IOOF signals more growth ahead

IOOF has declared it is poised for future growth after reporting a 29 per cent increase in net profit after tax of $99.5 million and delivering shareholders a 22 cents per share dividend, fully franked.

IOOF managing director Chris Kelaher described the result as solid in challenging conditions, and claimed the benefits of pursuing simplification in challenging times meant the company was streamlined and “ready for new opportunities” and “poised for future growth”.

Referring to the company’s acquisition of dealer group DKN, the company’s announcement to the Australian Securities Exchange (ASX) said it was in line with IOOF’s “adviser driven growth strategy”.

“The acquisition adds strength and depth to IOOF’s existing distribution network,” it said.

Looking at the company’s platforms, the ASX announcement said that net inflows to IOOF’s flagship platforms were $650 million, which represented annualised growth of 6 per cent ahead of the industry average of 2 per cent.

Kelaher said volatile conditions in global markets had made it difficult to provide a financial forecast for the company, but he believed IOOF was well positioned to navigate its way through challenging times.

“Off the back of this strong result, and courtesy of its strong balance sheet and simplified operating model, IOOF is ready for further new growth,” he said.