TIDMAJB
RNS Number : 8102W
AJ Bell PLC
20 April 2023
20 April 2023
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 2023.
Performance overview
Platform business
-- Customer numbers increased by 20,643 in the quarter to close
at 455,008, up 13% in the last year and 5% in the quarter
o Total advised customers of 153,400, up 12% in the last year
and 3% in the quarter
o Total D2C customers of 301,608, up 13% in the last year and
6% in the quarter
-- AUA closed at GBP68.6 billion, up 3% over the last year and
3% in the quarter
-- Strong momentum for AUA flows in the run up to the end of the
tax year, with GBP1.2 billion of gross inflows and GBP0.6 billion
of net inflows achieved across the platform in the month of
March
o Gross inflows in the quarter of GBP2.5 billion (2022: GBP2.7
billion)
o Net inflows in the quarter of GBP1.2 billion (2022: GBP1.6
billion)
-- Favourable market movements contributed 2% to AUA growth in
the quarter
AJ Bell Investments
-- Assets under management ("AUM") increased to GBP3.9 billion,
up 70% over the last year and up 15% in the quarter
-- Record net inflows in the quarter of GBP0.5 billion,
more than double the level achieved during the comparative
period last year (2022: GBP0.2 billion)
Michael Summersgill, Chief Executive Officer at AJ Bell,
commented:
"I am pleased to report another quarter of robust trading
performance which once again demonstrates the strength of our
dual-channel business model. We have continued to grow customer
numbers and assets under administration across the platform,
building on our latest market share gains in both the advised and
D2C markets(1) .
"We added over 20,000 customers during the quarter and now have
over 150,000 advised customers and over 300,000 DIY investors on
our platform. The strength of our platform propositions continues
to attract and retain high quality customers, with average customer
portfolio sizes of GBP309,000 and GBP70,000 in the advised and D2C
markets respectively and a customer retention rate in excess of
95%.
"After a slightly subdued start to 2023, there was strong
momentum in the run up to the tax year end, with GBP1.2 billion of
gross inflows and GBP0.6 billion of net inflows in March alone as
customers and advisers took advantage of annual pension and ISA
allowances.
"Our investments business continues to go from strength to
strength and delivered GBP0.5 billion of net inflows in the
quarter. Our investment solutions offer advisers and retail
investors great choice and clear communication and have delivered
strong long-term performance compared to their peer group. Momentum
remained strong heading into the new tax year with AUM passing GBP4
billion in early April.
"We enter the second half of our financial year in a strong
position. Our diversified revenue streams and profitable business
model support our recent step up in brand investment, whilst also
enabling us to continually reinvest in pricing, service and
functionality to benefit our customers. Recently announced changes
in respect of pensions are further positive news for the platform
market, which already benefits from significant long-term
structural growth drivers. Our focus remains on continuing to
capitalise on the long-term growth opportunity ahead of us in both
the advised and D2C markets."
(1) AJ Bell market share by AUA as at 30 September 2022 was 7.2%
in the advised platform market and 6.7% in the D2C platform market
(30 September 2021: 6.8% advised and 6.2% D2C). Source:
Platforum
Notice of interim results
AJ Bell expects to announce its full results for the six months
ended 31 March 2023 on Thursday 25 May 2023.
Three months ended Advised D2C Platform Total Non-platform
31 March 2023 Platform Platform Total
Opening customers 148,636 285,729 434,365 14,909 449,274
Closing customers 153,400 301,608 455,008 14,921 469,929
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 46.0 20.3 66.3 5.2 71.5
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 1.4 1.1 2.5 0.1 2.6
Outflows(2) (0.8) (0.5) (1.3) - (1.3)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows 0.6 0.6 1.2 0.1 1.3
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) 0.7 0.4 1.1 (0.1) 1.0
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 47.3 21.3 68.6 5.2 73.8
------------------------------- ---------- ------------- ---------- ------------- --------
3.3 0.6
Closing AUM 2.1 1.2 (4) (5) 3.9
Three months ended Advised D2C Platform Total Non-platform
31 March 2022 Platform Platform Total
Opening customers 131,610 251,664 383,274 14,792 398,066
Closing customers 137,201 266,182 403,383 14,926 418,309
AUA and AUM (GBPbillion)
------------------------------- ---------- ------------- ---------- ------------- --------
Opening AUA 47.5 20.6 68.1 7.5 75.6
------------------------------- ---------- ------------- ---------- ------------- --------
Inflows(1) 1.6 1.1 2.7 - 2.7
Outflows(2) (0.7) (0.4) (1.1) (0.1) (1.2)
------------------------------- ---------- ------------- ---------- ------------- --------
Net inflows/(outflows) 0.9 0.7 1.6 (0.1) 1.5
------------------------------- ---------- ------------- ---------- ------------- --------
Market and other movements(3) (1.9) (0.9) (2.8) (0.2) (3.0)
------------------------------- ---------- ------------- ---------- ------------- --------
Closing AUA 46.5 20.4 66.9 7.2 74.1
------------------------------- ---------- ------------- ---------- ------------- --------
2.3
Closing AUM 1.4 0.9 (4) - 2.3
(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
31 30 30 31 31
March June September December March
2022 2022 2022 2022 2023
Customers 137,201 141,856 145,371 148,636 153,400
AUA and AUM
(GBPbillion)
------------------ -------- -------- ----------- ---------- --------
Opening AUA 47.5 46.5 44.3 44.8 46.0
------------------ -------- -------- ----------- ---------- --------
Inflows(1) 1.6 1.5 1.5 1.2 1.4
Outflows(2) (0.7) (0.6) (0.6) (0.7) (0.8)
------------------ -------- -------- ----------- ---------- --------
Net inflows 0.9 0.9 0.9 0.5 0.6
------------------ -------- -------- ----------- ---------- --------
Market and other
movements(3) (1.9) (3.1) (0.4) 0.7 0.7
Closing AUA 46.5 44.3 44.8 46.0 47.3
-------- -------- ----------- ----------
Closing AUM(4) 1.4 1.4 1.7 1.9 2.1
D2C Platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 30 30 31 31
March June September December March
2022 2022 2022 2022 2023
Customers 266,182 275,647 280,281 285,729 301,608
AUA and AUM
(GBPbillion)
------------------ -------- -------- ----------- ---------- --------
Opening AUA 20.6 20.4 19.2 19.3 20.3
------------------ -------- -------- ----------- ---------- --------
Inflows(1) 1.1 1.1 0.6 0.7 1.1
Outflows(2) (0.4) (0.4) (0.3) (0.4) (0.5)
------------------ -------- -------- ----------- ---------- --------
Net inflows 0.7 0.7 0.3 0.3 0.6
------------------ -------- -------- ----------- ---------- --------
Market and other
movements(3) (0.9) (1.9) (0.2) 0.7 0.4
------------------ -------- -------- ----------- ---------- --------
Closing AUA 20.4 19.2 19.3 20.3 21.3
------------------ -------- -------- ----------- ---------- --------
Closing AUM(4) 0.9 1.0 1.0 1.1 1.2
Non-platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 30 30 31 31
March June September December March
2022 2022 2022 2022 2023
Customers 14,926 14,947 14,937 14,909 14,921
AUA and AUM
(GBPbillion)
------------------------ -------- -------- ----------- ---------- --------
Opening AUA 7.5 7.2 5.2 5.1 5.2
------------------------ -------- -------- ----------- ---------- --------
Inflows(1) - 0.1 - - 0.1
Outflows(2) (0.1) (1.8) (0.1) (0.1) -
------------------------ -------- -------- ----------- ---------- --------
Net (outflows)/inflows (0.1) (1.7) (0.1) (0.1) 0.1
------------------------ -------- -------- ----------- ---------- --------
Market and other
movements(3) (0.2) (0.3) - 0.2 (0.1)
------------------------ -------- -------- ----------- ---------- --------
Closing AUA 7.2 5.2 5.1 5.2 5.2
------------------------ -------- -------- ----------- ---------- --------
Closing AUM(5) - 0.1 0.1 0.4 0.6
Total closing
AUA 74.1 68.7 69.2 71.5 73.8
------------------------ -------- -------- ----------- ---------- --------
Total closing
AUM 2.3 2.5 2.8 3.4 3.9
------------------------ -------- -------- ----------- ---------- --------
(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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTGPUPACUPWGAB
(END) Dow Jones Newswires
April 20, 2023 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
