Premium funding specialist Centrepoint Alliance has reported a slim $1.04 million first-half profit as the company continues its search for a takeover target.

The result follows six months of work to stabilise the company and position the business for an appropriate acquisition.

The search has been thwarted by renewed market confidence leading to a hike in the price expectations of potential vendors.

Centrepoint Alliance nevertheless welcomed the interim result after a turbulent year, including the termination of a preferred supplier agreement with broker group OAMPS and a subsequent company restructure.

“This profit result for the period is an indication of how successfully those efforts have been, particularly given that loan volumes are down on prior periods,” Centrepoint said in a statement.

MD Tony Robinson told insuranceNEWS.com.au the company is considering a range of financial services acquisitions.

“We’re really looking quite broadly at the finance sector and related service areas.”

He says the core premium funding business continues to benefit from a hardening market that has spurred good demand for the product.

Centrepoint Alliance is targeting a break-even result for the second half due to a recurring trend for higher net interest income during the first half.