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(Alliance News) - Retail investment platform AJ Bell PLC reported good growth in customers, net inflows, and assets under administration over its recently ended financial year.
Total customer numbers for the financial year that ended September 30 rose 30% to 382,754, with total net inflows up 52% to GBP6.4 million.
Net inflows include the one-off inflow of GBP253 million reported in the third quarter related to a short-term investment management agreement ahead of a bulk annuity purchase. Manchester-based AJ Bell noted that this agreement is expected to conclude in the quarter ending December 31, which will result in a one-off outflow.
Total assets under administration rose 29% to close at GBP72.8 billion. In comparison, the FTSE All-Share Index rose by 24% and the MSCI World Index rose by 27% in the year.
"Following the gradual easing of Covid restrictions over the course of the summer, we have seen retail trading activity return to more normal levels compared to the peaks seen earlier in the year. However, we are pleased that our key drivers of long-term growth, namely customer numbers and net inflows, have continued strongly," said Chief Executive Andy Bell.
"In the final quarter of our financial year, net new platform customers increased by 16% and platform net inflows increased by 78% compared to the equivalent quarter in 2020," added Bell.
The FTSE 250 stock was trading 0.4% higher in London on Thursday at 404.20 pence a share.
The company is searching for a new chief financial officer after Michael Summersgill was promoted to the newly created role of deputy chief executive officer in mid-August. Summersgill will support CEO Bell to develop and execute the company's growth strategy for its platform.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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