Platform and SIPP provider AJ Bell saw pre-tax profit tax increase by 29% to £21.7 million for 2017 as the company’s growth strategy in recent years paid dividends.
The Manchester-based firm’s annual results for the year ending 30 September showed that retail customers increased 17% to 164,500 and AUA was up 25% to £39.8 billion.

The increase in AUA was driven primarily by strong net inflows of new business onto its investment platforms of £6.4 billion, an increase of 78% on the prior year, said the company. 



Revenue was up 17% to £75.6 million and AJ Bell is continuing its progressive dividend policy with a 10% increase to 28.25p a share, equal to a total shareholder pay-out of £11.6 million. 

These figures include the cost of moving into a new head office in Manchester to provide the space for growth.

Andy Bell, chief executive at AJ Bell, said: “Huge parts of the platform market are bogged down in expensive re-platforming projects which will continue to hamper them in 2018.  We are well past that and our pace of organic growth means we have no need for acquisitions to increase our scale.

“Our focus is on continued investment in our existing platform to benefit advisers and customers.”

Separately, Mr Bell revealed his pension wishes for 2018. He wants to see faster progress on the pension cold calling ban and careful consideration before any changes are made to pension freedom withdrawals.