IOOF credits Shadforth as profits increase
IOOF has announced an 18 per cent hike in its underlying net profit after tax, saying its licensee Shadforth has proven to be a successful revenue source.
The financial services company reported an underlying net profit after tax of $95.4 million in the six months to December 2015. The integration of Shadforth into the business delivered $11.3 million in pre-tax "synergies", up from $1.7 million a year ago.
"The integration of Shadforth has been a resounding success in terms of diversifying our revenue base combined with our consistent delivery on expense management," said IOOF managing director Christopher Kelaher.
"The most pleasing aspect of the Shadforth integration has been the way we've combined its unique and valued client-centric professionalism with IOOF's efficiency and discipline.
"It demonstrated that the best aspects of our business are quickly adopted elsewhere for the benefit of the clients, advisers and shareholders alike," he said.
IOOF added that it has implemented a majority of the recommendations made by PwC after it conducted an independent review of IOOF's reporting policy and procedures.
"PwC has completed testing of the design and implementation of the recommendations and our board is pleased to report that all recommendations have been fully designed and implemented, save for a very small number which will be soon completed," the company said.
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