of these changes flow through the sector, including reduced margins, increased regulatory enforcement activity, and a rise in merger and consolidation discussions,” said Medel.

“At the same time, many not-for-profit organisations are focused on implementing system updates to support the Support at Home reforms and ensuring compliance with evolving standards, which is adding further cost pressures. In response, businesses are placing a much greater focus on understanding and managing their operational cost structures to support long-term sustainability.”

Medel warns that without robust costing frameworks and accurate financial data, businesses risk gradual erosion of reserves and long-term sustainability challenges. He encourages boards to adopt clearer performance dashboards, link operational and financial data, and ensure management can map both direct and indirect costs to services.

“Boards must sharpen their financial oversight and cost-management practices to navigate this changing landscape.

“While pricing adjustments provide some relief, they also reinforce the need for providers to understand the true cost of service delivery and ensure pricing models reflect all cost drivers, from compliance and supervision, to travel and administration,” he added.

Financial capability across boards and leadership teams will also be critical as reforms continue to evolve. Strengthening financial literacy and confidence will help organisations interpret results, manage risk and make evidence-based decisions.

Aligning mission with financial performance will be key to ensuring services can continue to support communities into the future.

“When boards understand the story behind the numbers, they are better positioned to make strategic decisions that safeguard both impact and longevity,” added Medel.

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Ronnie Calligeros joins HLB Mann Judd Robina within the assurance & advisory team. Mr Calligeros joins from KPMG where he was based in Australia for 10 years and prior to that, Cayman Islands for four years. He brings with him more than 19 years of experience providing advisory, accounting, and assurance services, with experience spanning numerous ASX-listed companies and other public entities, large and small private companies, family businesses, start-ups, not-for-profit organisations, managed investment schemes, and government entities.

Lindzi Caputo has been promoted to partner at HLB Mann Judd Sydney in the wealth management division. Ms Caputo joined HLB Mann Judd in 2009 as a graduate in superannuation services and became a director in 2022. She works with a wide range of private clients to build and protect their wealth, covering wealth accumulation, superannuation, retirement planning and investment advice. She is a member of the Financial Advice Association Australia as well as Chartered Accountants Australia and New Zealand.

Also in Sydney, Marcus Polovineo has been promoted to partner in the tax consulting team. Mr Polovineo joined HLB Mann Judd in 2011 and is an experienced taxation practitioner, specialising in corporate tax compliance & consulting. In 2019, he was a winner of the Specialist Consultant award at the Accountant’s Daily ‘30 under 30’ awards. Mr Polovineo is a member of Chartered Accountants Australia and New Zealand.

Simon Thorp has joined HLB Mann Judd in Sydney as senior partner in the tax consulting team. Mr Thorp joins from KPMG, where he worked since 2000 in the tax division before becoming partner in 2013. Mr Thorp’s expertise spans tax advisory, international tax, and M&A, and he also provides IPO advisory, assistance with capital management and comprehensive tax compliance services.

HLB Mann Judd Australasian Association chair, Tony Fittler, said: “Appointing four new partners marks a significant milestone in the Association’s growth journey. The accounting profession has been evolving over the last few years, and we remain firmly focused on what matters most, our people and our clients.”

There are also six director appointments in HLB Mann Judd firms, strengthening the wealth management, assurance and advisory, tax advisory services, and corporate and audit services practices.

In Sydney, Emma Hicks, Katie Bruce and Lachlan Bell have been promoted to director.

Emma Hicks joined HLB Mann Judd in 2009 as a financial adviser. She works with a wide range of private clients across investment advice and structuring, wealth creation, superannuation, and retirement planning. Ms Hicks has a Bachelor of Business, accounting and human resources management, and an advanced diploma of financial planning from Kaplan.

Katie Bruce is part of the assurance & advisory division. She has been with HLB Mann Judd since 2020 when she joined as an audit supervisor. Prior to that, Ms Bruce was based in the US. She has a Bachelor of Science in accounting from the California State University, and a Master of Science in accounting,

Lachlan Bell is a member of the assurance & advisory division, specialising in freight forwarding, managed funds and property management. As an audit director he brings extensive experience and expertise in financial audits and ensuring compliance with regulatory standards. Mr Bell is a member of Chartered Accountants Australia and New Zealand.

In Perth, Dylan Sheard, Brendan Bate and Don Tyrie have been promoted to director.

Dylan Sheard is part of the corporate & audit services team based in Perth. Mr Sheard has been with HLB Mann Judd since 2009, working on government organisations, listed clients and large private companies, including Pilbara Ports Authority, Southern Ports Authority, Poseidon Nickel and Sadleirs Transport Company. He is a member of the Chartered Accountants Australia and New Zealand.

Brendan Bate is a member of the wealth management team in Perth, bringing over 20 years’ experience in the accounting and financial services industries. Mr Bate joined HLB Mann Judd in 2023 with varied background across technically challenging and dynamic roles in large organisations, to advising families at a boutique financial planning firm. He has a graduate diploma in financial planning and is a member of Chartered Accountants Australia and New Zealand.

Don Tyrie is a member of the tax advisory services team in Perth and has been with HLB Mann Judd since 2018. Mr Tyrie works in corporate and international taxation, specialising in taxation for mining and resources companies, including mining services. He is a Chartered Tax Adviser, and a member of the Chartered Accountants Australia and New Zealand.

Retiring this year is Kevin Franey, a partner in the assurance & advisory team in Robina. Mr Franey has been a partner at HLB Mann Judd for almost 40 years and has delivered valuable insights and audit expertise to clients across financial institutions, large corporates, higher education, cooperatives, health & community services and not for profit entities.

“After 35 remarkable years with HLB, Kevin leaves behind an extraordinary legacy of leadership, integrity and dedication. He has been a genuine pleasure to work with and we will all miss him. His contribution has shaped not only our organisation, but also the careers and lives of so many colleagues and clients. We thank Kevin for his service and wish him the best in his retirement,” said Mr Fittler.

Mr Franey says: “I have thoroughly enjoyed my professional career spanning over 35 years, working and interacting with so many wonderful clients and other people who have helped shape me professionally as a person. I would like to thank the great people at HLB Mann Judd who have provided great assistance and leadership. A very special mention goes to all of the amazing Partners and Staff in our team at HLB Mann Judd Gold Coast & Northern Rivers and TNR. They are dedicated, caring and highly professional people who are beside you through thick and thin.”

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It is the tenth year that HLB Mann Judd has won this category.  HLB Mann Judd was also a finalist in three other categories – Best Provider to Financial & Insurance Services (>$30m revenue); Most Innovative Accounting & Consulting Services Firm (>$30m revenue); Most Trusted Firm: Accounting & Consulting Services (>$30m revenue).

The Client Choice Awards, now in their 21^st year, recognise best practice in the professional services sector. They are based on client feedback for professional services firms in Australia and New Zealand. There are no panels, judges or self-nominations, only client ratings that are independently researched by Beaton.

Tony Fittler, HLB Mann Judd Australasian Association chair, said HLB Mann Judd’s success in the awards is a testament to the ongoing focus on client service.

“It is an honour to be recognised as the best accounting and consulting firm in our category, and we are proud of the work of all our people that has helped us achieve this.

“In addition, it is particularly pleasing to be a finalist as one of the most trusted organisations and also one of the most innovative, based on feedback from our clients.

“We continue to see significant change in our profession and at HLB Mann Judd we aim to strike a balance between providing trusted, personal support and advice to our clients, while at the same time introducing innovative ways of doing things that take advantage of new technology and processes.

“We work closely with our clients and we are committed to their success, and winning the Client Choice Awards tells us that they recognise and genuinely appreciate this,” Mr Fittler says.

Dr George Beaton, executive chairman of Beaton, says: “Leading firms in the Client Choice Awards don’t just meet client expectations; they manage and exceed them. They listen, adapt and continuously improve. Congratulations to all winners and finalists for setting the benchmark in client experience and demonstrating what excellence in professional services truly looks like.”

HLB Mann Judd congratulates all the winners and finalists at this year’s awards.

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Five top tips to help you sell with confidence and success.

Selling a business is one of the most significant financial and emotional decisions any business owner can make. Whether you’ve built your company from the ground up or scaled an existing venture, the process of selling requires strategic planning, careful timing, and the right approach to maximise value. Yet, many business owners make avoidable mistakes, such as undervaluing their business, rushing negotiations, or failing to prepare for due diligence.

So, how can you ensure a smooth and profitable sale? From positioning your business to attract the right buyers to negotiating the best deal, here are our top tips to help you sell with confidence and success.

1. Plan early and be ‘sale ready’

Successful divestments are strategically planned years in advance. This enables time to review the business and adequately prepare for the divestment.

Be clear on the existing business position, the drivers to maximise business value and derisk the business and the transaction. This will aid in the development of a sale action plan.

Actions to consider:

• understand the sale process and consider the transaction from the buyer’s perspective
• understand the value of the business and how to maximise it
• select a team of trusted advisers; create a sale strategy
• measure and grow business EBIT and build the revenue pipeline
• review the pre divestment structure and consider tax implications
• ensure legal matters and key contracts are in order
• check that financials are accurate and audits are unqualified and in order
• streamline and document processes and systems
• develop a key personnel management strategy
• consider the divestment timeline.

2. Understand the sale transaction

There are several ways to sell a business, so it’s critical to know what you’re selling, how your business will be valued and the preferred structure to sell.

For example, an asset sale may occur when a business is sold, in which case the owner sells the company’s assets and goodwill. Another option for owners is to sell the corporate structure by selling the company’s shares. The tax treatment of each option varies.

Usually, business owners would prefer to sell their shares in the trading company as this provides access to tax concessions and often creates a preferred tax position. On the other hand, purchasers may prefer buying the business itself.  This enables the buyer to establish a new company and pick and choose the assets and liabilities of the business. It also limits being exposed and held accountable for past trading activities.

Business owners should seek advice to understand the optimal sale structure, from their and from the point of view of the buyer.

3. Timing: when should you sell your business?

To optimise the value of their company’s sale, business owners should consider the timing of the divestment. When doing this, take into account the competitive market position, competitors (who can also be buyers), and the macroenvironment. This approach can be led by corporate advisers.

Consider the projected growth rate of the business and industry. Is the business growing? Or is the industry consolidating? What is the business market share?

Equally, consider the business owner’s personal circumstances. They may be nearing retirement or running a family business that may be best suited to divestment.

The long-term success of a business, and the preservation of the wealth imbedded within those businesses should be protected with an early and continued focus on strategic business succession and divestment planning.

4. Build your divestment team

Consider who will be on the divestment team to assist with preparing the business for sale, the transaction event and the post-sale service period.

The advisers may include:

• Corporate advisers to structure and lead the sale process to fulfill the business owner’s objectives and maximise the sale proceeds.
• A trusted accountant, to ensure the financials and tax compliance are ready for the buyer’s due diligence, pre divestment structuring review, commercial matters, valuation advice and pre and post divestments tax planning.
• A legal team to advise on the appropriate deal structure, facilitate the due diligence, prepare and negotiate transaction documents and attend to regulatory issues.

Additionally, consider how to retain and reward the key staff involved in the business and who will play a significant role in the divestment. Consider employee share plans, employee share option plans, and transaction incentives.

5. Consider your lifestyle after the sale of your business

Selling a business is a major achievement. Business owners are typically extremely driven and focused on building their business. It can be difficult to transition from being a business owner to a retiree, employee, or full-time investor after a divestment event.

As a result, after divesting, think carefully about your lifestyle and sense of purpose. This may involve prioritising other things like health and well-being, spending time with loved ones, managing money, setting up a private auxiliary fund, launching a new business venture or all of the above!

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Kapil Kukreja

New research from HLB International, the Survey of Business Leaders 2025, has highlighted the growing role of artificial intelligence (AI) in driving business innovation and profitability as companies adapt to huge technological advances.

According to Kapil Kukreja, partner in risk, assurance and consulting with HLB Mann Judd Melbourne, business leaders increasingly see artificial intelligence (AI) as an essential tool, not just for improving business efficiency and profitability but also for improving the capacity and training of their workforces.

“The survey found that 69 per cent of business leaders around the world rate AI as the most important technology over the next five years, an uptick on last year when 65 per cent singled out AI.  Globally, 71 per cent of leaders say they are focusing on using AI for predictive analytics to track future trends, while 55 per cent, are using AI to improve business agility,” Mr Kukreja said.

The survey reveals that business leaders have fine-tuned their approach to AI and are modernising their operating models to enable new ways of working as well as new customer-facing offerings and technology-driven innovation.

“Business leaders have recognised the need to adapt, with quick action often needed. Technological advances, such as the doubling of computer processing power every four years, are accelerating innovation cycles. Many leaders have refined their approach, transitioning from broad experimentation with technology to targeted strategies aimed at enhancing the performance of their workforces, analytics, and, ultimately, profitability.

“Notably, 44 per cent of highly profitable companies are ahead on the AI maturity curve. Profitability is essential for the growth and sustainability of any enterprise, particularly given the current market conditions that are demanding greater agility. AI is increasingly used as part of business strategy,” Mr Kukreja said.

Cultural transformation is also important for progress, business leaders said. The survey found that profitable businesses are intentional about fostering a culture of innovation, which includes breaking silos, encouraging collaboration and leveraging AI and data analytics to understand market trends and customer behaviour.

“These actions create fertile ground for sustained profit and growth. In this year’s research, a shift in focus is evident: profitability takes centre stage over high growth rates,” Mr Kukreja said.

“In terms of using AI in the workforce, these include AI-driven training programs, streamlined recruitment processes, and predictive workforce analytics that support better decision-making across teams.”

This year’s survey also reveals that high-performing organisations, identified as ‘profit accelerators’, are overcoming challenging market conditions by focusing on three key levers of profitability—operational efficiency, innovation, and talent management.

“When looking at operational efficiency, 65 per cent of profit accelerators are considering large-scale operational transformations, such as modernising/adopting new technology systems (61 per cent) and streamlining processes (46 per cent).

“Furthermore, investment in people is also important, with 55 per cent of profit accelerators focussing on learning and development to improve the effectiveness of their workforce. Nearly half of profit accelerators report having a high performing and engaged workforce,” said Mr Kukreja.

The 2025 HLB Survey of Business Leaders gathered insights from over 1,200 leaders across 50-plus countries and was supported by expert interviews. The findings reveal that the most profitable companies, or those with profit growth of 5 per cent to 10 per cent or more, stand out for their agility and technology focus.

“Among these, 37 per cent consider their operating model optimal, compared to less than 15 per cent of their peers, underscoring the value of adaptability. Over the past decade, agile organisations with empowered teams have consistently outperformed their peers, demonstrating a unique ability to pivot quickly and capitalise on emerging opportunities,” Mr Kukreja said.

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Marcus Ohm

Australia’s IPO market in 2024 saw its lowest activity in two decades with only 29 listings, according to HLB Mann Judd’s latest 2024 IPO Watch Australia Report, marking a 9 per cent decline on the 32 listings in 2023.

At the same time, it also experienced a considerable increase in funds raised compared to 2023.  Total funds raised surged 387 per cent to $4.1 billion, compared to $847 million in 2023.

Marcus Ohm, corporate & audit services partner at HLB Mann Judd Perth and co-author of the research, says the poor listing volumes reflect another challenging year for the IPO market, with significant macro and political factors globally.

“The 29 listings in 2024 were the lowest number of listings since our first report in 2004, and so far there is little sign of numbers improving in the first half of 2025.

“However, in more positive news for the market, there were 11 large cap listings in 2024 compared to seven in 2023.  These large caps contributed 96 per cent of the total funds raised, with three listings with market caps in excess of $1 billion who collectively raised $2.7 billion,” Mr Ohm says.

The largest IPO of 2024 was DigiCo Infrastructure REIT (ASX: DGT), which raised $1.995 billion in December and was the first IPO to surpass the $1 billion mark since 2021. The second largest raising of the year was Cuscal Limited (ASX: CCL), which raised $336.8 million. 

The Materials sector continued to dominate the IPO market, accounting for 13 listings which represents 45 per cent of total IPOs. However this was a percentage decline from 72% in 2023, and also a decline on the five year average of 56 per cent.

Mr Ohm says the decline in the number of Materials companies listing is largely due to unfavourable conditions for battery metals. 

“Conditions for junior exploration companies have been unfavourable particularly through the second half of 2024.  Only just over half the companies in this sector achieved their target subscription.”

Overall, ten industry sectors were represented with new listings in 2024, an increase from 2023 when only seven sectors were represented. Notably, the Software & Services sector did not record any new listings for the first time since 2010, underscoring ongoing challenges in the technology space. 

The average year end gain for new listings was 12 per cent which exceeded the ASX All Ordinaries Index gain of 8 per cent.  This contrasts favourable with 2023 when new listings recorded an average year end loss of 10 per cent (compared to an ASX gain of 9 per cent).  In total, 38 per cent of new listings recorded a year end gain compared to issue price.

Mr Ohm says the overall trend suggests that while the IPO market continues to be historically subdued, there are some positive signals in the amounts raised in 2024, and the year end gains achieved.

“Nonetheless there continues to be a high degree of uncertainty, including an upcoming federal election, making it difficult to predict when the IPO market in Australia will experience any substantial rises in activity. 

“The outlook for 2025 is unclear, with the initial public offering pipeline for early 2025 limited to only three small cap listings. 

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Kapil Kukreja

Businesses using AI without proper controls in place, coupled with a rising number of cyberattacks, means Australian organisations are facing a confluence of cybersecurity challenges, according to the HLB 2024 Cybersecurity Report.

The fifth edition of HLB’s Cybersecurity Report provides a snapshot of the current cyberthreat landscape and highlights actions leaders have taken since 2020 to become more cyber-resilient. HLB International surveyed over 600 senior IT professionals globally in September 2024 via an online questionnaire about the main cybersecurity threats of today, their progress in implementing cyber strategies and the dual role of AI.

A significant number of businesses surveyed (92 per cent) have observed ongoing cyberattacks, and many report an increase over the past year, says Kapil Kukreja, risk assurance partner at HLB Mann Judd Melbourne.

“Yet despite these threats, some organisations are still overlooking basic security measures, leaving themselves very vulnerable to breaches which can compromise their business operations.”

He highlighted the increasing use of AI without adequate defence systems as a major concern.

“Over one-quarter (28 per cent) of organisations are either using or planning to use AI but don’t have adequate security controls.  This is a critical gap in cybersecurity governance,” said Mr Kukreja.

“The consequences of neglecting AI governance can be severe. One key concern is the potential for AI to be weaponised – a risk that is heightened by its scalability and autonomous operations, which poses a significant threat to data security.

“This not only exposes businesses to potential vulnerabilities but also highlights the urgent need for comprehensive AI governance frameworks. Companies must prioritise putting in place robust security measures alongside their AI initiatives, to safeguard against emerging cybersecurity threats,” he said.

The increasing incidence and sophistication of cyber threats is evident in the latest HLB report, with 39 per cent of companies reporting a rise in attacks and 86 per cent of surveyed professionals expressing heightened concerns over cybersecurity threats.

The survey also revealed that 29 per cent of respondents have reported more severe consequences from cyber-attacks in the last 12 months, underscoring the urgency for comprehensive AI governance.

“Companies should establish controls and oversight mechanisms to ensure AI technology is used ethically and securely. They should also invest in regular audits and risk assessments, identifying potential vulnerabilities before they can be exploited by cyber criminals. Organisations must also focus on integrating AI with existing cybersecurity measures to detect and prevent AI-driven attacks more effectively,” Mr Kukreja said.

He added that businesses must also develop robust recovery strategies to manage a potential cyberattack.

“The fact that only a third of firms feel very confident in their ability to recover quickly from a cyberattack is concerning. This underscores the importance of not only implementing robust preventative measures but also developing comprehensive incident response and recovery plans. This will allow organisations to respond swiftly and effectively in case of a breach.

“As part of the overall security posture, it is important to understand third-party vendor risks which are often overlooked by organisations such as email exploitation, leading to potentially critical impacts to business operations and reputation. In particular, smaller vendors may lack robust security measures, making them attractive targets for cybercriminals,” said Mr Kukreja.

“In the wake of a series of major outages throughout 2024 nationwide, bolstering cybersecurity defences remains a strategic imperative for businesses as they face an increasing number of sophisticated attacks.”

Other key findings from the report include:

• despite rapid AI advancements, only 29 per cent of companies have implemented additional security and governance controls related to AI
• 64 per cent of businesses consider cybersecurity a major strategic priority
• 24 per cent of organisations now run ongoing cybersecurity awareness training programs, up from 20 per cent in 2023
• 47 per cent of respondents identified email exploitation as a major threat
• 30 per cent of businesses only engage in staff cybersecurity audits annually or post-incident
• 40 per cent of organisations conduct cybersecurity training quarterly or bi-annually
• 80 per cent of companies have incident response plans in place.

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Marcus Ohm

The challenging economic environment continues to weigh heavily on the market for initial public offerings (IPOs) so far in 2024, with higher interest rates and persistent inflation restricting listing activity, according to the latest HLB Mann Judd IPO Watch Australia Mid-Year Report.

There have been just 13 listings in the first six months to June 2024, one fewer than in the same period last year. This follows a lacklustre year for IPOs in 2023, when the total funds raised from ASX listings was $847 million, the first time since 2012 where the total amounts raised did not exceed $1 billion.

Marcus Ohm, author of the report and partner at HLB Mann Judd Perth, said while the number of listings was down compared to the first half of 2023, the good news was that the capital raised was much higher than the first half of 2023, and almost the same as the full 2023 year due to the presence of two larger listings during the period.

“Total funds raised in the first six months of 2024 were $809.5 million, an increase of 440 per cent compared to the same period last year ($149.9 million). While there were only three large-cap listings during the first half of 2024, this included two companies with a market capitalisation exceeding $1 billion at listing, which contributed $660.1 million in total funds raised,” he said.

Materials company Metals Acquisition Limited (ASX: MAC) was the first big listing of the year in February, raising a total of $325 million. That was followed by the June listing of Mexican-themed restaurant chain Guzman y Gomez Limited (ASX: GYG), when $335 million was raised from investors.

According to Mr Ohm, looking ahead, uncertainty persists regarding a recovery in the IPO market. However, there are positive signs, with the two large IPOs of the period being fully or oversubscribed, highlighting that there is investor appetite for the right listing on the ASX.

“Both Metals Acquisition and Guzman y Gomez were popular with investors, and both performed well on their first day. More generally, the share price performance of new listings during the period was an improvement on the previous year.

“The average first day gain across all new listings was 32 per cent for the first six months of 2024, compared to the average first day gain of just 6 per cent for the full 12 months of 2023. By the end of June 2024, the average increase over the listing price was 13 per cent, compared to an average year-end loss in 2023 of 10 per cent,” Mr Ohm said.

“New IPOs performed well relative to the wider share market, with the ASX All Ordinaries closing just above 8,013 at the end of the period, representing a 2 per cent increase for the period. IPOs performed much better, indicating a positive investor appetite for new listings,” he said.

“However, the extent of any wider recovery in the Australian IPO market remains to be seen, given current economic challenges and inflationary concerns,” Mr Ohm said.

“There are not yet any significant volumes in the near-term pipeline, with only four upcoming listings registered with the ASX (at the time of writing), three of which are Materials companies,” he said.

As of 30 June 2024, the four upcoming listings registered with the ASX were seeking $111 million in initial capital. This excludes Alcoa Corporation which is not raising any capital as part of its listing for the issue of CHESS Depositary Interests (CDIs), representing a share in Alcoa stock in the US.

During the first half of 2024, six industry sectors contributed new listings during the period, up from three sectors in the first half of 2023. Materials listings dominated, comprising seven of the thirteen listings in the period. The largest listing was in the Consumer Services sector with Guzman y Gomez, followed by the Materials company Metals Acquisition.

All six sectors recorded a first day gain on average. Both the Materials and Diversified Financials sectors recorded average first day gains of 40 per cent across all listings, followed by Consumer Services, with Guzman y Gomez up 36 per cent.

Breaking listings down by size, of the 13 listings in over the first half of 2024, most were small cap listings (companies with a market capitalisation of less than $100 million at the time of listing). Small cap listings raised $90.5 million across 10 listings during the period, contributing just 11 per cent of the total funds raised, in contrast to the first half of 2023, when small caps contributed 67 per cent of total funds raised.

The average amount raised per listing by small caps increased marginally to $9.05 million in 2024 compared to the average of $8.3 million in the first half of 2023, a 9 per cent increase.

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In Perth, Norman Neill has been appointed managing partner, replacing Lucio Di Giallonardo who was in the role for four years, reflecting the firm’s policy of rotating the position within the partnership. Mr Neill was previously managing partner between 2014 and 2020. He joined HLB Mann Judd as a graduate in 1992 and became a partner in the corporate advisory and audit services division in 2003.

In Sydney, five directors have been promoted as partners, bringing the number of partners in the Sydney firm to twenty-one.

Georgina Ridhalgh joined HLB Mann Judd in 2003 after gaining her Bachelor of Commerce (accounting and finance) from the University of Sydney. She became a director in the business advisory division in 2021, specialising in family businesses and high net worth family groups. Ms Ridhalgh is a member of Chartered Accountants Australia and New Zealand.

James Friend has over 15 years’ audit and advisory experience. He has been with HLB Mann Judd since 2009 and became a director in 2019. He holds a Bachelor of Commerce (accounting) from Macquarie University and is a member of Chartered Accountants Australia and New Zealand.

Vanessa Abboud joined HLB Mann Judd in 2008 as a senior auditor before becoming a director in 2009. She holds a Bachelor of Commerce (accounting) from Macquarie University and is a member of Chartered Accountants Australia and New Zealand.

Peter Bardos is a tax specialist who joined HLB Mann Judd in 2009. He holds a Bachelor of Business, majoring in accounting and finance, with the University of Technology Sydney and is a member of Chartered Accountants Australia and New Zealand as well as a chartered tax adviser with The Tax Institute.

Matthew Levesque-Hocking has 15 years’ experience in business recovery and insolvency and is a Registered Liquidator. He joined HLB Mann Judd in 2005 and became a director in 2019. He holds a Bachelor of Commerce (accounting) from the University of Adelaide and is a member of Chartered Accountants Australia and New Zealand.

HLB Mann Judd Australasian Association chair, Tony Fittler said “The appointment of five partners in Sydney to support our growth is an important milestone. The accounting profession is experiencing a quickly changing environment with all practices becoming more complex.  At the same time, we are managing increased technological capability while remaining strong to our core focus of people and clients.”

In Brisbane, Dony Kurniadi has been appointed partner in the audit and assurance division. He has over 20 years’ experience, starting his career in Indonesia before moving to Australia in 2006 and joining HLB Mann Judd in 2015. He holds a Bachelor of Economics (accounting) from Tarumanagara University in Jakarta, a graduate diploma of chartered accounting from the Chartered Accountants Australia and New Zealand and a graduate certificate in internal auditing from the Institute of Internal Auditors Australia.

HLB Mann Judd has also had several director appointments. Earlier this year Jake van der Hoek was promoted to director in the Adelaide corporate advisory division and Christian Oey from Brisbane was promoted to compliance services director.

These promotions follow the recent appointment of Peter Gardiner in Sydney to the newly created role of corporate development executive.

Mr Gardiner has over 30 years’ experience in the financial services, accounting, and banking industries in Australia, Asia, and the UK.  He first joined HLB Mann Judd Sydney in late 2023 in a business development capacity which has now been formalised into the new role. His main area of focus is driving opportunities in the corporate advisory division as well as providing a framework for best of breed processes within the firm.

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This is the ninth year the HLB Mann Judd Association has won this award. It was also a finalist in the “Best CX Firm: Accounting & Consulting Services” category.

Now in their 20^th year, the Client Choice Awards recognise best practice in the professional services sector. They are based on client feedback for professional services firms in Australia and New Zealand, which rate firms’ brands and performance in delivering services on a range of criteria including need, innovation and superior client service. The client ratings are independently researched and benchmarked by Beaton Research + Consulting. There were 250 entries in the Awards this year.

HLB Mann Judd Australasian Association chair, Tony Fittler, says it is an honour to win an award that is based on client feedback.

“Receiving the Client Choice Award shows that we are achieving our goal of providing the best service possible to our clients, and helping guide and advise them in their particular needs.

“The bar continues to rise as the professional services sector recognises the importance of prioritising clients’ experience. It is incredibly important to listen and learn where we need to provide value.

“We are committed to our clients and their success and we are proud that our clients have repeatedly voted us as one of the best accounting & consulting firms in Australia and New Zealand for service – it is the most important and valuable accolade we can receive,” he says.

Dr George Beaton, executive chair of Beaton, says: “Our data shows that competition in the professional services market continues to intensify. Firms who win are those who meet clients’ expectations of more-for-less, earn and maintain their clients’ trust and best differentiate their client experience.

“The number and calibre of entrants to the Client Choice Awards have improved again this year. For more than 20 years, Beaton, through Beaton Benchmarks, has watched the professional services industry drive up client service standards. It is striking to watch and absorbing to see the heights to which firms are going soar by listening to client feedback and drawing on benchmarks to produce excellent client service.”

HLB Mann Judd wishes to congratulate the winners and finalists at this year’s awards.

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