Profit surge for IOOF
Financial services company IOOF has reported a surge in full-year profit, boosted by 11 per cent growth in funds under management and advice to $120 billion, and says it is "well positioned to continue to gain greater market share".
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.