Centrepoint Alliance launches refreshed strategy under new CEO

Angus Benbow

Centrepoint Alliance has set out the key features of its new strategic growth plan, while reporting that it grew EBITDA from continuing operations by 4% to $5.5 million (excluding one-off items) in FY18.

A net loss after tax of $6.3 million was reported due to the impact of one-off items including legacy claims, restructure costs, impacts from the Royal Commission and a change to the deferred tax asset.

Angus Benbow, who joined the ASX listed organisation as new Chief Executive Officer in April 2018, said the organisation has launched a new strategy to focus on strengthening its medium-to-long term future. The strategy refresh has looked at all aspects of the organisation and involved a comprehensive review of the organisation’s business portfolio as well as a new organisational structure to better align to the market opportunities.

Mr Benbow said, “The financial advice industry is facing an increasingly complex and rapidly changing environment, which is impacting the whole industry. It is imperative that our business adapts to the challenges and opportunities this presents.

“Therefore, Centrepoint will focus on transitioning to an advice and business services organisation where the advisers’ needs are at the heart of everything we do. We have a strong community of like-minded advisers that enables us to take a leadership position in the industry as it moves to a more transparent environment.”

Mr Benbow also noted, “The 4% increase in EBITDA to $5.5million, is underpinned by an 18% increase in operating cashflow to $6.4 million. This is a pleasing outcome given the challenging and uncertain industry backdrop. As a business, we are well placed to grow our strong community of advisers while we transition to a new service model powered through data and insight.”

Centrepoint continued to attract quality firms to its community through Alliance Wealth (licenced advice) and Associated Advisory Practices (self-licensed advice), and Funds under Management and Administration (FUMA) increased 11% to $4.1 billion.