Home Financial Planning AJ Bell pre-tax revenue jumps 50%

AJ Bell pre-tax revenue jumps 50%

AJ Bell pre-tax revenue jumps 50%

Platform and SIPP supplier AJ Bell has reported robust progress in income and income in its outcomes for the yr ended 30 September revealed in the present day.

Income rose 33% to £218.2m (FY22: £163.8m) and revenue earlier than tax was up 50% to £87.7m (FY22: £58.4m).

A last dividend of seven.25 pence per share has been proposed, growing the entire strange dividend for the yr by 46% to 10.75 pence per share (FY22: 7.37 pence per share) – the nineteenth consecutive yr of strange dividend progress.

The agency stated that the platform enterprise had a profitable yr, with buyer numbers growing by 50,880 to 476,532 and platform web inflows of £4.2 billion (FY22: £5.8 billion)

The agency reported file property below administration (AUA) of £70.9 billion (FY22: £64.1 billion), up 11% and pushed by web inflows and beneficial market actions of £2.6 billion.

AJ Bell Investments noticed file web inflows within the yr of £1.65 billion, up 57% in comparison with the prior yr (FY22: £1.05 billion underlying web inflows). Property below administration of £4.7 billion, have been up 68% within the yr (FY22: £2.8 billion).

AJ Bell CEO Michael Summersgill stated:” I’m happy to report one other yr of robust monetary efficiency for the enterprise which has demonstrated our capacity to proceed to develop in several market circumstances.

“Income elevated 33% to £218.2 million, enabling us to reinvest in our buyer proposition and our individuals, while delivering a file revenue earlier than tax of £87.7 million which helps an elevated dividend for shareholders.

“We added over 50,000 clients to the platform within the yr, reflecting the standard and worth of our propositions, in addition to elevated funding in our model. The expansion in clients enabled us to ship over £4 billion of web inflows, a wonderful end result which once more highlights the advantage of working our dual-channel platform.

“As we strategy half 1,000,000 platform clients, we stay centered on offering an incredible worth proposition, with a philosophy of sharing our scale advantages with clients. Having decreased a number of charges throughout the platform in 2022, this yr now we have elevated the rates of interest paid to clients a number of occasions and can quickly be growing them additional, with a specific give attention to pension drawdown the place there’s a buyer want to carry money to fund earnings funds.”

Within the adviser market the corporate has invested in new performance to assist advisers handle consumer portfolios and subsequent yr will roll out a brand new consumer onboarding course of which can “streamline” the brand new enterprise course of for advisers. The agency has additionally just lately added a cash market portfolio to its MPS vary.


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