Record sales growth for AJ Bell
MANCHESTER-based pensions provider AJ Bell has notched up another year of record sales growth.
The privately-owned group said revenue rose 10% to £57m in the year to the end of September as retail customer numbers increased 13% to 86,000, with the value of assets under administration up 23% to £20bn.
But pre-tax profits slipped 10% to £23.9m, from £26.5m last time, which the group said was down to poor returns from cash deposits, a situation it expects to persist through 2014.
Chief executive Andy Bell said: “The growth of our platform business contributed to record revenues but profitability was adversely impacted by reduced earnings on cash deposits, both trends that look set to continue throughout 2014.
“Despite the challenges presented by the current economic environment, our financial performance remains very strong and continued growth in our platform business will ensure revenue and profit return to year-on-year growth in the medium term.”
Based on Chester Road, Old Trafford, the company employs more than 500 people across three offices. After seven years as chairman, Jim Martin is stepping down at the end of the month and will be succeeded by Les Platts.
