The listed advice group recorded a 15 per cent increase in gross revenue for the first half of the 2021 year, lifting its profits significantly as advice revenue rose.
In a statement to the market on Friday, Centrepoint Alliance said it had recorded gross revenue of $70.6 million for the six months to December 2020, up 15 per cent on the prior corresponding period.
The group said its net profit after tax for the first half of the 2021 financial year was $1.6 million, compared with a loss of $1.5 million for the same period last year.
Meanwhile, net revenue for Centrepoint’s authorised representatives over the six months to December had also risen by $2.3 million.
The group said it “[continued] to grow its position as a scalable service provider to licensed and self-licensed financial advisers and attract quality advisers”, with 27 new advisers joining in the six months to December.
“We are proud to deliver continued improvements in revenue and profitability in the first half of this financial year,” Centrepoint chief executive Angus Benbow said.
"The three-year strategic transformation that we commenced during 1H FY19 is progressing according to plan and has allowed us to improve the company's operating performance and positioned us to seek new strategic opportunities.”
Centrepoint chair Alan Fisher said the group was well positioned to take advantage of current wealth industry dynamics.
“While the size of the advice industry as measured by authorised representatives is shrinking, large licensees such as Centrepoint Alliance are gaining share and leveraging the advantages of scale and technology leadership,” Mr Fisher said.
Mr Benbow said technology investment would be a key focus for the group over the second half of the financial year, with Centrepoint having recently reached an agreement with UK advice technology firm Intelliflo to roll out the group’s software locally.
“We retain a clear focus on our objectives to enhance value in 2H FY21, as we drive aggressive organic growth in the licensed and self-licensed market, leverage our scale advantage with adviser technology investments and extensions, and actively pursue consolidation opportunities,” Mr Benbow said.
A former MLC Australia executive has become the national practice manager at licensee Wealth Market. ...
A new report has predicted there will be just over 13,000 advisers left by 2023, as the older practitioners who still dominate the industry retire in...
The managed accounts platform has signed on as a gold partner for this year’s Adviser Innovation Summit. ...