Platform and SIPP supplier AJ Bell has reported sturdy development in income and income in its outcomes for the 12 months ended 30 September revealed immediately.
Income rose 33% to £218.2m (FY22: £163.8m) and revenue earlier than tax was up 50% to £87.7m (FY22: £58.4m).
A ultimate dividend of seven.25 pence per share has been proposed, growing the full atypical dividend for the 12 months by 46% to 10.75 pence per share (FY22: 7.37 pence per share) – the nineteenth consecutive 12 months of atypical dividend development.
The agency stated that the platform enterprise had a profitable 12 months, with buyer numbers growing by 50,880 to 476,532 and platform internet inflows of £4.2 billion (FY22: £5.8 billion)
The agency reported file belongings beneath administration (AUA) of £70.9 billion (FY22: £64.1 billion), up 11% and pushed by internet inflows and beneficial market actions of £2.6 billion.
AJ Bell Investments noticed file internet inflows within the 12 months of £1.65 billion, up 57% in comparison with the prior 12 months (FY22: £1.05 billion underlying internet inflows). Belongings beneath administration of £4.7 billion, had been up 68% within the 12 months (FY22: £2.8 billion).
AJ Bell CEO Michael Summersgill stated:” I’m happy to report one other 12 months of sturdy monetary efficiency for the enterprise which has demonstrated our capability 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 prospects to the platform within the 12 months, reflecting the standard and worth of our propositions, in addition to elevated funding in our model. The expansion in prospects enabled us to ship over £4 billion of internet inflows, a superb outcome which once more highlights the good thing about working our dual-channel platform.
“As we method half one million platform prospects, we stay centered on offering an excellent worth proposition, with a philosophy of sharing our scale advantages with prospects. Having diminished a number of charges throughout the platform in 2022, this 12 months we’ve elevated the rates of interest paid to prospects a number of instances and can quickly be growing them additional, with a selected concentrate on pension drawdown the place there’s a buyer want to carry money to fund revenue funds.”
Within the adviser market the corporate has invested in new performance to assist advisers handle shopper portfolios and subsequent 12 months will roll out a brand new shopper onboarding course of which can “streamline” the brand new enterprise course of for advisers. The agency has additionally lately added a cash market portfolio to its MPS vary.
