Shadforth acquisition boosts IOOF profit
IOOF has reported a 41 per cent increase in underlying net profit after tax for the full financial year, with the company pointing to its acquisition of Shadforth as a positive driver of earnings.
Reporting the company's financial results via the ASX last week, IOOF posted an underlying net profit after tax of $174 million, up 41 per cent on the previous year.
According to IOOF, the acquisition of Shadforth delivered $13 million in pre-tax synergies over the year and is "on track to deliver $20 million" by the end of 2016.
"The acquisition of Shadforth during the year has been immediately accretive," IOOF managing director Christopher Kelaher said.
"Shadforth has added scale, further diversified our business and contributed positively to earnings."
IOOF also reported a 19 per cent increase in net flows into its flagship platforms, taking net flows to $1.7 billion.
"Over the past few years we have significantly increased our scale and diversified our earnings," Mr Kelaher said.
"Industry fundamentals remain positive with strong growth forecast for the superannuation industry, an ageing population and increasing requirement for advice.
"With our strong commitment to quality service and advice, we have a strong base to both grow our existing businesses and pursue new market opportunities," he said.
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