IOOF post strong half
IOOF has posted a strong first half with statutory net profit after tax up 96% over the prior corresponding period to $54.4 million, largely driven by the benefits of its acquisition of ANZ’s Pensions and Investments (P&I) business.
The first half results, announced to the Australian Securities Exchange (ASX) pointed to six months of the P&I business contributing to a gross margin of $125.3 million.
The board declared a fully-franked dividend plus a special dividend, bringing the total dividend payout to 11.5 cents per share.
IOOF chief executive, Renato Mota described it as a solid result with funds under management and advice having grown and an increased underlying profit.
On the financial advice front, IOOF’s first-half announcement said the company remained on track to deliver its so-called Advice 2.0 synergy targets with the first tranche of annualised savings expected to be $10 million in the second half, with a break-even situation with respect to self-employed advice by the 2023 financial year.
It said that Wealth Central, which it acquired in September last year, was now being utilised by 358 advisers.
Mota said the strategy had created a better IOOF, which remained committed to supporting advisers and their clients through unmatched technologies, choice and life strategies.
“Out extended scale and reach, along with our Advice 2.0 model, enable us to develop end-to-end client opportunities which are highly valued by advisers partnering with IOOF to support their business needs,” he said.
Recommended for you
The FAAA has written to over 2,000 affected members to warn them of the upcoming education deadline with the organisation warning the numbers yet to meet the requirements are “very, very high” with just six weeks to go.
HUB24 has taken an equity stake in Finura Group’s digital arm to accelerate the development of its SaaS platform, triggering the separation of Finura’s advisory business.
Coastal Advice Group has announced a rebrand to mark the next phase of the firm as it pushes to hit a target of 15 acquisitions in FY25-26, expanding its national reach across Australia.
Despite the advent of new advice technologies which promise to streamline the adviser-client relationship, research by Praemium and CoreData has found the trust and human relationship is most valued by clients.
