Publicly-listed financial planning group, Centrepoint Alliance has backed its strategy to carry it through the post-Royal Commission environment at the same time as reporting a significant turnaround in net profit before tax.
The company reported that net profit before tax of $1.7 million, representing a significant turnaround over the prior corresponding period with the company reported a $1.9 million dollar.
Commenting on the outcome, Centrepoint chief executive, Angus Benbow pointed to the company’s continued pursuit of its Strategic Refresh program which had entailed a renewed executive team and which had seen it maintain stable revenue, attract new advisers and successfully absorb costs.
“This has been delivered despite challenging market conditions and the intense public scrutiny the financial advice sector the financial advice industry has received as a result of the Royal Commission,” the company’s announcement said.
Benbow said there remained an unequivocal demand for quality financial advice, and with the structural disruption occurring Centrepoint was uniquely placed to capitalise on the unfolding changes.
“We have a strong community of quality licensed advisers, as well as providing services to over 200 self-licensed firms,” he said.