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- Wealth management business IOOF (IFL) has reported results from its “transformational” FY21
- After purchasing MLC Wealth, the company recorded a revenue of $770 million for the year, up 31 per cent
- It ended the year with a statutory net loss after tax from continuing operations of $143.5 million.
- For shareholders, IOOF has announced it will be paying a final dividend of 11.5 cents per share
- On the market this afternoon, IOOF is down 3.15 per cent and is trading at $4.92 per share
Wealth management business IOOF (IFL) has reported results from its “transformational” FY21.
The highlight of the year was completing the MLC Wealth purchase from National Australia Bank (NAB).
IOOF announced the $1.4 billion buy last year, as part of its aim to become Australia’s largest wealth manager.
The ASX200-lister recorded a revenue of $770 million for the FY21, up 31 per cent, and including only one month from MLC.
Underlying net profit after tax from continuing operations was $147.8 million, up 19 per cent on the previous corresponding period.
However, as a result of the MLC buy, it ended the year with a statutory net loss after tax from continuing operations of $143.5 million.
For shareholders, IOOF has announced it will be paying a final dividend of 11.5 cents per share.
CEO Renato Mota labelled this financial year as “transformational” with the MLC acquisition.
“The increase in our revenue and UNPAT evidences our commitment to growth, both through transformation as well as the benefits of recent acquisitions,” Mr Mota said.
“We realised organic growth in FY21 with $3.3 billion net flows into the Evolve
retail advisory platform at a time when the retail industry continues to experience outflows.
“We believe we have a substantial opportunity to improve the financial wellbeing of all Australians.
“We are focused on growing a profitable sustainable business model that delivers accessible and affordable advice that caters for all client life-stages.
“Everything we have achieved this past year is strategically aligned to that
objective.”
On the market this afternoon, IOOF is down 3.15 per cent and is trading at $4.92 per share at 12:02 pm AEST.
