Sydney-based financial services company Challenger International has reported a 91% rise in its 2000/01 profit.

The profit was $154 million, compared with $80.6 million last year. MD Bill Ireland said Challenger’s improved result came from higher earnings from its super and managed funds operations.

Mr Ireland said future growth for Challenger will come from strong sales in the super area in Australia and in its new UK operation. Challenger bought British funds manager Neville James Holdings for $16.6 million, complementing $45.6 million purchase of Deutsche Bank’s Australian life insurance business last year.