Centrepoint Alliance Limited (Centrepoint) has reported pre-tax profit of $2.2m, up 229% on the prior corresponding period with overall revenues increasing by 2% to $27.4m.
The Premium Funding division had an excellent start to the year with strong growth in revenues, profits and market share. The Wealth Management division has made substantial progress in its transformation to become a highly respected customer and adviser centric business.
Centrepoint's Managing Director John de Zwart says, 'these great results reflect the continuous improvements we have made across the business and in particular, our adviser systems, standards and training, with further enhancements made to our practice development capabilities.
'We have positioned Centrepoint for growth with management capabilities continuously being strengthened and the culture aligned with our vision of being a highly respected non-institutional service provider to financial advisers and licensees.'
The Premium Funding business has reported a strong underlying pre-tax result of $2.5m, up 32% on the prior corresponding period.
'Recent industry consolidation has provided us with the perfect opportunity to grow our market share with a 25% increase in the number of brokers actively providing business to us. We invested in improvements to our IT systems which has enhanced the overall experience for our customers.
'These improvements are greatly benefiting productivity and are resulting in repeat business,' says de Zwart.
The Wealth Management business has reported an underlying pre-tax profit of $3.0m supported by stronger financial adviser engagement and cost management.
'During this period, our financial adviser relationships have strengthened as a result of our change in culture and this being reflected in improved service and offerings to our networks.
'The Group holds strong positions in segments of the financial services market which are fast growing and high margin. The business has an experienced team that is growing market share in each segment, building capabilities and delivering superb service to customers and clients.
'A significant investment is being made in our people and technology to meet our customers' needs, whilst assisting brokers, financial advisers and accountants to operate efficient and profitable businesses,' says de Zwart.
www.professionalplanner.com.au
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