AJ Bell plc (LSE:AJB) delivered a strong start to its financial year, reporting continued growth across its platform despite elevated pension outflows. Customer numbers increased by 29,000 in the first quarter to 673,000, while assets under administration reached a record £108.0bn, representing a 21% year-on-year increase.
Both advised and direct-to-consumer channels recorded their highest-ever quarterly gross inflows of £4.6bn, with net inflows of £1.5bn. Performance was supported by positive market movements and sustained investment in brand awareness and platform functionality. Assets under management within AJ Bell Investments also advanced sharply, rising 32% over the year to £9.5bn. During the period, the group completed the disposal of its Platinum SIPP and SSAS non-platform business, transferring £3.3bn of assets as it sharpens its focus on core platform activities.
Management noted that the strong inflow performance was partly offset by higher pension withdrawals of around £500m, which it attributed to uncertainty ahead of the UK Budget and potential tax changes. The company cautioned that such volatility risks undermining broader government objectives to promote long-term retail investing. Nevertheless, AJ Bell said its dual-channel operating model, combined with ongoing marketing investment, positions the group well to capture structural growth opportunities in the UK investment platform market over the longer term.
From an outlook perspective, AJ Bell’s robust financial performance stands out, reflecting solid growth and profitability. However, technical indicators suggest bearish momentum, which weighs on the overall assessment. Valuation appears reasonable but not sufficiently compelling to fully counterbalance the weaker technical picture.
More about AJ Bell plc
AJ Bell plc is one of the UK’s largest investment platforms, operating at scale across both advised and direct-to-consumer markets. Founded in 1995 and headquartered in Manchester, the group offers pensions, ISAs and general investment accounts, with an emphasis on low-cost and straightforward investment solutions, including access to global equities and its own range of AJ Bell funds. Its propositions span full-service and app-based platforms for financial advisers as well as low-cost digital platforms for retail investors, supported by custody and white-labelled investment management services.
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