IOOF Net Profit of $33.2m Down 28% 1H2013

Financial Services company IOOF (ASX:IFL) have announced its half year financial results to its shareholders and investors on the Australian stockmarket.

• IOOF Net Profit of $33.2 million for the half year, down 28 percent.
• The financial result included one-off items such as the costs associated with the recent acquisition of Plan B Group Holdings and DKN.
• IOOF Managing Director Christopher Kelaher said, "IOOF has delivered another solid underlying performance amidst an ever-changing financial and regulatory environment. Since the global financial crisis began impacting earnings for financial services businesses worldwide, IOOF has been strategically adding to its business in a way that ensures long-term grown In an environment where many of our competitors are treading water, IOOF is taking market share in our flagship platforms."
• For the half: DKN reported a $6.2 million net profit to 31 December. Plan B posted a $1.5 million net profit.
• IOOF pre-amortisation (Underlying Earnings): $50.9 million, pre-tax operating cash flow: $52.8 million
• IOOF funds under management, advice, administration and supervision was $116.4 billion, up $9.1 billion.
• IOOF declared a fully-franked interim dividend of 19.5 cents per share.