AJ Bell Earnings Preview: What to Expect

AJ Bell (LON: AJB) will report its full-year results on 4 December, with analysts expecting another year of growth following strong customer additions, rising assets and the completion of a strategic disposal. 

At the time of writing, shares in the investment platform group have risen 18.9% year to date and are up 13.2% over the past 12 months, gaining more than 7% in the past week.

The company compiled consensus forecasts point to revenue of £315.4 million for the year to 30 September, rising to £341.9 million in 2026. 

The analyst consensus for underlying profit before tax is £137.5 million, with diluted underlying earnings per share projected at 25.01p. 

Analysts also expect a £21.3 million profit on disposal from the sale of the Platinum SIPP and SSAS business, a transaction that AJ Bell completed in early November for up to £25 million.

The company said the sale “simplifies AJ Bell’s business model and enables management to focus on AJ Bell’s core platform business”.

Meanwhile, AJ Bell’s year-end trading update showed the platform segment delivered record performance, closing the year with 644,000 customers, up 19%. 

Direct-to-consumer clients rose 25% to 462,000, while advised customers increased 6% to 182,000. Platform assets under administration hit an all-time high of £103.3 billion, supported by £7.1 billion of underlying net inflows and £9.3 billion of market gains.

Chief executive Michael Summersgill highlighted “a year of record growth”, emphasising strong operational leverage, supportive markets and continued investment in brand and propositions. 

AJ Bell’s share price is slightly below where it closed following the release of its year-end trading update, so any further positives not already priced in may provide a boost. 

Last week, Bank of America initiated coverage on AJ Bell with a Buy rating and 580p price target, highlighting what it sees as high-quality growth characteristics.

The bank’s analysis suggests that AJB  is expected to deliver high single-digit topline growth, with profit before tax margins maintained at approximately 45%.