(Alliance News) - AJ Bell PLC on Thursday said its customer numbers and assets under management grew in its first quarter despite a "very different" market backdrop.
The Manchester-based provider of investment services reported a 27% annual rise in total customer numbers in the three months to December 31 to 398,066.
Total assets under administration on December 31 were GBP75.6 billion, up 21% on a year before.
"This performance was delivered against a very different market backdrop to that seen in the comparative quarter last year, when stricter government restrictions helped to drive AJ Bell's total customer growth, gross inflows and net inflows to record levels. The continued growth in Q1 evidences the resilience of the AJ Bell business model in different market conditions," the firm said.
In the Platform business, gross inflows were up 23% in the fourth quarter to GBP2.7 billion from GBP2.2 billion in the same period a year before.
Net inflows, conversely, decreased by 7% to GBP1.4 billion from GBP1.5 billion, due to an exceptional bulk annuity purchase. This resulted in a one-off outflow of GBP241 million, the investment services provider noted.
"We have had a solid start to our new financial year with customer numbers, gross inflows and assets under administration all growing steadily," said Chief Executive Andy Bell.
"We continue to see strong demand for our easy to use, low-cost platform across both the advised and direct-to-consumer markets."
AJA Bell shares were up 0.6% at 348.70 pence each on Thursday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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AJ Bell (AJB)