Centrepoint claims leadership on adviser recruitment

Publicly-listed financial planning group, Centrepoint Alliance has claimed market leadership in financial adviser recruitment with 549 authorised representatives and growth of 38 advisers since the start of the new financial year.

The claim has come as the company reported a $1.5 million increase in net profit after tax to $7.8 million on the back of a 6% increase in gross revenue to $288 million.

It said net revenue increased by 11% to $36.1m driven by revenue uplift from the acquisition of Financial Advice Matters in December 2023 and organic licensee fee growth, both of which more than offset legacy investment margin run-off.

The directors declared a final dividend of 1.75 cents per share resulting in a a fully franked ordinary dividends of 2.75 cents per share fully franked.

The company said that of the top 10 licensee firms in Australia, only three had net growth in advisers with seven of the top 10 firms losing over 300 advisers collectively.

It said Centrepoint’s self-licensed business finished the year with 203 firms and 825 advisers which represented growth of 22 new firms over the year.

The company said it was well positioned to continue to grow revenue and earnings moving into 2025 and that it continued to recruit advisers.

Centrepoint said its new initiatives such as Managed Accounts and Lending as a Service are gaining traction and the IconiQ platform would shortly be launched.

It said estimated EBITDA guidance for FY25 is in the range of $10m to $10.5m (excluding LTI and one-off costs).