IOOF predicts flat full-year profit

IOOF says underlying post-tax profit will be between $173 million and $176 million, compared to $173.8 million a year earlier.

Financial services firm IOOF says full-year profit will be flat because second-half revenue has been hit by equity market devaluations.

IOOF, which last year admitted to suffering reputational damage following alleged misconduct at its research division, says underlying post-tax profit will be between $173 million and $176 million, compared to $173.8 million a year earlier.

"Despite recent improvement in conditions, market valuations have failed to recover to mid-2015 levels," managing director Christopher Kelaher said.