Manchester based investment firm announces record results
Manchester based investment vehicle and stockbroker AJ Bell said profits before tax rose by almost a quarter in the last 12 months.
The firm said the impressive interim results were the most profitable in its 23 year history and it is now pushing ahead with plans to list on the Stock Market.
Customer numbers were up 12% to 183,482 and assets under administration rose 5% to £41.8bn.
Revenue increased 16% to £42.9m and profit before tax rose 24% to £13.9m.
The firm launched two new income-focused multi-asset portfolios within its Managed Portfolio Service (MPS) for financial advisers and its new lifetime ISA product proved popular with direct customers during tax year end.
Eamonn Flanagan and Laura Carstensen were appointed to the board as new independent non-executive directors, chairing the audit and remuneration committees respectively.
The company added that preparations for a listing on the main market of the London Stock Exchange later in 2018 or early 2019 are progressing well.
Laura Carstensen
Andy Bell, chief executive and founder of AJ Bell, said: “These are the most profitable interim results in our history and are a great endorsement of our strategy and market position.
“The UK retail investment and savings market continues to display strong growth and investment platforms are central to this. Our brand heritage, platform technology and positioning across both advised and direct-to-consumer markets enables us to benefit from this long-term growth story.”
He added: “The need for people to provide financially for their future has never been greater and our focus is on making it easier for our customers to invest.
“Our propositions are designed to be easy to use, at a competitive price and we continue to focus on delivering a great customer experience, which is rewarded by the loyalty of our customers.
Andy Bell
“We are well placed to continue our growth trajectory and are progressing well with our plans for a premium listing on the London Stock Exchange later this year or early 2019.”
The firm, which was founded in 1995 by Andy Bell and Nicholas Littlefair, now has more than 700 employees.
