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(Alliance News) - AJ Bell PLC said Thursday said its annual trading has demonstrated the company's "resilience".
For the financial year ended September 30, the stockbroker expected to report total assets under administration of GBP52.3 billion, 13% higher than the GBP46.1 billion seen at the same point a year ago.
Total net inflows are expected to add GBP3.9 billion in assets with market movements contributing a further GBP2.3 billion.
"Our first full year trading update since the IPO demonstrates the resilience of our business model. During periods of unsettled markets and political uncertainty customers have a greater need for established, trustworthy businesses offering high quality service, at low cost to meet their evolving investment needs. This has enabled us to continue to add customers and assets to the platform," said Chief Executive Andy Bell.
AJ Bell ended the year with 232,066 total customers, 17% higher than a year before, with its platform seeing a 19% increase in new customers to 218,169.
As a result of this drive in customers, the stockbroker's platform assets under administration grew by 16% over the course of the year, ending at GBP44.9 billion. AJ Bell's Advised Platform assets grew by 13% to GBP33.8 billion and its D2C Platform grew 28% to GBP11.1 billion.
Platform net inflows totalled GBP3.2 billion.
Bell added: "The long-term growth drivers of the platform market remain strong with customers increasingly looking to take control of their long-term savings with flexible, low-cost, online solutions. This, coupled with our strong customer retention rate, positions us well to achieve our organic growth ambitions."
Shares in AJ Bell were 0.9% higher in London on Thursday morning at 374.28 pence each, starting 2.7% higher before giving back some of that gain.
AJ Bell began trading in London at 220.0p in December last year.
By Paul McGowan; paulmcgowan@alliancenews.com
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