Centrepoint Alliance H1 FY24 Results Overview

Centrepoint Alliance Limited (ASX: $CAF) has reported its half-year financial results for the six months ending 31 December 2023. The company's gross revenue reached $140.5 million, representing a 5% increase from the previous corresponding period. The positive conditions for advisers, including significant demand for services and positive equity markets, have contributed to the company's strong financial performance. Centrepoint Alliance also completed the acquisition of Financial Advice Matters in December 2023, enhancing its platform for scaling the salaried advice channel.

Executive Commentary on H1 FY24 Results

John Shuttleworth, CEO of Centrepoint Alliance, highlighted the company's continued strong financial performance and the positive conditions for advisers, driven by significant demand for services and positive equity markets. The acquisition of Financial Advice Matters in December 2023 has provided a platform to scale the salaried advice channel, contributing to the company's growth. Shuttleworth also emphasized the high service standards and positive adviser satisfaction, as reflected in the Net Promoter Score of +39. The launch of new iQ managed portfolios in Q2 and the partnership with FNZ to launch a new Investment and Superannuation Platform on global leading technology were noted as strategic initiatives to drive higher recurring margins.

Summary of H1 FY24 Results and Outlook

Centrepoint Alliance's H1 FY24 results demonstrate a robust mix of organic growth and the successful FAM acquisition, with gross revenue reaching $140.5 million and a positive outlook for advisers. The company's strategic initiatives are focused on achieving higher recurring margins, and it anticipates an earnings upgrade for FY24 in the range of EBITDA $8 million to $9 million. Centrepoint Alliance remains positive about the market and its business momentum, leveraging the dislocation in the market to accelerate recruitment and deliver outstanding service to advisers. The company's strong financial performance and strategic initiatives position it for continued growth and success in the wealth management industry.