Australian broking network OAMPS has recorded a 36% jump in full-year net profit to $24.6 million, beating everyone’s expectations – including its own.

OAMPS says the pleasing results put it in a good position to continue a long-term acquisition strategy once systems and processes are bedded down.

The result, which included an increase in earnings per share of more than 18%, is subject to an audit review and will be released in full next week.

CEO Tony Robinson told Sunrise Exchange News yesterday that although OAMPS has performed well, it will not be making any more big acquisitions until next year.

“The processes we want to bed down include everything from IT systems to reward systems,” he said. “We want to ensure we’re providing the highest level of service and consistency.” 

Mr Robinson says OAMPS is set for sound profit growth during 2004/05, and is aiming for an increase in earnings per share of 10% for the year.

The group has made more than 100 acquisitions over the past four years. The last brokerage it brought was IEA in March.

Mr Robinson says he is not concerned about the group’s legal dealings with National Australia Bank (NAB). Earlier in the year the bank served a summons requesting information on the group’s 1998 minority investment in Idoport, a private company involved in an unsuccessful claim for $56 billion from the bank.

“This is an issue of the past,” he said, “Of all organisations we’d expect to understand that slips and falls happen… it would be the NAB. We hope they realise this and opt to move on. That’s what we want to do.”

But the NAB shows little sign of halting its pursuit of Idoport’s backers for recovery of an estimated $60 million the bank spent defending the case. Last Friday the NSW Supreme Court issued preliminary discovery orders to enable the NAB to seek documents related to Idoport’s lawsuit funding. OAMPS-owned Australian International Insurance and former OAMPS CEO Robert Porter were also named in the application. It’s understood OAMPS provided about $1.1 million to fund the Idoport lawsuit.