16/03/2006 - 15:54

Merger drives Centrepoint Alliance to strong half-year result

16/03/2006 - 15:54

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Centrepoint Alliance Ltd reported jumps in both revenue and earnings for the half-year ended December 31 2005.

Merger drives Centrepoint Alliance to strong half-year result


Centrepoint Alliance Ltd reported jumps in both revenue and earnings for the half-year ended December 31 2005.

Revenue increased 66 per cent (net of loan commission) to $12.6 million and net profit after tax improved to $2.2 million - up from $1.4 million on the previous corresponding period.

The company, previously known as Alliance Finance Corporation, attributed these two headline results to the October 2005 merger with Centrepoint group.

Centrepoint Alliance managing director Rick Nelson said that the integration of the two groups had been a tremendous success.

"The quality of the planning and implementation enabled us to complete the merger very quickly, which eliminated much of the potential execution risk and disruption," he said.

The insurance premium funding operations contributed $1.7 million of the profit figure, and benefited from a more even geographic spread, as a result of the merger.

The commercial finance division, which includes finance broking and mortgage and chattel finance, had a modest first half, but the company believes it will meet internal annual targets.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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