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 means of 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 progress of the enterprise and better ranges of withdrawals as clients drew down on their investments amid the continued price 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 belongings beneath administration rose 13% within the first half to a file £80.3bn, pushed by internet inflows of £2.9bn (HY23: £2.0bn) and beneficial market actions of £6.5bn. AJ Bell mentioned the expansion of belongings was pushed by its ongoing funding in its branding and propositions.
Complete suggested belongings beneath administration through 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 fee fell barely to 94.5% (HY23: 95.5%).
Michael Summersgill, CEO at AJ Bell, mentioned the platform has been investing in a number of areas together with branding and propositions.
He mentioned: “Our important scale and powerful profitability has enabled us to proceed investing in a number of areas to help our long-term progress ambitions. We’re within the second 12 months of our multi-channel model marketing campaign and are actually reaping among 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 robust buyer and AUA progress and provides us the boldness to proceed investing on this space as we glance to additional strengthen the notice of AJ Bell amongst new and present retail traders.”
Throughout 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 through the half, enabling shoppers to consolidate present pensions with AJ Bell and make investments them routinely in its in-house funding options.
The platform mentioned many present clients had already made the selection to consolidate their previous pensions, however the brand new providing will make the consolidation journey simpler.
