REG - AJ Bell PLC - Year-end Trading Update
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RNS Number : 4685E AJ Bell PLC 23 October 2025
23 October 2025
AJ Bell plc
Year-end trading update
AJ Bell plc ("AJ Bell" or the "Company"), one of the UK's largest investment
platforms, today issues a trading update in respect of its financial year
ended 30 September 2025.
Performance overview
Platform business
· Customer numbers increased by 102,000 to close at 644,000, up 19% in the year,
as AJ Bell's dual-channel platform continued to deliver
excellent growth in customers
o Total advised customers increased by 11,000 to close at 182,000, up 6% in
the year
o Total D2C customers increased by 91,000 to close at 462,000, up 25% in the
year
· Record platform assets under administration ("AUA") of £103.3 billion, up 19%
in the year
· Record gross and net inflows across the platform, significantly higher than
prior year
o Underlying(1) gross inflows in the year of £15.8 billion, up 21% versus
the prior year (FY24: £13.1 billion)
o Underlying(1) net inflows in the year of £7.1 billion, up 16% versus the
prior year (FY24: £6.1 billion)
· Favourable market movements of £9.3 billion, equating to 11% of opening AUA
(FY24: £9.5 billion)
AJ Bell Investments
· AJ Bell's investment solutions continued to attract strong flows in both the
advised and D2C markets, with net inflows in the year of £1.3 billion (FY24:
£1.5 billion)
· Assets under management ("AUM") reached a record £8.9 billion, up 31% in the
year (FY24: £6.8 billion)
Non-platform business
· The sale of our Platinum SIPP and SSAS business is expected to
complete in November 2025
((1) Underlying gross and net inflows exclude the impact of one-off book
migrations.)
( )
Michael Summersgill, Chief Executive Officer at AJ Bell, commented:
"I am delighted to report a year of record growth, surpassing £100 billion in
platform AUA and attracting over 100,000 new customers to our low-cost,
easy-to-use platform propositions, supported by market-leading customer
service. This excellent growth marks a significant milestone for the business
and reflects the continued success of our dual-channel model, enhancing our
growth opportunity within the platform market.
"Our highly scalable business model enables us to drive operational gearing
and continually reinvest the benefits of scale in our propositions, pricing
and brand to support our long-term growth ambitions. Given the substantial
market opportunity, we accelerated investment during the second half of the
year. This was accompanied by a favourable market environment, which has
supported revenue growth.
"The benefits of our investments are evidenced by record levels of platform
customer growth and net inflows. Our D2C platform maintained its strong
momentum to report its best year to date, and our Advised platform delivered
robust growth, with record gross inflows offset by heightened outflows, driven
by elevated pension lump sum withdrawals and adviser consolidation.
"Although the Government has committed to boosting retail investing and
positive progress is being made on targeted support measures to help more
people invest, uncertainty around government policy continues to cause
disruption. Speculation over pension taxation ahead of the November Budget,
which has developed in the absence of a clear and lasting government
commitment to pension tax stability, creates damaging uncertainty for
customers and advisers. The business continues to campaign for a government
commitment to stability on pension tax incentives, allowing customers to plan
with greater certainty.
"The platform market opportunity is significant and the structural drivers of
growth remain strong. Our dual-channel strategy, underpinned by ongoing
investment in our brand and propositions, positions us well to deliver on this
opportunity. We look forward to announcing the annual results for what has
been another successful year for AJ Bell."
Notice of annual results
AJ Bell expects to announce its full-year results for the year ended 30
September 2025 on 4 December 2025.
Year ended Advised Platform D2C Platform Total Platform Non-platform
30 September 2025 Total
Opening customers (k) 171 371 542 15 557
Closing customers (k) 182 462 644 13 657
AUA and AUM (£billion)
Opening AUA 56.1 30.4 86.5 5.7 92.2
Underlying inflows((1)) 7.0 8.8 15.8 0.2 16.0
Outflows((2)) (5.3) (3.4) (8.7) (1.1) (9.8)
Underlying net inflows 1.7 5.4 7.1 (0.9) 6.2
Migration((3)) - 0.4 0.4 (0.4) -
Total net inflows/(outflows) 1.7 5.8 7.5 (1.3) 6.2
Market and other movements((4)) 4.6 4.7 9.3 0.5 9.8
Closing AUA 62.4 40.9 103.3 4.9 108.2
Closing AUM 4.4 2.6 7.0((5)) 1.9((6)) 8.9
Year ended Advised Platform D2C Platform Total Platform Non-platform
30 September 2024 Total
Opening customers (k) 159 317 476 15 491
Closing customers (k) 171 371 542 15 557
AUA and AUM (£billion)
Opening AUA 48.2 22.7 70.9 5.2 76.1
Inflows((1)) 6.5 6.6 13.1 0.3 13.4
Outflows((2)) (4.3) (2.7) (7.0) (0.3) (7.3)
Net inflows/(outflows) 2.2 3.9 6.1 - 6.1
Market and other movements((4)) 5.7 3.8 9.5 0.5 10.0
Closing AUA 56.1 30.4 86.5 5.7 92.2
Closing AUM 3.5 1.9 5.4((5)) 1.4((6)) 6.8
( )
((1) Transfers-in, subscriptions, contributions and tax relief)
((2) Transfers-out, cash withdrawals, benefits and tax payments)
((3) Migration related to the wind down of a White-label SIPP administration
agreement)
((4) Total investment returns and revaluations, net of charges and taxes)
((5) Platform AUA which is held in AJ Bell's Funds or Managed Portfolio
Service)
((6) Assets which are held in AJ Bell's Funds or Managed Portfolio Service via
third-party platforms)
( )
Contacts:
AJ Bell
· Mark Coxhead, Head of Investor Relations +44 (0) 7761 513 512
· Mike Glenister, Head of PR +44 (0) 7719 554 575
Historical customer numbers, AUA and AUM by quarter
Advised Platform Qtr to 30 Qtr to 31 Qtr to 31 Qtr to 30 Qtr to 30
September December March June September
2024 2024 2025 2025 2025
Customers (k) 171 174 177 180 182
AUA and AUM (£billion)
Opening AUA 54.9 56.1 57.2 57.1 59.0
Inflows((1)) 1.6 1.7 1.8 1.7 1.8
Outflows((2)) (1.1) (1.4) (1.3) (1.1) (1.5)
Net inflows 0.5 0.3 0.5 0.6 0.3
Market and other movements((4))
0.7 0.8 (0.6) 1.3 3.1
Closing AUA 56.1 57.2 57.1 59.0 62.4
Closing AUM((5)) 3.5 3.7 3.8 4.1 4.4
D2C Platform Qtr to 30 Qtr to 31 Qtr to 31 Qtr to 30 Qtr to 30
September December March June September
2024 2024 2025 2025 2025
Customers (k) 371 387 416 440 462
AUA and AUM (£billion)
Opening AUA 28.8 30.4 32.3 33.3 37.1
Underlying inflows((1)) 1.7 1.9 2.2 2.3 2.4
Outflows((2)) (0.7) (0.8) (0.8) (0.8) (1.0)
Underlying net inflows 1.0 1.1 1.4 1.5 1.4
Migration((3)) - - - 0.4 -
Total net inflows 1.0 1.1 1.4 1.9 1.4
Market and other movements((4))
0.6 0.8 (0.4) 1.9 2.4
Closing AUA 30.4 32.3 33.3 37.1 40.9
Closing AUM((5)) 1.9 1.9 2.0 2.3 2.6
Non-platform Qtr to 30 Qtr to 31 Qtr to 31 Qtr to 30 Qtr to 30
September December March June September
2024 2024 2025 2025 2025
Customers (k) 15 15 15 13 13
AUA and AUM (£billion)
Opening AUA 5.6 5.7 5.8 5.8 5.4
Inflows((1)) 0.1 0.1 - 0.1 -
Outflows((2)) (0.1) (0.1) (0.1) (0.2) (0.7)
Net outflows - - (0.1) (0.1) (0.7)
Migration((3)) - - - (0.4) -
Total net outflows - - (0.1) (0.5) (0.7)
0.1 0.1 0.1
Market and other movements((4))
0.1 0.2
Closing AUA 5.7 5.8 5.8 5.4 4.9
Closing AUM((6)) 1.4 1.6 1.7 1.7 1.9
Total closing AUA 92.2 95.3 96.2 101.5 108.2
Total closing AUM 6.8 7.2 7.5 8.1 8.9
((1) Transfers-in, subscriptions, contributions and tax relief)
((2) Transfers-out, cash withdrawals, benefits and tax payments)
((3) Migration relates to the wind down of a White-label SIPP administration
agreement)
((4) Total investment returns and revaluations, net of charges and taxes)
((5) Platform AUA which is held in AJ Bell's Funds or Managed Portfolio
Service)
((6) Assets which are held in AJ Bell's Funds or Managed Portfolio Service via
third-party platforms)
About AJ Bell:
Established in 1995, AJ Bell is one of the largest investment platforms in the
UK, operating at scale in both the advised and direct-to-consumer markets.
Our purpose is to help people invest by providing them with easy access to
Pensions, ISAs and General investment accounts, great customer service and
competitive charges.
Our platform propositions offer a wide range of simple, low-cost investment
solutions including shares and other instruments traded in the UK and other
major stock exchanges around the world, as well as our own range of AJ Bell
funds.
In the advised market, we offer AJ Bell Investcentre, our full-service
proposition, alongside AJ Bell Touch, a simplified app-based proposition
enabling a fully digital service model, and AJ Bell Custody Solutions, which
provides flexible, low-cost, white-labelled investment management.
In the D2C market we offer AJ Bell, our low-cost, full-service proposition and
AJ Bell Dodl, a low-cost investment app that offers a simplified investment
journey.
AJ Bell is headquartered in Manchester, UK, with offices in London and
Bristol.
Forward-looking statements
This announcement contains forward-looking statements that involve substantial
risks and uncertainties, and actual results and developments may differ
materially from those expressed or implied by these statements. These
forward-looking statements are statements regarding AJ Bell's intentions,
beliefs or current expectations concerning, among other things, its results of
operations, financial condition, prospects, growth, strategies, and the
industry in which it operates. By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. These forward-looking
statements speak only as of the date of this announcement and AJ Bell does not
undertake any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date
of this announcement.
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