AMP flags profit impacts resulting from impairments
AMP has announced a likely reduction in its FY22 statutory profit as a result of recognising impairment charges in the order of $68 million.
The company has told the Australian Securities Exchange (ASX) that the impairments include the costs of onerous lease contracts arising from reduced office space requirements and the write-down of assets on AMP’s balance sheet related to the development of an advice software solution.
It said AMP would also recognise a small amount of capitalised cost impairments.
The announcement said the impairments would result in a reduction in AMP’s FY 22 statutory profit but would not impact its underlying net profit after tax.
Commenting on the announcement, AMP chief executive, Alexis George said the company remained focused on continuing to build a robust balance sheet.
She said the items did not impact underlying NPAT or have a material impact on AMP’s capital position or liquidity.
So perhaps it wasn’t such a bright idea to pour millions into Salesforce, partner with a start-up (with zero experience) and then expect advisers to pay for it.
Australian Money Pit just continues to lose people’s money year after year. They haven’t ever delivered on a software program / plan but still think they can do it. The sooner this disgrace of a company is gone the better for Australian financial planning.