AJ Bell (LSE:AJB) delivered strong interim results for the six months ended 31 March 2026, with revenue rising 19% to £183 million and underlying pre-tax profit increasing 15% to £79 million. Performance was supported by record customer growth and robust net inflows, while statutory profit also benefited from a £13.8 million exceptional gain. Revenue margins improved during the period despite increased investment in branding and product development.
The investment platform added a record 79,000 new customers, taking its total customer base to 723,000. Platform assets under administration increased 5% to £108.7 billion, helped by £4.2 billion of net inflows alongside supportive market movements.
The board increased shareholder distributions through an 11% rise in the interim dividend and continued share buyback activity, including the launch of a new £15 million repurchase programme. AJ Bell also completed its exit from legacy non-platform SIPP operations while continuing to invest in AI-enabled technology and platform enhancements aimed at strengthening its market position.
Management upgraded full-year expectations and now anticipates revenue margin, profitability and operating margins to come in ahead of previous guidance. The company said it plans to increase marketing expenditure during the second half after seeing strong returns from recent brand investment campaigns.
AJ Bell also voiced concerns regarding uncertainty surrounding UK pension and ISA policy, warning that speculation over possible tax changes has contributed to more than £1 billion of additional pension withdrawals across its platform. The company called for greater policy stability and improved consultation processes to encourage long-term retail investment participation.
The group’s outlook continues to be supported by strong financial performance, customer growth and profitability trends. However, weaker technical indicators and bearish market momentum remain a moderating factor, while valuation metrics are viewed as reasonable rather than deeply compelling.
More about AJ Bell plc
AJ Bell plc is one of the UK’s largest investment platform providers, offering online investment, pension and wealth management services to retail investors and financial advisers. The company focuses on growing platform-based assets under administration while expanding its investment management operations, using scalable technology and customer service capabilities to capture a larger share of the UK savings and retirement market.
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