Centrepoint Alliance profits up by 78 per cent
Centrepoint has continued its upward trajectory, reporting a net profit after tax of $5.9 million for the full year to 30 June, which is up 78 per cent on the prior year.
Underlying profit before tax decreased 15% to $7 million, down from $8.3 million.
The final dividend of 1.2¢ was also lower than the previous corresponding period high of 2.2¢.
In 2013 the company made a loss of $7.8 million, before clawing its way back to an after tax profit of $3.3 million for the 2014 financial year.
Despite this year's positive after tax result, Centrepoint Funding's underlying pre-tax profit was down 52% to $2.5 million.
The company said that this was due to a softer general insurance market having an impact on the funding of premiums.
"Despite the profit decrease, the business delivered a strong operational result with growth in new broker relationships and loans funded," a Centrepoint statement said.
Centrepoint Wealth progressed in its transformation strategy and delivered an underlying pre-tax profit up by 10 per cent to $7.1 million. Funds invested in Centrepoint solutions increased 14 per cent to $2.8 billion.
Centrepoint managing director John de Zwart said the positive results and business growth were largely attributable to the group's significant investment in people, technology and client solutions, and its strong focus on support and advocacy for independent professional advisers.
"Centrepoint holds strong market positions in its core markets and is well placed to take advantage of the long-term growth in non-bank funding and wealth markets," Mr de Zwart said.
"With cash and cash equivalents of $12.5m at 30 June 2015, the group is in a strong financial position from which to deliver organic and inorganic growth. We have acquired a number of small client books and are active in assisting larger practices to grow or develop succession strategies."
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