IOOF posts record result
IOOF Holdings Limited has reported a record underlying net profit after tax of $123 million for the full year ending 30 June, combined with record platform inflows in a result which it claims will be enhanced by its acquisition wealth management group, SFG Australia.
Announcing the result to the Australian Securities Exchange (ASX) today, IOOF managing director, Christopher Kelaher said he believed the result pointed to the effectiveness of the company's long-held duel-track growth strategy and that all strategic elements were contributing.
He said that IOOF's increased scale following the acquisition of SFG Australia had created opportunities for the group and had accelerated its ability to pursue future growth.
Kelaher said IOOF achieved a record $1.4 billion net funds inflow to flagship platforms all of which had been achieved organically.
The IOOF managing director noted that while the SFG Australia result had not been included in the IOOF result, it was expected that its $13.8 billion in funds under advice would significantly improve IOOF's scale, organic funds flow and earnings profile in future years.
The ASX announcement said that on a standalone basis, the company's platform had experienced record net funds flows generating a 65 per cent increase over the previous financial year to $1.4 billion.
"When all of IOOF's platforms are included, total platform net flows increased by $1 billion," the announcement said. "This is the first time IOOF's net flows have surpassed $1 billion in a financial year, and the third consecutive half of total platform positive net flows."
The Board declared a fully franked 25 cents per share final dividend.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
