Profits hit fresh high at pensions firm AJ Bell
PROFITS soared 39% to a record £26.5m at Manchester-based pensions provider AJ Bell, during a year of “great progress and challenge”.
The privately-owned group said revenue rose 25% or £10.2m to £51.8m in the year to the end of September as retail customer numbers increased 17% to more than 76,000, with the value of assets under administration also rising 17% to more than £17bn.
Chairman Jim Martin and chief executive Andy Bell said: “Although we continue to exercise tight control over our cost base, our strong financial performance was principally a result of strong revenue growth.
“This increase was driven by the continued growth in our customer base and the value of assets that we administer on our customers’ behalf.”
Based on Chester Road, Old Trafford the company employs more than 400 people, a number which is expected to increase in the next financial year.
The last few months have seen the business, along with all its peers, preparing for a major shake-up in the way financial products are sold which is being introduced in the Retail Distribution Review.
Introduced by the Financial Services Authority, the RDR affects all advisers operating in the retail investment market and comes into effect at the end of this month.
