IOOF Holdings has announced an underlying net profit after tax of $169.4 million on the back of what it describes as consistent execution of an advice-led strategy.
The strength of the result was underscored by the company’s revelation of a 156 per cent increase in net inflows to $4.6 billion over the period and an additional $976 million from 33 new advisers.
The result to the board delivered a final proposed fully franked dividend of 27 cents per share.
Commenting on the result, IOOF managing director, Christopher Kelaher said the company had derived positive momentum across each of its businesses from its advice-led strategy.
“Our multi-brand model and unique open architecture makes IOOF an extremely attractive alternative for advisers looking to partner with a non-bank aligned dealer group,” he said. “In addition, we have delivered on implementation of strategic initiatives including ClientFirst and the IOOF Advice Academy ensuring we are providing the level of service that often exceeds advisers’ and their clients’ expectations.”
Looking over the horizon, Kelaher said IOOF was well positioned to deliver positive long-term outcomes for its advisers, their clients and its shareholders.
“As the industry continues to consolidate, there is ample opportunity for acquisitive growth to augment our significant organic growth momentum,” he said.