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Highlights
- Record Revenue Growth: Revenue surged 23% to £269.4 million, with profit before tax (PBT) up 29% to £113.3 million.
- Shareholder Rewards: A 16% dividend increase and a £30 million share buyback programme announced.
- Operational Milestones: Record assets under administration (AUA) of £86.5 billion and assets under management (AUM) rising 45% to £6.8 billion.
AJ Bell plc (LSE:AJB), one of the UK’s largest investment platforms, has announced its final results for the financial year ending 30 September 2024, showcasing exceptional growth in financial performance, operational milestones, and shareholder returns.
Financial Performance
The company delivered record-breaking financial results, with revenue growing by 23% year-on-year to £269.4 million (FY23: £218.2 million). Profit before tax climbed by 29% to £113.3 million (FY23: £87.7 million), reflecting a robust PBT margin of 42.0%, up from 40.2% in FY23.
The increase in revenue margin to 31.6 basis points (FY23: 29.8 basis points) and operational efficiency drove these results. Diluted earnings per share also rose 23% to 20.34 pence, compared to 16.53 pence in FY23.
Shareholder Returns
AJ Bell has continued its tradition of rewarding shareholders, proposing a final dividend of 8.25 pence per share, bringing the total annual dividend to 12.50 pence, a 16% increase from FY23 and marking the 20th consecutive year of dividend growth.
Additionally, the company announced a £30 million share buyback programme, reflecting its strong cash generation and healthy capital position.
Operational Achievements
Platform Business
AJ Bell's platform business experienced strong growth, adding 66,000 customers, a 14% increase, to reach 542,000 customers by year-end. The platform also achieved record assets under administration (AUA) of £86.5 billion, up 22% from £70.9 billion in FY23, driven by:
- Net inflows of £6.1 billion (FY23: £4.2 billion).
- Favourable market movements of £9.5 billion.
Customer satisfaction remained high, with a retention rate of 94.2% and a stellar Trustpilot rating of 4.8.
AJ Bell Investments
The investments division reported exceptional growth, with assets under management (AUM) rising 45% to £6.8 billion (FY23: £4.7 billion). Strong net inflows of £1.5 billion contributed significantly to this performance.
Strategic Outlook
CEO Michael Summersgill attributed the year’s success to AJ Bell’s commitment to platform innovation, cost discipline, and customer focus. The record-breaking results underscore the company’s ability to balance growth with operational efficiency while delivering consistent value to its shareholders.
