IOOF’s strong half validates strategy

IOOF has reaped the benefits of its advice growth strategy reputing a 19 per cent increase in underlying net profit after tax for the first half to $94.8 million on the back of a 15 per cent increase in net inflows to $1.6 billion.

Advice net flows were up 40 per cent to $1.2 billion.

Commenting on the result, IOOF managing director, Christopher Kelaher said the half had seen another period of strong inflows and the continued attraction of talented advisers, noting that the acquisition of ANZ Wealth Management would bring “unique opportunities for long-term growth”.

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“Organic growth is a key part of our advice-led strategy,” he said. “Advice inflows are particularly pleasing and show the benefits of operating multipole client value propositions supported by our open architecture approach.”

 Looking at IOOF’s ANZ Wealth Management acquisition, Kelaher said it was well advanced and would cement the company y’s position as Australia’s leading advice-led wealth manager.

“This acquisition will be transformative for IOOF,” he said. “The completion phase of the acquisition is progressing as plan. I am confident that this acquisition will deliver significant benefits for our staff, advisers, clients and shareholders.”

The directors declared an interim dividend of 27 cents per share fully franked.

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