Centrepoint Alliance has posted a turnaround in full-year earnings, recording a net profit after-tax of $1.8 million for the 12 months to June following a $2 million loss in the preceding period.

The business says its 2020/21 results were spurred by continued revenue growth in advice fees, diligent expense management and an expected run-off in legacy funds and administration.

Strong performance from its licensee solutions business and an increase in authorised representative fees pushed gross revenue 6% higher to $138 million.

“Focusing on our core business has positioned the company with a strong platform for growth that continues to present an attractive destination for advisers,” CEO John Shuttleworth said.

“We enter [the 2021/22 financial year] with a positive outlook for growth and look forward to providing quality business services and support to a broader range of financial advice professionals in the year ahead.”

The licensee and advice services division - which provides Australian Financial Services Licensee services to financial advisers and their clients and mortgage broking services - booked about $110.6 million in advice revenue, up from $100.9 million.

The purchase of ClearView Wealth’s financial advice businesses will strengthen Centrepoint Alliance’s position in this market, Mr Shuttleworth says.

“Our acquisition of ClearView Advice will transform Centrepoint Alliance by boosting our financial scale and delivering new compliance and technology capabilities which are highly complementary to our existing business,” he said.

“The acquisition creates a powerful combination of complementary intellectual property, skills, experience and balance sheet access, setting the platform to participate in further organic and strategic transactional growth as industry disruption continues.”