Centrepoint Alliance has posted a pre-tax profit from premium funding of $1.91 million for the six months to December 31, a rise of 44%.

The business is performing strongly, with further growth expected, according to MD Tony Robinson.

Improvements have been made in systems and processes, and strong credit control has brought savings in operating costs and credit insurance, he says.

Premium funding earned total revenue of $7.82 million, up 12%, and reported an after-tax profit of $1.33 million, up 42%.

Centrepoint Alliance’s total revenue fell 13% to $26.82 million, and the group reported a $1.41 million loss, compared with a $723,000 loss in the previous corresponding period.

The company continues to work through claims from advice given by the Professional Investment Services business before June 2010; a $4.89 million expense was made for these claims.

Mr Robinson says the group is focused on premium funding and its wealth services division.

The advice business reported an after-tax profit of $1.12 million, up from $294,000, while the financial products division reported a profit of $823,000, down 27%.

Centrepoint Alliance says net advice and product revenue fell due to market conditions and lower adviser numbers, but it has invested heavily in people, training and systems and will begin “an energetic recruitment drive” for advisers this year.