UK financial services company AJ Bell plc has announced its first set of financial results as a publicly-listed company with revenues up 17% profit before tax increased by 27%.
In announcing its interim results for the six-month period ended 31 March 2019, AJ Bell - one of the UK's largest investment platforms - said that revenue is up 17% to £50.1m and profit before tax increased by 27% to £17.7m in the six-month period to 31 March 2019, in comparison to the same period in the previous year
The company said in a statement earlier today that its balance sheet has strengthened, with net assets up 15% in the period to £73.8m and customers have increased by 16,941 in the period, up 9% to 214,853 in total. Assets under administration are up 3% during the period to £47.7bn.
Total net inflows are £1.8bn, driven by platform net inflows of £2.1bn and customer retention rate of 95.3%, up from 95.1% in the previous financial year
Andy Bell, chief executive officer at AJ Bell, said: "Our first set of financial results as a publicly-listed company demonstrates the strength of our business model as outlined ahead of our IPO. The quality of our low-cost, easy-to-use investment platform enabled us to continue to attract customers and assets and this is reflected in our strong financial performance.
"This robust financial performance enables us to continue to invest in the platform to achieve our ambition of becoming the easiest platform to use, underpinning our principal purpose of helping people to invest. This core focus on meeting the needs of advisers and customers, alongside our competitive pricing and high quality service model, means we are well positioned to capitalise on the growing market for investment platforms in the coming years."
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