Centrepoint outlines platform, MA ambitions

Mike Taylor

Managing Editor and Publisher

27 February 2024

Publicly-listed financial planning group, Centrepoint Alliance has posted a mixed half-year result, reporting a net profit after tax of $4.8 million in a year during which it was settling down acquisitions.

The company’s report to the Australian Securities Exchange (ASX) that gross profit had actually reduced by $1 million as a result of the $1.5 million one-off sale of the Ventura Funds business to Russell Investment Management in July 2022.

The result saw the directors declare an interim fully ranked ordinary dividend of one cent per share.

The company, which became part of the competitor mix in Count Limited’s acquisition of Diverger, described its financial performance as solid benefiting from the acquisition of Financial Advice Matters Group completed in December and organic adviser growth, combined with organic adviser growth, continued cost management and a low level of claims against advisers.

The report also noted the company’s licensee services division which it said was servicing 1,388 advisers made up of 518 licensed advisers and 206 self-licensed firms representing 820 advisers.

“This performance is strong relative to peers with only three other licensees (with more than 100 authorised representatives) recording positive growth,” it said.

As part of the fall-out from the Count/Diverger transaction, COG Financial acquired 20% of Centrepoint and last week signalled further acquisitions including including in the financial advice space.

In the company’s investor briefing, Centrepoint chief executive, John Shuttleworth outlined the company’s growth agenda including growing both aligned and salaried financial adviser numbers, moving further into the managed accounts space and launching a platform via its alliance FNZ.