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AJ Bell gains 17% more customers as investors move online

Its first full-year results showed assets under administration up 13% to £52.3bn

AJ Bell -
AJ Bell runs consumer platform YouInvest and its advisory Investcentre

AJ Bell PLC (LON:AJB) picked up 17% more customers in the past financial year as the investor platform shrugged off market uncertainty and concerns over Brexit.

Total customers numbers at the FTSE250 company increased to 232,000 in the year to 30 September, with consumer platform YouInvest and its advisory Investcentre posting a 19% rise to 218,000.

Assets under administration rose 13% to £52.3bn, though net inflows were down 11% to £3.9bn on halved pension transfers.

Andy Bell, chief executive, said that the company’s first full-year trading update since its IPO had demonstrated “the resilience of our business model”.

Bell said: "The long-term growth drivers of the platform market remain strong with customers increasingly looking to take control of their long-term savings with flexible, low-cost, online solutions. This, coupled with our strong customer retention rate, positions us well to achieve our organic growth ambitions."

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Price: 399 GBX

Market Cap: £1.64 billion

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