TIDMAJB
RNS Number : 6192G
AJ Bell PLC
25 July 2019
25 July 2019
AJ Bell plc
Q3 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 the three months ended 30 June 2019.
Performance overview
Total customer numbers increased 5% in the quarter to 224,644,
with total assets under administration ("AUA") breaking through the
GBP50 billion mark to stand at GBP50.7 billion, an increase of 6%
over the quarter and 13% over the past year. In comparison, the
FTSE All-Share index increased by 2% over the quarter and fell by
3.5% over the year.
AJ Bell's growth during the period was driven by the platform
business:
-- Platform customer numbers increased by 9,843 to 210,765, up 5% during the quarter
-- Platform AUA increased by 7% over the quarter to GBP43.4 billion
-- Platform AUA was boosted by a combination of underlying net
inflows of GBP1.0 billion, defined benefit ("DB") pension transfers
of GBP0.2 billion and favourable market movements of GBP1.6
billion
Andy Bell, Chief Executive Officer at AJ Bell, commented:
"Trading in the third quarter of our financial year remained
strong across our advised and direct to consumer platform. We
continue to focus on the needs of advisers and customers, making it
as easy as possible for them to invest and this has resulted in
assets under administration breaking through the GBP50 billion
mark. People need to save more via their pensions and ISAs for the
long term and our platform and investment solutions help them do
that easily and cost effectively."
Three months ended Advised D2C Platform Total Non-platform Total
30 June 2019 Platform GBPbillion Platform GBPbillion GBPbillion
GBPbillion GBPbillion
Opening AUA 30.9 9.7 40.6 7.1 47.7
----------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying inflows(1) 0.9 0.6 1.5 - 1.5
Outflows(2) (0.4) (0.1) (0.5) - (0.5)
----------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying net inflows 0.5 0.5 1.0 - 1.0
----------------------------------- ------------ ------------- ------------ ------------- -------------
DB inflows(3) 0.2 - 0.2 - 0.2
Total net inflows 0.7 0.5 1.2 - 1.2
----------------------------------- ------------ ------------- ------------ ------------- -------------
Market and other movements(4) 1.2 0.4 1.6 0.2 1.8
----------------------------------- ------------ ------------- ------------ ------------- -------------
Closing AUA 32.8 10.6 43.4 7.3 50.7
----------------------------------- ------------ ------------- ------------ ------------- -------------
Customers 96,083 114,682 210,765 13,879 224,644
Three months ended Advised D2C Platform Total Non-platform Total
30 June 2018 Platform GBPbillion Platform GBPbillion GBPbillion
GBPbillion GBPbillion
Opening AUA 26.3 7.5 33.8 8.0 41.8
----------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying inflows(1) 0.9 0.7 1.6 - 1.6
Outflows(2) (0.3) (0.2) (0.5) (0.2) (0.7)
----------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying net inflows/(outflows) 0.6 0.5 1.1 (0.2) 0.9
----------------------------------- ------------ ------------- ------------ ------------- -------------
DB inflows(3) 0.4 - 0.4 - 0.4
Total net inflows/(outflows) 1.0 0.5 1.5 (0.2) 1.3
----------------------------------- ------------ ------------- ------------ ------------- -------------
Market and other movements(4) 1.1 0.3 1.4 0.2 1.6
----------------------------------- ------------ ------------- ------------ ------------- -------------
Closing AUA 28.4 8.3 36.7 8.0 44.7
----------------------------------- ------------ ------------- ------------ ------------- -------------
Customers 85,131 89,660 174,791 17,083 191,874
(1) Includes transfers-in, subscriptions, contributions and tax
relief, excluding inflows from DB pension transfers
(2) Includes (transfers-out, cash withdrawals, benefits and tax
payments)
(3) Inflows from DB pension transfers
(4) Includes (charges, taxes deducted, investment returns and
revaluations)
Contacts:
AJ Bell
-- Shaun Yates, Head of Investor Relations +44 (0) 7522 235 898
-- Charlie Musson, Head of PR +44 (0) 7834 499 554
Instinctif Partners
Public relations adviser to AJ Bell
-- Ross Gillam +44 (0) 207 457 2020
-- Kaj Sahota +44 (0) 7341 731 189
-- Katie Bairsto +44 (0) 7946 424 651
Historical AUA and customer numbers by quarter
Advised Platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 30 September 31 December 31 March 30
AUA (GBPbillion) June 2018 2018 2019 June
2018 2019
Opening AUA 26.3 28.4 29.9 28.6 30.9
----------------------- ------- -------------- ------------- ---------- -------
Underlying inflows(1) 0.9 0.8 0.8 0.8 0.9
Outflows(2) (0.3) (0.4) (0.4) (0.4) (0.4)
----------------------- ------- -------------- ------------- ---------- -------
Underlying net
inflows 0.6 0.4 0.4 0.4 0.5
----------------------- ------- -------------- ------------- ---------- -------
DB inflows(3) 0.4 0.3 0.3 0.2 0.2
Bulk migration - 0.5(6) - - -
inflows
Total net inflows 1.0 1.2 0.7 0.6 0.7
----------------------- ------- -------------- ------------- ---------- -------
Market and other
movements(5) 1.1 0.3 (2.0) 1.7 1.2
Closing AUA 28.4 29.9 28.6 30.9 32.8
------- -------------- ------------- ----------
Customers 85,131 88,658 90,865 93,496 96,083
D2C Platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 30 September 31 December 31 March 30
AUA (GBPbillion) June 2018 2018 2019 June
2018 2019
Opening AUA 7.5 8.3 8.7 8.7 9.7
----------------------- ------- -------------- ------------- ---------- --------
Underlying inflows(1) 0.7 0.4 0.4 0.5 0.6
Outflows(2) (0.2) (0.1) (0.2) (0.1) (0.1)
----------------------- ------- -------------- ------------- ---------- --------
Underlying net
inflows 0.5 0.3 0.2 0.4 0.5
----------------------- ------- -------------- ------------- ---------- --------
Bulk migration - - 0.2(4) - -
inflows
Total net inflows 0.5 0.3 0.4 0.4 0.5
----------------------- ------- -------------- ------------- ---------- --------
Market and other
movements(5) 0.3 0.1 (0.4) 0.6 0.4
----------------------- ------- -------------- ------------- ---------- --------
Closing AUA 8.3 8.7 8.7 9.7 10.6
----------------------- ------- -------------- ------------- ---------- --------
Customers 89,660 94,555 99,633 107,426 114,682
Non-platform Qtr to Qtr to Qtr to Qtr to Qtr to
30 30 September 31 December 31 March 30
AUA (GBPbillion) June 2018 2018 2019 June
2018 2019
Opening AUA 8.0 8.0 7.5 6.9 7.1
-------------------- ------- -------------- ------------- ---------- -------
Inflows(1) - - - 0.1 -
Outflows(2) (0.2) (0.1) (0.3) (0.1) -
-------------------- ------- -------------- ------------- ---------- -------
Underlying net
outflows (0.2) (0.1) (0.3) - -
-------------------- ------- -------------- ------------- ---------- -------
Bulk migration - (0.5)(6) - - -
outflows
Total net outflows (0.2) (0.6) (0.3) - -
-------------------- ------- -------------- ------------- ---------- -------
Market and other
movements(5) 0.2 0.1 (0.3) 0.2 0.2
-------------------- ------- -------------- ------------- ---------- -------
Closing AUA 8.0 7.5 6.9 7.1 7.3
-------------------- ------- -------------- ------------- ---------- -------
Customers 17,083 14,699 13,985 13,931 13,879
Total closing
AUA 44.7 46.1 44.2 47.7 50.7
-------------------- ------- -------------- ------------- ---------- -------
(1) Includes transfers-in, subscriptions, contributions and tax
relief, excluding inflows from DB pension transfers and bulk
migrations
(2) Includes (transfers-out, cash withdrawals, benefits and tax
payments)
(3) Inflows from DB pension transfers
(4) (AJ Bell plc shares held by employees and former employees
of the Company, which were migrated onto the D2C Platform ahead of
IPO)
(5) Includes (charges, taxes deducted, investment returns and
revaluations)
(6) Non-recurring inflows/(outflows) from bulk customer
(migrations)
About AJ Bell:
Established in 1995, AJ Bell is one of the largest investment
platforms in the UK.
We operate in both the advised and direct to consumer segments
of the platform market and our flagship platform propositions are
AJ Bell Investcentre (adviser) and AJ Bell Youinvest
(direct-to-consumer).
We offer SIPPs, ISAs and General Investment / Dealing Accounts.
We aim to make it easy for our customers to invest by providing
them with additional support in the form of various investment
solutions and information. We offer 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.
AJ Bell is headquartered in Manchester, UK.
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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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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