AJ Bell Delivers Record Results, Boosts Shareholder Returns

AJ Bell (LON: AJB) has announced record financial results for the year ended September 30, 2025, driven by strong customer growth and favorable market conditions.

The investment platform's performance underscores the strength of its dual-channel strategy and commitment to shareholder value.

Revenue surged 18% to £317.8 million, surpassing the previous year's £269.4 million. Profit before tax (PBT) jumped 22% to £137.8 million, up from £113.3 million in FY24, after accounting for exceptional costs.

Diluted earnings per share increased by an impressive 26% to 25.56 pence, compared to 20.34 pence in the prior year. This reflects the company's operational efficiency and ability to translate revenue growth into bottom-line profitability.

AJ Bell is rewarding its shareholders with a proposed final dividend of 9.75 pence per share, bringing the total ordinary dividend for the year to 14.25 pence per share, a 14% increase. This marks the 21st consecutive year of ordinary dividend growth, a testament to the company's consistent financial performance.

Adding to shareholder value, the company announced a further share buyback program of up to £50 million, to be completed throughout FY26. This follows a prior share buyback program and demonstrates the company's strong cash generation and commitment to returning surplus capital to investors.

The business witnessed excellent growth, adding 102,000 customers to close the year at 644,000, a 19% increase.

Assets under administration (AUA) reached a record £103.3 billion, up 19% from £86.5 billion in FY24, fueled by net inflows of £7.5 billion and favorable market movements of £9.3 billion. The firm’s commitment to customer satisfaction is evidenced by its Trustpilot rating of 4.9 stars and a customer retention rate of 94%.

AJ Bell Investments also experienced strong growth, with assets under management (AUM) rising 31% to a record £8.9 billion. The business attracted net inflows of £1.3 billion during the year. The sale of the Platinum SIPP and SSAS business was completed on November 3, 2025, streamlining the company's operations.

Driver Breakdown:

• Customer Acquisition: Effective marketing and competitive pricing drove significant customer growth across all age groups.
• Market Performance: Favorable market movements contributed substantially to the increase in AUA.
• Operational Efficiency: Scalable business model and operational gearing led to PBT margin expansion.

CEO Michael Summersgill commented, “Our dual-channel platform delivered record organic growth…resulting in platform AUA closing at £103.3 billion. These results reflect the strength of our market-leading customer service, trusted brand and low-cost, easy-to-use propositions.” He also expressed concern about the complexity of new ISA rules but remained confident in AJ Bell's ability to navigate them successfully.

The company remains optimistic about the future, citing the significant growth opportunity in the UK platform market. Management plans to increase investment in the brand and propositions in FY26 to accelerate growth. The company believes it can capitalize on the substantial growth opportunity, supported by its scalable operating model.