TIDMAJB
RNS Number : 5837Q
AJ Bell PLC
19 October 2023
19 October 2023
AJ Bell plc
Year-end trading update
AJ Bell plc ("AJ Bell" or the "Company"), one of the UK's
largest investment platforms, today issues a trading update in
respect of its financial year ended 30 September 2023.
Performance overview
Platform business
-- Customer numbers increased by 50,880 to close at 476,532, up
12% in the year, as AJ Bell's dual-channel platform continued
to deliver strong organic growth in both advised and D2C customers
o Total advised customers increased by 13,885 to close at 159,256,
up 10% in the year
o Total D2C customers increased by 36,995 to close at 317,276,
up 13% in the year
-- Robust asset flows across the platform against a challenging
market backdrop
o Gross inflows in the year of GBP9.3 billion (FY22: GBP10.1
billion)
o Net inflows in the year of GBP4.2 billion (FY22: GBP5.8 billion)
-- Record assets under administration ("AUA") of GBP70.9 billion,
up 11% in the year driven by the net inflows across the platform
and favourable market movements of 4%
AJ Bell Investments
-- Net inflows in the year of GBP1.65 billion, up 57% versus
the prior year (FY22: GBP1.05 billion underlying net
inflows)
-- Assets under management ("AUM") of GBP4.7 billion, up
68% in the year (FY22: GBP2.8 billion)
Michael Summersgill, Chief Executive Officer at AJ Bell,
commented:
"I am pleased to report another year of continued organic growth
for AJ Bell, with the number of customers using our platform
increasing by over 50,000 thanks to our quality of service,
exceptional value and easy-to-use products. Our dual-channel model,
which serves the needs of both advised and DIY investors, once
again demonstrated its strength as we delivered over GBP4 billion
of net inflows onto our investment platform. This contributed to an
11% increase in platform assets under administration which ended
the year at a record GBP70.9 billion.
"Our investments business enjoyed an other year of significant
growth, fuelled by strong demand from advisers and customers for
our straightforward and low-cost investment range. This drove net
inflows of GBP1.65 billion, up 57% compared to the prior year.
Combined with strong five-year investment performance, this has
resulted in assets under management increasing by 68% in the year
to close at GBP4.7 billion.
"At an industry level, we continue to engage with Government on
potential ISA reforms, with our focus being on simplifying the
existing ISA landscape to make it easier for retail investors to
navigate. We believe this will encourage a greater number of people
to invest via ISAs which would benefit UK listed firms given the
natural home bias exhibited by retail investors.
"The long-term growth drivers of the investment platform market
remain strong, and we look forward to announcing the annual results
for what has been another successful year for AJ Bell in
December."
Notice of annual results
AJ Bell expects to announce its full results for the year ended
30 September 2023 on 7 December 2023.
Year ended Advised D2C Platform Total Non-platform
30 September 2023 Platform Platform Total
Opening customers 145,371 280,281 425,652 14,937 440,589
Closing customers 159,256 317,276 476,532 14,870 491,402
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 44.8 19.3 64.1 5.1 69.2
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 5.0 4.3 9.3 0.2 9.5
Outflows(2) (3.1) (2.0) (5.1) (0.3) (5.4)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows/(outflows) 1.9 2.3 4.2 (0.1) 4.1
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) 1.5 1.1 2.6 0.2 2.8
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 48.2 22.7 70.9 5.2 76.1
------------------------------- ---------- ------------- ---------- ------------- --------
3.8 0.9
Closing AUM 2.5 1.3 (4) (5) 4.7
Year ended Advised D2C Platform Total Non-platform
30 September 2022 Platform Platform Total
Opening customers 126,920 241,045 367,965 14,789 382,754
Closing customers 145,371 280,281 425,652 14,937 440,589
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 45.8 19.5 65.3 7.5 72.8
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 6.2 3.9 10.1 0.2 10.3
Outflows(2) (2.9) (1.4) (4.3) (2.2) (6.5)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows/(outflows) 3.3 2.5 5.8 (2.0) 3.8
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) (4.3) (2.7) (7.0) (0.4) (7.4)
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 44.8 19.3 64.1 5.1 69.2
------------------------------- ---------- ------------- ---------- ------------- --------
2.7 0.1
Closing AUM 1.7 1.0 (4) (5) 2.8
(1) Transfers-in, subscriptions, contributions and tax
relief
(2) T ransfers-out, cash withdrawals, benefits and tax
payments
(3) Total i nvestment returns and revaluations, net of charges
and taxes
(4) Platform AUA which is held in AJ Bell's Funds or Managed
Portfolio Service
(5) Assets which are held in AJ Bell's Funds or Managed
Portfolio Service via third-party platforms
Contacts:
AJ Bell
Shaun Yates, Investor Relations
-- Director +44 (0) 7522 235 898
Charlie Musson, Brand and PR
-- Director +44 (0) 7834 499 554
Historical customer numbers, AUA and AUM by quarter
Advised Platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 31 31 30 30
September December March June September
2022 2022 2023 2023 2023
Customers 145,371 148,636 153,400 156,368 159,256
AUA and AUM
(GBPbillion)
------------------ ----------- ---------- -------- -------- -----------
Opening AUA 44.3 44.8 46.0 47.3 47.8
------------------ ----------- ---------- -------- -------- -----------
Inflows(1) 1.5 1.2 1.4 1.2 1.2
Outflows(2) (0.6) (0.7) (0.8) (0.8) (0.8)
------------------ ----------- ---------- -------- -------- -----------
Net inflows 0.9 0.5 0.6 0.4 0.4
------------------ ----------- ---------- -------- -------- -----------
Market and other
movements(3) (0.4) 0.7 0.7 0.1 -
Closing AUA 44.8 46.0 47.3 47.8 48.2
----------- ---------- -------- --------
Closing AUM(4) 1.7 1.9 2.1 2.3 2.5
D2C Platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 31 31 30 30
September December March June September
2022 2022 2023 2023 2023
Customers 280,281 285,729 301,608 309,246 317,276
AUA and AUM
(GBPbillion)
------------------ ----------- ---------- -------- -------- -----------
Opening AUA 19.2 19.3 20.3 21.3 22.0
------------------ ----------- ---------- -------- -------- -----------
Inflows(1) 0.6 0.7 1.1 1.2 1.3
Outflows(2) (0.3) (0.4) (0.5) (0.5) (0.6)
------------------ ----------- ---------- -------- -------- -----------
Net inflows 0.3 0.3 0.6 0.7 0.7
------------------ ----------- ---------- -------- -------- -----------
Market and other
movements(3) (0.2) 0.7 0.4 - -
------------------ ----------- ---------- -------- -------- -----------
Closing AUA 19.3 20.3 21.3 22.0 22.7
------------------ ----------- ---------- -------- -------- -----------
Closing AUM(4) 1.0 1.1 1.2 1.3 1.3
Non-platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 31 31 30 30
September December March June September
2022 2022 2023 2023 2023
Customers 14,937 14,909 14,921 14,967 14,870
AUA and AUM
(GBPbillion)
------------------------ ----------- ---------- -------- ------- -----------
Opening AUA 5.2 5.1 5.2 5.2 5.3
------------------------ ----------- ---------- -------- ------- -----------
Inflows(1) - - 0.1 - 0.1
Outflows(2) (0.1) (0.1) - - (0.2)
------------------------ ----------- ---------- -------- ------- -----------
Net (outflows)/inflows (0.1) (0.1) 0.1 - (0.1)
------------------------ ----------- ---------- -------- ------- -----------
Market and other
movements(3) - 0.2 (0.1) 0.1 -
------------------------ ----------- ---------- -------- ------- -----------
Closing AUA 5.1 5.2 5.2 5.3 5.2
------------------------ ----------- ---------- -------- ------- -----------
Closing AUM(5) 0.1 0.4 0.6 0.7 0.9
Total closing
AUA 69.2 71.5 73.8 75.1 76.1
------------------------ ----------- ---------- -------- ------- -----------
Total closing
AUM 2.8 3.4 3.9 4.3 4.7
------------------------ ----------- ---------- -------- ------- -----------
(1) Transfers-in, subscriptions, contributions and tax
relief
(2) T ransfers-out, cash withdrawals, benefits and tax
payments
(3) Total i nvestment returns and revaluations, net of charges
and taxes
(4) Platform AUA which is held in AJ Bell's Funds or Managed
Portfolio Service
(5) Assets which are held in AJ Bell's Funds or Managed
Portfolio Service via third-party platforms
About AJ Bell:
Established in 1995, AJ Bell is one of the largest investment
platforms in the UK, operating at scale in both the advised and
direct-to-consumer markets.
Our purpose is to help people invest by providing them with easy
access to Pensions, ISAs and General investment accounts, great
customer service and competitive charges.
Our two core platform propositions are AJ Bell in the D2C market
and AJ Bell Investcentre in the advised market, which both provide
access to a broad investment range including shares and other
instruments traded on the major stock exchanges around the world,
as well as all mainstream collective investments available in the
UK and our own range of AJ Bell funds.
In the D2C market we also offer Dodl by AJ Bell, a low-cost
investment app with a simplified investment range that makes it
easier for customers to choose investments and buy and sell them
without paying any commission.
For D2C cash savers we offer a Cash savings hub which provides
access to a range of competitive savings accounts to help people
manage their long-term cash deposits. AJ Bell is headquartered in
Manchester, UK, with offices in London and Bristol.
Forward-looking statements
This announcement contains forward-looking statements that
involve substantial risks and uncertainties, and actual results and
developments may differ materially from those expressed or implied
by these statements. These forward-looking statements are
statements regarding AJ Bell's intentions, beliefs or current
expectations concerning, among other things, its results of
operations, financial condition, prospects, growth, strategies, and
the industry in which it operates. By their nature, forward-looking
statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future. These forward-looking statements speak only as of the date
of this announcement and AJ Bell does not undertake any obligation
to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date of
this announcement.
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END
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