Profit surge for IOOF
IOOF - which offers financial advice, estate and trustee services, and wealth management - reported a 312 per cent rise in statutory profit to $79.8 million, under analysts' expectations for an $83.6 million profit.
For the year to June, underlying profit, pre-amortisation, was up 13 per cent to $108.8 million, just under analysts' expectations.
Citi analysts Nigel Pittaway and Mark Tomlins said the result "largely delivered on both our and consensus forecasts, and dividend was a tad higher than we expected".
The final dividend rose 25 per cent to 22.5¢.
Shares in IOOF on Friday increased 2.71 per cent, or 23¢, to $8.873, outperforming a 1 per cent rise in the broader sharemarket. In the year to date, shares are up 21 per cent.
Managing director Chris Kelaher said IOOF's "focus on organic growth, productivity improvement and acquisition growth" was paying off.
Frequently Asked Questions about this Article…
IOOF's profit surge was driven mainly by an 11% increase in funds under management and advice to $120 billion, plus the group's focus on organic growth, productivity improvements and acquisition growth. The company reported a 312% rise in statutory profit to $79.8 million and an underlying (pre-amortisation) profit up 13% to $108.8 million.
IOOF's funds under management and advice grew 11% to $120 billion. Growth in funds under management matters to everyday investors because it can boost fee income, support profitability and signal increased client trust in the business.
For the year to June, IOOF reported statutory profit of $79.8 million (a 312% increase) and underlying profit before amortisation of $108.8 million (up 13%). The statutory profit was slightly below analysts' expectations of $83.6 million, and the underlying result was just under consensus forecasts.
Citi analysts Nigel Pittaway and Mark Tomlins said the result largely delivered on their and consensus forecasts, and that the dividend was a bit higher than they had expected.
Yes. IOOF's final dividend rose 25% to 22.5 cents per share, reflecting the stronger earnings and cash flow reported for the year.
IOOF shares rose 2.71% (about 23 cents) to $8.873 on the Friday after the results, outperforming the broader market which rose around 1%. Year to date, IOOF shares were up about 21%.
According to the report, IOOF offers financial advice, estate and trustee services, and wealth management—services that cater to clients seeking long-term financial planning and asset management.
IOOF says it is 'well positioned to continue to gain greater market share.' Managing director Chris Kelaher highlighted that the company's focus on organic growth, productivity improvement and acquisition growth is paying off, supporting a positive outlook for further market share gains.
Call 1300 880 160
Start a chat
Schedule a call
