IOOF lifts FY earnings

IOOF has delivered a strong result on increased market share in superannuation

Retail funds operator IOOF Holdings Ltd is confident of further growth in the coming year and says it is well positioned to gain greater market share from continued growth in superannuation, after posting a strong lift in full-year profit.

In the year to June 30, IOOF Holdings net profit was $79.8 million, a 312 per cent jump on the $19.4 million recorded in fiscal 2012.

The result was impacted by impairments and the recognition of deferred taxes.

Underlying net profit was $108.8 million, a 13 per cent increase on the $96.4 million in fiscal 2012.

In the same period revenue was $685.7 million, a 10 per cent increase on the previous year.

The group will pay a final dividend of 22.5 cents, fully-franked.