REG - AJ Bell PLC - Trading Statement
24/04/2025 07:02
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RNS Number : 9473F AJ Bell PLC 24 April 2025
24 April 2025
AJ Bell plc
Q2 trading update
AJ Bell plc ("AJ Bell" or the "Company"), one of the UK's largest investment
platforms, today issues a trading update in respect of the three months ended
31 March 2025.
Performance overview
Platform business
· Strong growth in customer numbers increasing by 32,000 in the quarter to close
at 593,000, up 18% in the last year and 6% in the quarter
o Total advised customers of 177,000, up 7% in the last year and 2% in the
quarter
o Total D2C customers of 416,000, up 23% in the last year and 7% in the
quarter
· Record assets under administration ("AUA") of £90.4 billion, up 13% over the
last year and 1% in the quarter
· Gross and net inflows on the platform in the run up to the tax-year end were
significantly higher than in the comparative quarter last year
o Gross inflows in the quarter of £4.0 billion, up 18% versus prior year
(2024: £3.4 billion)
o Net inflows in the quarter of £1.9 billion, up 19% versus prior year
(2024: £1.6 billion)
AJ Bell Investments
· Assets under management ("AUM") increased to £7.5 billion, up 29% over the
last year and 4% in the quarter
· Net inflows in the quarter of £0.4 billion (2024: £0.4 billion)
Michael Summersgill, Chief Executive Officer at AJ Bell, commented:
"We continued the strong start to our financial year as our platform attracted
over 30,000 new customers in the quarter and achieved net inflows of £1.9
billion to surpass £90 billion of AUA for the first time. AJ Bell Investments
sustained its excellent growth with quarterly net inflows of £0.4 billion
resulting in closing AUM of £7.5 billion, up 29% in the last year.
"These results highlight the strength of our dual-channel platform, as our
market-leading customer service and low-cost, easy-to-use platform
propositions continue to be highly valued by customers and advisers. Our D2C
platform enjoyed its strongest quarter ever, delivering record-breaking
customer growth and net inflows, reflecting the benefits of our continued
investment in brand and propositions.
"The UK Government's commitment in the Spring Statement to boost the culture
of retail investing through both ISA reform and the ongoing work on Targeted
Support was an encouraging step. We believe a powerful combination of
straightforward reforms, centred on implementing Targeted Support and
simplifying cash and stocks and shares ISAs into a single product, would
significantly reduce the barriers between saving and long-term investing.
"We have started the second half of our financial year in a strong position.
Since the quarter end, global trade tariffs and broader macroeconomic
uncertainty have created significant market volatility. This has led to
increased D2C trading activity as customers use the flexibility of our
platform to respond to changing market dynamics. The long-term investment
outlook among customers is illustrated by the fact more than three-quarters of
these trades were buys with the net investment totalling more than £300
million.
"Whilst recent volatility has impacted market levels, we have a proven track
record of growing across different market conditions. There remains a
significant structural growth opportunity in the UK platform market and our
well-diversified revenue model enables us to continue to invest in our
propositions and brand to drive long-term growth."
Notice of interim results
AJ Bell expects to announce its interim results for the six months ended 31
March 2025 on Friday 23 May 2025.
Three months ended Advised Platform D2C Platform Total Platform Non-platform
31 March 2025 Total
Opening customers (k) 174 387 561 15 576
Closing customers (k) 177 416 593 15 608
AUA and AUM (£billion)
Opening AUA 57.2 32.3 89.5 5.8 95.3
Inflows((1)) 1.8 2.2 4.0 - 4.0
Outflows((2)) (1.3) (0.8) (2.1) (0.1) (2.2)
Net inflows/(outflows) 0.5 1.4 1.9 (0.1) 1.8
Market and other movements((3)) (0.6) (0.4) (1.0) 0.1 (0.9)
Closing AUA 57.1 33.3 90.4 5.8 96.2
Closing AUM 3.8 2.0 5.8((4)) 1.7((5)) 7.5
Three months ended Advised Platform D2C Platform Total Platform Non-platform
31 March 2024 Total
Opening customers (k) 161 323 484 15 499
Closing customers (k) 165 338 503 15 518
AUA and AUM (£billion)
Opening AUA 51.0 25.2 76.2 5.4 81.6
Inflows((1)) 1.7 1.7 3.4 0.1 3.5
Outflows((2)) (1.1) (0.7) (1.8) (0.1) (1.9)
Net inflows 0.6 1.0 1.6 - 1.6
Market and other movements((3)) 1.8 0.7 2.5 0.1 2.6
Closing AUA 53.4 26.9 80.3 5.5 85.8
Closing AUM 3.2 1.5 4.7((4)) 1.1((5)) 5.8
( )
((1) Transfers-in, subscriptions, contributions and tax relief)
((2) Transfers-out, cash withdrawals, benefits and tax payments)
((3) Total investment returns and revaluations, net of charges and taxes)
((4) Platform AUA which is held in AJ Bell's Funds or Managed Portfolio
Service)
((5) Assets which are held in AJ Bell's Funds or Managed Portfolio Service via
third-party platforms)
( )
Contacts:
AJ Bell
· Mark Coxhead, Head of Investor Relations +44 (0) 7761 513 512
· Mike Glenister, Head of PR +44 (0) 7719 554 575
Historical customer numbers, AUA and AUM by quarter
Advised Platform Qtr to 31 Qtr to 30 Qtr to 30 Qtr to 31 Qtr to 31
March June September December March
2024 2024 2024 2024 2025
Customers (k) 165 168 171 174 177
AUA and AUM (£billion)
Opening AUA 51.0 53.4 54.9 56.1 57.2
Inflows((1)) 1.7 1.7 1.6 1.7 1.8
Outflows((2)) (1.1) (1.2) (1.1) (1.4) (1.3)
Net inflows 0.6 0.5 0.5 0.3 0.5
Market and other movements((3))
1.8 1.0 0.7 0.8 (0.6)
Closing AUA 53.4 54.9 56.1 57.2 57.1
Closing AUM((4)) 3.2 3.4 3.5 3.7 3.8
D2C Platform Qtr to 31 Qtr to 30 Qtr to 30 Qtr to 31 Qtr to 31
March June September December March
2024 2024 2024 2024 2025
Customers (k) 338 360 371 387 416
AUA and AUM (£billion)
Opening AUA 25.2 26.9 28.8 30.4 32.3
Inflows((1)) 1.7 2.0 1.7 1.9 2.2
Outflows((2)) (0.7) (0.8) (0.7) (0.8) (0.8)
Net inflows 1.0 1.2 1.0 1.1 1.4
Market and other movements((3))
0.7 0.7 0.6 0.8 (0.4)
Closing AUA 26.9 28.8 30.4 32.3 33.3
Closing AUM((4)) 1.5 1.7 1.9 1.9 2.0
Non-platform Qtr to 31 Qtr to 30 Qtr to 30 Qtr to 31 Qtr to 31
March June September December March
2024 2024 2024 2024 2025
Customers (k) 15 15 15 15 15
AUA and AUM (£billion)
Opening AUA 5.4 5.5 5.6 5.7 5.8
Inflows((1)) 0.1 0.1 0.1 0.1 -
Outflows((2)) (0.1) (0.1) (0.1) (0.1) (0.1)
Net inflows/(outflows) - - - - (0.1)
Market and other movements((3)) 0.1 0.1 0.1 0.1 0.1
Closing AUA 5.5 5.6 5.7 5.8 5.8
Closing AUM((5)) 1.1 1.2 1.4 1.6 1.7
Total closing AUA 85.8 89.3 92.2 95.3 96.2
Total closing AUM 5.8 6.3 6.8 7.2 7.5
((1) Transfers-in, subscriptions, contributions and tax relief)
((2) Transfers-out, cash withdrawals, benefits and tax payments)
((3) Total investment returns and revaluations, net of charges and taxes)
((4) Platform AUA which is held in AJ Bell's Funds or Managed Portfolio
Service)
((5) Assets which are held in AJ Bell's Funds or Managed Portfolio Service via
third-party platforms)
About AJ Bell:
Established in 1995, AJ Bell is one of the largest investment platforms in the
UK, operating at scale in both the advised and direct-to-consumer markets.
Our purpose is to help people invest by providing them with easy access to
Pensions, ISAs and General investment accounts, great customer service and
competitive charges.
Our two core platform propositions are AJ Bell in the D2C market and AJ Bell
Investcentre in the advised market, which both provide access to a broad
investment range including shares and other instruments traded on the major
stock exchanges around the world, as well as all mainstream collective
investments available in the UK and our own range of AJ Bell funds.
In the D2C market we also offer AJ Bell Dodl, a low-cost investment app with a
simplified investment range that makes it easier for customers to choose
investments and buy and sell them without paying any commission.
For D2C cash savers we offer a Cash savings hub which provides access to a
range of competitive savings accounts to help people manage their long-term
cash deposits.
AJ Bell is headquartered in Manchester, UK, with offices in London and
Bristol.
Forward-looking statements
This announcement contains forward-looking statements that involve substantial
risks and uncertainties, and actual results and developments may differ
materially from those expressed or implied by these statements. These
forward-looking statements are statements regarding AJ Bell's intentions,
beliefs or current expectations concerning, among other things, its results of
operations, financial condition, prospects, growth, strategies, and the
industry in which it operates. By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. These forward-looking
statements speak only as of the date of this announcement and AJ Bell does not
undertake any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date
of this announcement.
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