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Centrepoint Alliance profits down 28 per cent

Centrepoint Alliance profits down 28 per cent

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Centrepoint Alliance has recorded a net profit after tax (NPAT) of $4.3 million, down 28 per cent on the previous year.

In an announcement to the ASX, Centrepoint said the decrease was mainly due to the impact of last year’s deferred tax adjustment and a final, onerous lease adjustment related to the group's Gold Coast office.

Despite the decrease in NPAT, Centrepoint recorded strong growth in earnings, with net profit before tax of $4.6 million, up 79 per cent on last year, and earnings before interest, tax, depreciation and amortisation of $6.4 million, up 56 per cent on the previous year.

The group also announced a final dividend of 1.2 cps fully-franked to be paid on 19 October.

Centrepoint’s wealth business recorded profit before tax of $5.4 million, up 75 per cent on the prior year, while its lending business had profit before tax of $2.5 million, a 22 per cent increase on the prior year.

Managing director John de Zwart said Centrepoint has recruited 59 new professional wealth advice firms in the past financial year.

“It is evident the strategy to create a truly differentiated financial advice business in a rapidly evolving sector is leading to solid growth in an exciting market,” he said.

“Driven by several years of investment in our team, technology and client solutions in both the wealth and lending businesses, we have developed an innovative range of solutions to help non-institutional advisers and brokers thrive.

“As a result, we are seeing long-term, sustainable growth,” Mr de Zwart said.

Centrepoint Alliance profits down 28 per cent
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