IOOF Holdings
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IOOF Holdings managing director Chris Kelaher had a few rays of sunshine to throw in amongst the gloom in today’s AGM address.
Weak market conditions copped the blame for the 14% fall in underlying net profit, but Kelaher was keen to point out that funds under management, advice, administration and supervision (FUMAS) edged up 1% to $107.3bn. Since the financial year end, this has risen a further 3.2% to $110.7bn.
Kelaher also noted positive early signs from the company’s campaign to increase awareness of the IOOF brand outside Victoria.
DKN Financial, acquired in 2011, has been ‘successfully integrated into IOOF and is making a positive contribution financially’, while Kelaher claimed ‘pleasing progress’ on the acquisition of Plan B, which was declared unconditional in September.
As at the time of the final results, Kelaher complained that the industry is still waiting for key details on regulatory reform and would therefore find it hard to meet deadlines for change.
The stock is up a bit over half a per cent on the news and has now risen 5% since our review of the full-year result on 23 Aug 12 (Hold – $6.05). HOLD.
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