Interim results for the six months ended 31 March 2018

Continued strong growth at AJ Bell boosts profits by 24% ahead of potential IPO
16 May 2018

AJ Bell, one of the UK’s leading investment platforms operating in both the direct-to-consumer and advised markets, has today announced its interim results for the six months ended 31 March 2018.

Financial highlights

  • Customer numbers up 12% to 183,482 from 164,557 at 30 September 2017

  • Assets under administration (AUA) rose 5% to £41.8bn (30 September 2017: £39.8bn), despite a 4% fall in the FTSE All Share index, driven principally by the performance of the Platform business1

  • Strong new business growth with net platform inflows of £3.5bn, up 17% (H1 2017: £3.0bn)

  • Customer retention remains high at 95%

  • Revenue increased 16% to £42.9m (H1 2017: £37.0m)

  • Profit Before Tax rose 24% to £13.9m (H1 2017: £11.2m)

  • The Board has declared an interim dividend payment of 14 pence per share, a 10% increase compared to the interim dividend last year (H1 2017: 12.75p)

Operational highlights

  • Launched two new income-focused multi-asset portfolios within our Managed Portfolio Service (MPS) for financial advisers

  • Reduced the MPS annual management charge from 0.25% to 0.15%, reflecting our commitment to provide simple, transparent, low-cost investment solutions to customers

  • Our new Lifetime ISA product proved popular with direct customers during tax year end

  • Eamonn Flanagan and Laura Carstensen appointed to the Board as new independent non-executive directors of the Group, chairing the Audit and Remuneration Committees respectively.  Laura is also the senior independent director

  • Preparations for a listing on the Main Market of the London Stock Exchange later in 2018 or early 2019 are progressing well

Andy Bell, chief executive of AJ Bell, comments:

“These are the most profitable interim results in our history and are a great endorsement of our strategy and market position. 

“The UK retail investment and savings market continues to display strong growth and investment platforms are central to this. Our brand heritage, platform technology and positioning across both advised and direct-to-consumer markets enables us to benefit from this long term growth story.  

“The need for people to provide financially for their future has never been greater and our focus is on making it easier for our customers to invest. Our propositions are designed to be easy to use, at a competitive price and we continue to focus on delivering a great customer experience, which is rewarded by the loyalty of our customers.

“We are well placed to continue our growth trajectory and are progressing well with our plans for a premium listing on the London Stock Exchange later this year or early 2019.”

To view the full Interim results press release click here

Press contacts:

AJ Bell

Charlie Musson
07834 499 554

Instinctif Partners

Giles Stewart

Rachel Cashmore

0207 457 2020

1: The AJ Bell Platform business is made up of its two flagship platform propositions, AJ Bell Investcentre and AJ Bell Youinvest, together with the AJ Bell Securities custody solution. 

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