Investment Platform AJ Bell Posts A Profit Of £55 Million As Revenue Jumps

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AJ Bell’s latest financial year saw its revenue jump to almost £150 million, with profits exceeding £55 million.

A Salford-based listed company has recorded a revenue of £145.8million in one year until September 2021, up from £126.7m in the prior year.

Additionally, the company’s pre-tax profits increased by 13%, from £48.6million to £55.1million.

Peter Birch has been named AJ Bell’s new chief financial officer (CFO) and will begin his duties on July 1, 2022.

A partner in Deloitte’s audit and assurance group, he is currently committed to financial services audits.

The company’s CEO, Andy Bell, stated: “Our innovative and award-winning platform propositions attracted unprecedented levels of new customers and inflows, driving another robust quarterly financial performance.

“Revenues were up 15%, net income up 13%, and earnings per share (EPS) up 13%. Therefore, our business model’s profitability and solid financial situation have allowed us to significantly invest in our customer propositions this year while increasing shareholder dividends.

“The board of directors (BOD) has proposed a final dividend of 4.50 % per share, bringing the total ordinary dividend for the year up to 13% to 6.96 % per share, marking our 17th consecutive year of dividend increase.

“As a symbol of the board’s spirit in the company’s future, it has also suggested a distinctive dividend of 5.00% per share in line with our policy of periodically returning surplus assets to stockholders while maintaining a healthy balance sheet.

“The investment platform market continues to offer significant long-term opportunities. Because of the pandemic, more people are taking control of their finances, and more people are want to invest.

“There is an increasing demand for simple, app-based investment motions in both the D2C and advisory markets, which is why we invested in two, and we plan to launch soon.

“Consequently, the Dodl by AJ Bell is a new investment application that lets retail investors invest efficiently via tax wrappers in a range of UK equities and funds. Buying and selling investments will be free, and there is a low annual platform fee of 0.15 per cent.

“Hence, Touch by AJ Bell is a new mobile-based investment platform for financial advisors, allowing them to provide a completely digital service to their clients who prefer that type of relationship, as well as expand their client base services.

“The two new propositions will complement our flagship platform offerings, AJ Bell Youinvest and AJ Bell Investcentre, expanding our services in both the D2C and advised markets as well.

“Both are scheduled to launch in 2022, and we will continue to invest in our brand and marketing ventures to promote their initial phase of increase.”

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