Funding platform AJ Bell has reported a 47% improve in pre-tax revenue £61.4m for its first half of 2024 which ended on 31 March (HY23: £41.9m).
The platform additionally broke by the half 1,000,000 buyer mark for the primary time, with 27,000 new clients added within the first half to push complete buyer numbers to 503,000.
Platform outflows elevated to £3.2bn (HY23: £2.4bn).
Suggested platform outflows elevated by £0.5bn, pushed by the underlying development of the enterprise and better ranges of withdrawals as clients drew down on their investments amid the continued value of residing pressures brought on by inflation and better rates of interest.
The suggested platform noticed a 4% improve in buyer numbers to 165,000 as at 31 March (HY23: 153,000).
Internet inflows for the suggested platform for the six months rose barely to £1.2bn (HY23: £1.1bn).
Platform property beneath administration rose 13% within the first half to a file £80.3bn, pushed by web inflows of £2.9bn (HY23: £2.0bn) and beneficial market actions of £6.5bn. AJ Bell stated the expansion of property was pushed by its ongoing funding in its branding and propositions.
Whole suggested property beneath administration by way of the AJ Bell Investcentre and third-party adviser platforms rose 45% to £3.2bn (HY23: £2.2bn).
The half additionally noticed revenues rise 27% to £131.1m (HY23: £103.6m).
Diluted earnings per share rose 40% to 11.11p (HY23: 7.96p).
The platform’s buyer retention charge fell barely to 94.5% (HY23: 95.5%).
Michael Summersgill, CEO at AJ Bell, stated the platform has been investing in a number of areas together with branding and propositions.
He stated: “Our important scale and robust profitability has enabled us to proceed investing in a number of areas to assist our long-term development ambitions. We’re within the second 12 months of our multi-channel model marketing campaign and are actually reaping a number of the advantages of this funding, with our model consciousness displaying a significant enchancment over the course of the final 12 months.
“This has helped us obtain sturdy buyer and AUA development and provides us the boldness to proceed investing on this space as we glance to additional strengthen the attention of AJ Bell amongst new and present retail buyers.”
In the course of the half the platform launched its AJ Bell Cash Market MPS for advisers, in response to elevated demand for ‘cash-like’ returns.
AJ Bell additionally launched its new ‘ready-made’ pension proposition throughout the half, enabling purchasers to consolidate present pensions with AJ Bell and make investments them routinely in its in-house funding options.
The platform stated many present clients had already made the selection to consolidate their outdated pensions, however the brand new providing will make the consolidation journey simpler.
