AJ Bell reports record year as customer numbers surge

(Sharecast News) - Investment platform and stockbroker services group AJ Bell has reported a record performance over the year to 30 September, with customer numbers rising by a fifth and platform assets under administration hitting an all-time high. Customer numbers by the end of the period hit 644,000, up 102,000 or 19% over the year, with advised customers up 6% at 182,000 and D2C customers up 25% at 462,000.

The drove platform AUA to a new high of £103.3bn, topping £100bn for the first time and marking 19% growth on last year.

AJ Bell also saw record gross and net inflows across the platform, rising 21% and 16% respectively, while favourable market movements also lifted AUA by £9.3bn.

Over in the investments division, the company said it continued to attract strong flows in both the advised and D2C markets, with net inflows in the year of £1.3bn, though down from £1.5bn last year.

However, assets under management reached a record £8.9bn, equating to 31% growth on last year.

"I am delighted to report a year of record growth, surpassing £100 billion in platform AUA and attracting over 100,000 new customers to our low-cost, easy-to-use platform propositions, supported by market-leading customer service," said chief executive Michael Summersgill.

"The platform market opportunity is significant and the structural drivers of growth remain strong. Our dual-channel strategy, underpinned by ongoing investment in our brand and propositions, positions us well to deliver on this opportunity. We look forward to announcing the annual results for what has been another successful year for AJ Bell."

Shares were down nearly 3% at 539p by 0935 BST, having jumped by around 30% over the past six months.