AMP profit slumps 33pc after ‘tough’ year of COVID-19

Embattled wealth management firm AMP is the latest company to reveal details of its “tough year” as profit reporting season ramps up.

Shareholders will not receive a final dividend, with the company reporting its underlying full-year profit dropped (-32.8pc) to $295 million.

In a statement, the company said its diminished profit reflected “impacts of COVID-19 on our clients, our business and the broader economy and financial markets”.

For months, AMP was hoping to be taken over by a US wealth management company, Ares Management Corporation for $6.36 billion.

Unfortunately for the Australian company, those plans have fallen through.

“Following detailed discussions, AMP has been advised last night by Ares that it does not intend to proceed…