COG Financial profit up after Centrepoint stake

COG Financial Services, the company which picked up 20% of Centrepoint Alliance after having a run at Diverger has reported a solid half-year result with net profit after tax up 14% to $12.6 million.

Centrepoint due to post its result to the ASX today (Monday).

COG’s ASX announcement noted that the group had a strong balance sheet, with unrestricted cash of $74.5 million as at 31 December, something which it said would enable the company to achieve further earnings growth organically and through acquisition.

Commenting on the result, COG chief executive, Andrew Bennett described it as pleasing, reflecting its continued business momentum off the back of FY23.

In its briefing to investors, COG specifically referenced its strategic acquisition of 20% of Centrepoint and, looking forward, said it would continue to remain active in identifying strategic acquisitions.

Looking across the business, COG broke up its interests across broking and aggregation, novated leasing and asset management and lending.