IOOF Holdings has reported a 15 per cent first-half profit plunge and slashed its interim dividend as it continues to reshape its business and adjust to an altered regulatory landscape.

The wealth manager’s statutory net profit for the six months to December 31 fell by $20 million to $115 million, with underlying profit of $61.4 million in line with the downwardly revised guidance offered this month.

Revenue for the half – up 4.0 per cent to $527 million – was also weighed down by various legislative, competitive and pricing impacts, as well as a full six months ownership of the ex-ANZ aligned dealer groups.

A turbulent second half for IOOF included a court victory over APRA’s bid to disqualify as superannuation trustees its former managing director Chris Kelaher, non-executive director George Venardos, and three other executives.

ASIC did, however, impose extra conditions on the firm to make sure a majority of its directors had appropriate skills and experience to support its investment operations, or risk losing its financial licence.

IOOF was one of the companies savaged at the financial services royal commission over the fees-for-no-service scandal.

The company shed nearly two-thirds of its value between an all-time high of $11.94 in October 2017 and a 10-year low of $4.60 in December 2018.

It said on Tuesday its customer remediation bill for financial services would be in line with its $223 million estimate.

IOOF Group’s underlying profit from continuing operations decreased $36.4 million to $56.6 million for the half, reflecting reduced income related to the purchase of ANZ’s OnePath pensions and investments unit in October.

This figure does not factor in IOOF’s sale of Ord Minnett, AET Corporate Trust, and Perennial Value Management during the period.

Funds under management increased 5.2 per cent to $145.7 billion.

Chief executive Renato Mota said the result reflected the business’s recent focus in reshaping the business to be “fit for purpose” for the opportunities ahead.

IOOF will pay a fully franked interim dividend of 16 cents per share, down from 25.5 cents a year ago.

The company’s share price dipped to a fresh four-month low of $6.66 in early trade on Tuesday and was still 4.69 per cent lower at $6.71 by 1110 AEDT.