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Birmingham Post
Birmingham Post
Business
Jon Robinson

Investment platform AJ Bell eyes expectation-busting revenue rise

Salford-headquartered investment platform AJ Bell's revenue for its current financial year is set to be at least £6m ahead of current market expectations.

The listed group has revealed the increase in a trading update about the first half of its financial year ending September 30, 2021.

The current market consensus is that AJ Bell's revenue for the period will be £136m.

The statement said: "In its 2020 annual results announced on 3 December 2020, the company highlighted the high levels of new customers and record levels of dealing activity by D2C customers in the year ended 30 September 2020.

"The company has continued to see strong customer acquisition in the first half of the current financial year and dealing activity by D2C customers has remained at elevated levels throughout.

"Although dealing activity is expected to moderate from current levels in the second half, management currently expects revenue for the year ending 30 September 2021 to be at least £6m above current market consensus."

AJ Bell is expected to provide an update to the London Stock Exchange on its second quarter on April 22.

In the year to September 30, 2020, AJ Bell reported a revenue of £126.7m, up from £104.9m.

The news comes after the business announced the acquisition of a group of companies which it hopes will enhance its mobile technology for advisers and its clients.

It also recently named Baroness Helena Morrissey as its new chair.

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