Centerpoint posts 51 per cent growth in NPAT
Centrepoint has reported a 51 per cent growth in net profit after tax (NPAT) to $6.5 million for FY17 driven by a strong growth of its wealth business.
The company’s wealth business enjoyed strong growth with revenue for the salaried advice business growing 32 per cent and EBIDTA 186 per cent.
At the same time, Alliance Wealth (licensed advice) and Associated Advisory Practices (self-licensed advisers) managed to attract 39 new firms, it said.
Centrepoint also announced a fully franked special dividend of seven cps in addition to a final dividend of 1.2 cps, with total dividends paid for FY17 at $18 million.
Funds under management and administration rose 19 per cent to $3.7 billion, with gross inflows increasing 23 per cent to $1.1 billion and managed accounts saw a 250 per cent growth during the period.
Centerpoint’s departing managing director, John de Zwart, said the positive results and business growth were largely attributable to the group’s continued investment in people, technology and client solutions, and its strong focus on supporting and enabling its advisers to deliver quality client outcomes.
“Our focus is on delivering innovative solutions to our advisers to support their customers and help them to operate a profitable professional business," he said.
AUTHOR
Oksana Patron
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
The Treasury has launched a consultation into how the $47 million special levy for the Compensation Scheme of Last Resort will be funded.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
