Its annual results, released this morning (December 2), indicate this is a record year for the company with total customer numbers up over 87,000, net inflows of 6.4 billion pounds sterling and assets under administration totaling £ 72.8 billion.
Its additional income rose 15% to £ 145.8million from £ 126.7million last year and profit before tax rose 13% to £ 55.1million from £ 48.6 million pounds sterling in 2020.
Andy Bell, CEO, said: “Our award-winning platform proposals attracted record levels of new customers and customer inflows during the year, supporting another round of strong financial results. Revenue increased by 15%, profit before tax by 13% and earnings per share. up 13%. Our profitable business model and strong financial position enabled us to invest significantly in our client proposals during the year, while increasing dividends paid to shareholders.
“We continue to see significant long-term opportunities in the investment platform market. The pandemic has highlighted the need for people to have more control over their financial futures, with more and more people investing for the first time. We believe there is a growing demand for simplified, application-based investment proposals in the D2C and Advised markets, so we are investing in two that we will bring to market soon. “
He added: “Dodl by AJ Bell, a new investment app, will make it easy for retail investors to invest in a range of UK stocks and funds, via a full range of tax wrappers. There will be no commission on buying and selling investments and a low annual platform charge of 0.15%.
“Touch by AJ Bell is a new mobile investment platform for financial advisors, which will allow them to provide fully digital service to clients who desire this form of relationship and expand the range of client profiles they can serve.” .
“These two new proposals will add to our flagship platform proposals, AJ Bell Youinvest and AJ Bell Investcentre, expanding our reach in both the D2C and advised markets. We plan to launch both in 2022 and we will invest more in our brand and our marketing activities to support their initial phase of growth.
“The continued strong growth of the company and the development of new innovative proposals would not be possible without the energy and commitment of our staff. In addition to strengthening our board of directors and management team, we have implemented new processes and a hybrid working model. place to provide our staff with a safe and energetic working environment for the post-pandemic era. I want to thank them all for their hard work and focus, during what has been a very difficult time for many. “
hiring of the financial director
AJ Bell has appointed Peter Birch as CFO, who is joining the company from Deloitte.
Subject to FCA approval, Birch will join AJ Bell on July 1, 2022.
In addition to his role as CFO, he will also join the board of directors and executive committee of AJ Bell.
At Deloitte, Birch is a financial services audit and assurance partner and will replace Michael Summersgill who was appointed Deputy Managing Director of AJ Bell in October.
Summersgill will continue to serve as CFO until Peter joins the company on July 1, 2022.