IOOF full year financial results 2021
This morning, we announced to the ASX the full year financial results for IOOF Holdings (IOOF) (ASX code: IFL) for the year-ended 30 June 2021.
Summary of our results highlights:
- Revenues were $770 million, an increase of 31% from the previous year.
- Underlying net profit after tax (UNPAT) from continuing operations was $147.8 million, an increase of 19%.
- A statutory net loss after tax (NPAT) from continuing operations was $143.5 million. This was anticipated and was primarily caused by the ceasing of grandfathered revenues across our industry, a one-off cost associated with finalising our arrangements with the BT platform and the acquisition and integration costs relating to the MLC acquisition.
- Total dividends for the 2021 financial year of 23 cents per share.
- $3.3 billion of net flows into our Evolve platform.
Renato Mota, IOOF Chief Executive Officer commented: “This year has been transformational with the successful completion of the MLC acquisition on 31 May. The increase in our revenue and UNPAT evidences our commitment to growth, both through transformation as well as the benefits of recent acquisitions.
“We believe we have a substantial opportunity to improve the financial wellbeing of all Australians.
The combination of IOOF and MLC has created a new IOOF that has scale, diversity and growth opportunities through wide-ranging capabilities and technical expertise. We are excited about the future potential of the combined group.”