OAMPS Group has announced a record profit for the 2005/06 financial year. The $42.1 million result was in line with previously announced company expectations.

CEO Tony Robinson says it is an outstanding result – particularly given the pressure on rates because of the competitive trading environment.

“All divisions have performed well, thanks to the efforts and commitment of the OAMPS staff to continue to improve and grow,” he said.

Net profit after tax was up 13.7% on last year’s effort, or 20.3% when the one-off expense of the Idoport litigation is taken into account. OAMPS agreed to pay about $3 million after a computer services company it held shares in launched an ultimately unsuccessful breach of contract suit against National Australia Bank. That expense was booked in May last year.

Mr Robinson expects further profit growth over the coming financial year. Despite predicting a difficult insurance environment, he says a return to the structural growth strategies of previous years will ensure the company maintains momentum.

“Having slowed down the acquisition rate in 2005/06 it is OAMPS’ intention to rebuild its acquisition program in 2006/07. The company is confident that the systems and processes it has enhanced in 2005/06 will serve it well as the acquisition program rebuilds.”