TIDMAJB
RNS Number : 5490K
AJ Bell PLC
23 April 2020
23 April 2020
AJ Bell plc
Q2 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 31 March 2020.
Performance overview
Total customer numbers increased to 262,179, up 22% over the
last 12 months and 9% in the quarter, with total net inflows up 30%
compared to prior year at GBP1.3 billion (2019: GBP1.0
billion).
Total assets under administration (AUA) increased by 1% over the
last year, closing at GBP48.3 billion. AUA fell by 12% in the
quarter due to adverse market and other movements. The FTSE
All-share was down 26% over the same period.
AJ Bell's customer growth and strong net inflows during the
quarter were driven by the platform business:
-- Platform customer numbers increased organically by 20,872, a
record quarter for AJ Bell
-- Total platform customers closed at 248,074, up 23% year-on-year
and 9% in the quarter
o Advised customers of 103,974, up 11% over the last year and
4% in the quarter
o D2C customers of 144,100, up 34% over the last year and 13%
in the quarter
-- Platform underlying net inflows, representing organic growth
in the quarter, increased by 75% over the prior year to GBP1.4
billion (2019: GBP0.8 billion)
o Underlying net inflows of GBP0.7 billion on each of the Advised
and D2C platforms (2019: GBP0.4 billion on both Advised and
D2C platforms)
-- Platform AUA closed at GBP42.0 billion, up 3% over the last
year and down 11% in the quarter
Andy Bell, Chief Executive Officer at AJ Bell, commented:
"This quarter was without doubt one of the most dramatic we've
witnessed. We had to move quickly to keep our people safe from
COVID-19 and comply with the Government lockdown. I'm pleased that
we were able to do that effectively whilst remaining open for
business as usual during a very busy tax year end period. I'd like
to thank our staff for the flexibility and dedication they have
shown to ensure our customers have been able to access and manage
their investments as usual during the lockdown.
"This resilience is reflected in our new business figures which
are very strong compared to last year. Our platform delivered
encouraging organic growth in both customers and net inflows as we
continued to support advisers and customers throughout this
unprecedented situation.
"The COVID-19 crisis continues to have a devastating impact on
people's lives and the economic outlook remains uncertain. We have
confirmed that we are not furloughing any staff or claiming
benefits from any of the Government's financial support schemes
which should be preserved for those companies that need them most.
We have also launched the AJ Bell Wage War on COVID Fund under the
umbrella of the AJ Bell Trust, a UK registered charity, which will
benefit charities and causes supporting the COVID-19 efforts. In
addition to a GBP50,000 donation from the AJ Bell Trust, I will be
donating my April, May and June wages into the fund and other board
directors, senior management and staff have made similar
pledges."
AJ Bell's full response to the COVID-19 crisis can be found
here.
Three months ended Advised D2C Platform Total Non-platform Total
31 March 2020 Platform GBPbillion Platform GBPbillion GBPbillion
GBPbillion GBPbillion
Opening AUA 35.2 12.0 47.2 7.5 54.7
----------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying inflows(1) 1.2 0.9 2.1 - 2.1
Outflows(2) (0.5) (0.2) (0.7) (0.3) (1.0)
----------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying net inflows/(outflows) 0.7 0.7 1.4 (0.3) 1.1
----------------------------------- ------------ ------------- ------------ ------------- -------------
DB inflows(3) 0.2 - 0.2 - 0.2
Total net inflows/(outflows) 0.9 0.7 1.6 (0.3) 1.3
----------------------------------- ------------ ------------- ------------ ------------- -------------
Market and other movements(4) (4.7) (2.1) (6.8) (0.9) (7.7)
----------------------------------- ------------ ------------- ------------ ------------- -------------
Closing AUA 31.4 10.6 42.0 6.3 48.3
----------------------------------- ------------ ------------- ------------ ------------- -------------
Opening customers 100,170 127,032 227,202 13,950 241,152
Closing customers 103,974 144,100 248,074 14,105 262,179
Three months ended Advised D2C Platform Total Non-platform Total
31 March 2019 Platform GBPbillion Platform GBPbillion GBPbillion
GBPbillion GBPbillion
Opening AUA 28.6 8.7 37.3 6.9 44.2
----------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying inflows(1) 0.8 0.5 1.3 0.1 1.4
Outflows(2) (0.4) (0.1) (0.5) (0.1) (0.6)
----------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying net inflows 0.4 0.4 0.8 - 0.8
----------------------------------- ------------ ------------- ------------ ------------- -------------
DB inflows(3) 0.2 - 0.2 - 0.2
Total net inflows 0.6 0.4 1.0 - 1.0
----------------------------------- ------------ ------------- ------------ ------------- -------------
Market and other movements(4) 1.7 0.6 2.3 0.2 2.5
----------------------------------- ------------ ------------- ------------ ------------- -------------
Closing AUA 30.9 9.7 40.6 7.1 47.7
----------------------------------- ------------ ------------- ------------ ------------- -------------
Opening customers 90,865 99,633 190,498 13,985 204,483
Closing customers 93,496 107,426 200,922 13,931 214,853
(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 to the advised platform from defined benefit 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
Historical AUA and customer numbers by quarter
Advised Platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 March 30 30 31 31
AUA (GBPbillion) 2019 June September December March
2019 2019 2019 2020
Opening AUA 28.6 30.9 32.8 33.8 35.2
----------------------- ---------- ------- ----------- ---------- --------
Underlying inflows(1) 0.8 0.9 0.9 0.8 1.2
Outflows(2) (0.4) (0.4) (0.4) (0.4) (0.5)
----------------------- ---------- ------- ----------- ---------- --------
Underlying net
inflows 0.4 0.5 0.5 0.4 0.7
----------------------- ---------- ------- ----------- ---------- --------
DB inflows(3) 0.2 0.2 0.2 0.2 0.2
Total net inflows 0.6 0.7 0.7 0.6 0.9
----------------------- ---------- ------- ----------- ---------- --------
Market and other
movements(4) 1.7 1.2 0.3 0.8 (4.7)
Closing AUA 30.9 32.8 33.8 35.2 31.4
---------- ------- ----------- ----------
Customers 93,496 96,083 98,056 100,170 103,974
D2C Platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 March 30 30 31 31
AUA (GBPbillion) 2019 June September December March
2019 2019 2019 2020
Opening AUA 8.7 9.7 10.6 11.1 12.0
------------------- ---------- -------- ----------- ---------- --------
Inflows(1) 0.5 0.6 0.5 0.5 0.9
Outflows(2) (0.1) (0.1) (0.2) (0.2) (0.2)
------------------- ---------- -------- ----------- ---------- --------
Net inflows 0.4 0.5 0.3 0.3 0.7
------------------- ---------- -------- ----------- ---------- --------
Market and other
movements(4) 0.6 0.4 0.2 0.6 (2.1)
------------------- ---------- -------- ----------- ---------- --------
Closing AUA 9.7 10.6 11.1 12.0 10.6
------------------- ---------- -------- ----------- ---------- --------
Customers 107,426 114,682 120,113 127,032 144,100
Non-platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 March 30 30 31 31
AUA (GBPbillion) 2019 June September December March
2019 2019 2019 2020
Opening AUA 6.9 7.1 7.3 7.4 7.5
------------------- ---------- ------- ----------- ---------- --------
Inflows(1) 0.1 - - - -
Outflows(2) (0.1) - (0.1) (0.1) (0.3)
------------------- ---------- ------- ----------- ---------- --------
Net outflows - - (0.1) (0.1) (0.3)
------------------- ---------- ------- ----------- ---------- --------
Market and other
movements(4) 0.2 0.2 0.2 0.2 (0.9)
------------------- ---------- ------- ----------- ---------- --------
Closing AUA 7.1 7.3 7.4 7.5 6.3
------------------- ---------- ------- ----------- ---------- --------
Customers 13,931 13,879 13,897 13,950 14,105
Total closing
AUA 47.7 50.7 52.3 54.7 48.3
------------------- ---------- ------- ----------- ---------- --------
(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 to the advised platform from defined benefit pension
transfers
(4) Includes (charges, taxes deducted, investment returns and
revaluations)
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTPPUMCCUPUGCP
(END) Dow Jones Newswires
April 23, 2020 02:00 ET (06:00 GMT)
Aj Bell (LSE:AJB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Aj Bell (LSE:AJB)
Historical Stock Chart
From Jul 2023 to Jul 2024
