REG - AJ Bell PLC - Interim Results
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RNS Number : 1633F AJ Bell PLC 21 May 2026
21 May 2026
AJ Bell plc
Interim results for the six months ended 31 March 2026
AJ Bell plc ('AJ Bell' or the 'Company'), one of the UK's largest investment
platforms, today announces its interim results for the six-month period ended
31 March 2026.
Highlights
Financial performance
● Excellent financial performance, with revenue up 19% to £183.0 million (HY25:
£153.2 million) and underlying profit before tax (PBT) up 15% to £79.0
million (HY25: £68.8 million)
● Revenue margin of 33.4bps (HY25: 32.4bps) driven by higher recurring ad
valorem and transactional revenues. Underlying PBT margin of 43.2% (HY25:
44.9%) reflects increased investment in brand and propositions, which drove
record business growth
● Underlying diluted earnings per share up 18% to 14.61 pence (HY25: 12.36
pence)
● Statutory PBT up 35% to £92.8 million (HY25: £68.8 million) and statutory
diluted earnings per share up 39% to 17.13 pence (HY25: 12.36 pence),
reflecting a net exceptional gain of £13.8 million
Shareholder returns
● Returned a total of £77.3 million to shareholders in the period, consisting
of the final dividend of £39.0 million and £38.3 million of share buybacks
under the ongoing programme
● Interim dividend of 5.00 pence per share, up 11% versus prior year (HY25: 4.50
pence)
● A further share buyback programme of up to £15 million, in addition to the
previously announced £50 million programme, supported by excellent financial
performance and strong cash generation
Operational performance
Platform business
● Strong growth in customer numbers, with a record 79,000 added in the period to
close at 723,000, up 12%
● Platform AUA up 5% in the period to £108.7 billion, driven by record net
inflows of £4.2 billion (HY25: £3.3 billion) and favourable market movements
of £1.2 billion (HY25: £0.6 billion)
● Market-leading customer service, evidenced by AJ Bell's Trustpilot rating of
4.9-stars and customer retention rate of 95% (FY25: 94%)
Investment business
● AUM increased by 10% in the period to close at £9.8 billion
● Strong net inflows in the period of £0.6 billion (HY25: £0.7 billion)
Non-platform business
● The sale of our Platinum SIPP and SSAS business completed in November 2025,
resulting in £3.3 billion of non-platform AUA transferring to InvestAcc Group
Limited
● We expect to exit our remaining third-party SIPP arrangement in the second
half of the year, further simplifying our business model and allowing
management to focus on our core platform business
Outlook
● The UK platform market continues to present significant structural growth
opportunities, with an estimated £2.4 trillion being held off platform
● We now expect full-year revenue margin, PBT and PBT margin to be higher than
previously guided. Excellent returns from our investment in brand and
marketing give us confidence to invest more than originally planned in the
second half of the year, while still expecting to deliver materially higher
profitability
Michael Summersgill, Chief Executive Officer at AJ Bell, commented:
"I am delighted to report an excellent set of first‑half results. We
delivered record customer growth, adding 79,000 customers in the period,
alongside record net inflows of £4.2 billion. This performance clearly
demonstrates the delivery of our strategy, as we reinvest the benefits of our
scale and operational gearing into our brand, marketing capabilities and
products, driving continued market share gains.
This strong business momentum has supported an excellent financial
performance, with revenue increasing by 19% to £183.0 million and underlying
profit before tax rising by 15% to £79.0 million. Our strong financial
position enables us to continue investing for growth while also increasing
returns to shareholders, demonstrated by an 11% increase in the interim
dividend and an additional share buyback programme of up to £15 million.
We have continually invested in our hybrid technology model, focused on
delivering easy‑to‑use products on a scalable platform. As AI becomes
increasingly important across the industry, we see it as an enabler to develop
our platform, operations and customer interactions. Our strategy is to deploy
AI across three key opportunities; to drive operational gearing, support
ongoing product development and enhance distribution routes. We have developed
an internal GenAI platform, providing a centralised, secure and
model‑agnostic foundation that we are leveraging to deliver these
opportunities.
The Government's ambition to boost retail investing is encouraging, however in
both pension and ISA markets we continue to see complexity and uncertainty.
Ahead of fiscal events in 2024 and 2025, speculation around potential pension
tax changes, driven by a lack of policy clarity, caused more than
£1 billion of excess pension withdrawals from our platform. This reflects a
broader industry‑wide trend across the two periods, which makes long‑term
retirement planning more difficult for consumers and reinforces the need for
the clear government commitment to pension tax stability we have repeatedly
called for. Likewise, proposed ISA reforms will create significant complexity
despite there being little evidence the measures will increase retail
investing. We believe formal public consultation is crucial to ensure the ISA
framework effectively supports retail investors, with limited time now
remaining before implementation.
The platform market presents significant long‑term growth opportunities, and
our continued business investment positions us well to capitalise on these. We
remain confident in the outlook, with strong momentum continuing into the
second half of the year."
Financial highlights
Six months ended Six months ended Change
31 March 2026 31 March 2025
Revenue £183.0 million £153.2 million 19%
Revenue per £AUA* 33.4bps 32.4bps 1.0bps
Underlying PBT* £79.0 million £68.8 million 15%
PBT £92.8 million £68.8 million 35%
Underlying PBT margin* 43.2% 44.9% (1.7ppts)
Underlying diluted earnings per share* 14.61 pence 12.36 pence 18%
Diluted earnings per share 17.13 pence 12.36 pence 39%
Interim dividend per share 5.00 pence 4.50 pence 11%
Non-financial highlights
Six months ended Year ended Change
31 March 2026 30 September 2025
Number of retail customers 730,000 657,000 11%
- Platform 723,000 644,000 12%
- Non-platform 7,000 13,000 (46%)
AUA* £110.2 billion £108.2 billion 2%
- Platform £108.7 billion £103.3 billion 5%
- Non-platform £1.5 billion £4.9 billion (69%)
AUM* £9.8 billion £8.9 billion 10%
Customer retention rate 94.6% 94.1% 0.5ppts
*see alternative performance measures
Contacts:
AJ Bell
● Mark Coxhead, Head of Investor Relations +44 (0) 7761 513 512
● Mike Glenister, Head of PR +44 (0) 7719 554 575
Results presentation details
A pre-recorded video with Michael Summersgill (CEO) and Peter Birch (CFO)
discussing these results will be available on our website
(ajbell.co.uk/investor-relations (http://www.ajbell.co.uk/investor-relations)
) along with an accompanying investor presentation from 07.00 BST today.
Management will be hosting a meeting for registered sell-side analysts at
10.00 BST today. Attendance is by invitation only.
Management will also be hosting a group call for investors today at 15.00 BST.
Please contact Kate Street at kstreet@jefferies.com for registration details.
Forward-looking statements
These results contain 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 these results 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 these results.
Chief Executive Officer's report
I am delighted to report record-breaking customer growth and net inflows. The
platform market presents significant long-term growth opportunities, and we
are continuing to invest in our brand, marketing capabilities and products to
increase our share in this growing market.
Delivering against our strategy
At the beginning of the year we outlined our intention to increase investment
in our brand, marketing capabilities and products, and we are executing well
against this with a record-breaking first half in terms of customer growth and
net inflows.
Our investment in products is focused on ease of use and the scalability of
our platform. The increasing importance of AI across the industry has become a
much-discussed topic during the period. Our approach centres on using AI to
drive operational gearing, support ongoing product enhancements and evolve
distribution routes, while remaining clear that trusted human relationships
continue to play a fundamental role in the delivery of financial services.
We continue to see a significant growth opportunity in our market, with around
two‑thirds of the estimated £3.7 trillion addressable market still held off
platform, and we will continue to invest in our business to increase our share
of this growing market.
Performance overview
We achieved record growth in platform customer numbers, increasing by 79,000,
alongside our highest-ever platform net inflows of £4.2 billion (HY25: £3.3
billion). This impressive performance was driven by our D2C platform, with net
inflows up 40% to an all-time high of £3.5 billion (HY25: £2.5 billion),
demonstrating the success of targeted investment in our brand and marketing
activities. Our advised platform also performed well, delivering record gross
inflows which reflect refinements to our distribution strategy and continued
enhancements to our proposition. This was offset by temporarily elevated
outflows driven by heightened uncertainty ahead of the Autumn Budget, and
alongside anticipated outflows associated with ongoing adviser consolidation,
this resulted in net inflows of £0.7 billion (HY25: £0.8 billion).
Our simplified, low-cost investment solutions now account for more than 7% of
platform AUA, reflecting the increased demand from customers and advisers,
with AJ Bell Investments' AUM increasing by 10%.
This continued growth of the business has delivered excellent financial
performance, with revenue rising 19% to £183.0 million (HY25: £153.2
million) and underlying PBT increasing 15% to £79.0 million (HY25: £68.8
million).
Following strong first half results, we are pleased to announce an interim
dividend of 5.00 pence per share (HY25: 4.50 pence per share) and an
additional share buyback programme of up to £15 million. This will follow our
ongoing £50 million share buyback programme announced in December, reflecting
our continued commitment to return surplus capital to shareholders.
Business review
Investing in our trusted brand and easy-to-use propositions
In January, we launched a new multi-channel brand campaign which included new
TV advertising. It uses our distinctive brand assets and character to position
AJ Bell as the place where 'Investing is for everyone'. We supported this with
increased media activity in the lead up to the tax year end and this
additional investment yielded strong results, with a record 23,000 new funded
customers joining our D2C platform in March alone.
Later in the year we will begin the rollout of a refreshed brand identity. Our
new branding will be digital-first and will better enable a customer
experience that brings our 'feel good' brand to life. Our mobile app will be a
critical channel through which customers experience this. We are developing a
new AJ Bell app that will make investing more intuitive and accessible, offer
more personalisation, and provide clearer, more relevant insights - delivering
best-in-class user experience.
Our D2C public website, launched last year, was designed to support faster
updates and greater flexibility at scale. As consumers increasingly rely on
AI‑generated summaries for information, we are structuring our content to
ensure AJ Bell remains visible and well-represented across digital channels
and AI-driven responses.
Alongside enhancing our marketing capability, we continue to invest in
developing easy-to-use products for customers and advisers. In response to
forthcoming inheritance tax and pension tax changes effective from April 2027,
we launched our first onshore bond link and a range of three trusts offering
flexible, tax-efficient solutions for advisers. We also expanded our low-cost
Gilt MPS range with three new portfolios, extending maturities out to 2032.
It is widely recognised that many first-time investors have difficulty in
choosing an investment. We are therefore developing a new guided journey for
our Ready-made pension to better support new pension savers in choosing an
initial investment that fits their profile. This will be our first product to
utilise the new Targeted Support rules and is expected to launch in the second
half of 2026.
Ongoing investment in the AJ Bell brand strengthens awareness of our core
propositions, whilst reducing the strategic value of separate sub-branded
products. As the advised market evolves towards integrated platform solutions,
we have decided to leverage product and engineering capabilities developed
within AJ Bell Touch into our existing AJ Bell Investcentre proposition and
discontinue AJ Bell Touch as a standalone platform. Early deployments of AJ
Bell Touch have been very well received, with advisers clear that this digital
experience would be highly valued on our core platform, informing our decision
to repurpose these capabilities. This will accelerate the development of our
core advised proposition, driving adviser efficiency by enabling them to serve
a broader customer base through a single platform.
Evolving our technology stack to support long-term growth
Our hybrid technology stack is structured across three core layers -
back-office, integration and user interfaces - each serving to support the
scalability, resilience and ease of use of the platform. This scalability is
evidenced by significantly higher levels of activity across the platform
during the period, including a 45% increase in webchat interactions and a 43%
rise in the number of completed transfers in, in addition to a 42% increase in
equity trades.
The platform is underpinned by third‑party back‑office systems, providing
cost‑effective administration at scale. We recently extended long‑term
partnerships with both of our industry-leading core software providers, giving
us certainty over long-term scalability. These systems are complemented by a
mid‑layer integration architecture, decoupling the customer interface from
the core platform, enhancing resilience and operational stability.
This mid‑layer also enables AI integration. We have developed our own GenAI
platform, which provides a flexible foundation to deploy AI capabilities
efficiently across the business, and accelerate change delivery while
supporting increased process automation within a well-governed framework.
Current AI‑driven tools include multiple customer service solutions that
support our Customer Services Team to efficiently handle over 150,000 monthly
calls and emails, whilst delivering real‑time sentiment analysis to support
proactive engagement.
At the front end, our proprietary user interfaces ensure we have full control
over product development, enabling us to design intuitive, easy‑to‑use
propositions for both customers and advisers.
Delivering market-leading service and excellent value
We operate a digital‑first platform, with over 99% of trades executed online
or via the app, complemented by direct access to our Customer Services Team at
key moments in the investment journey where customers and advisers value a
human touchpoint. During the period, the platform processed over 7.5 million
trades while maintaining market‑leading customer satisfaction metrics. We
retained a Trustpilot rating of 4.9-stars, answered 94% of customer calls
within 20 seconds and were once again recognised as a Which? Recommended
Provider for the eighth consecutive year, reflecting the consistently strong
support provided by our people.
We continue to deliver a high‑quality service for customers while growing
the platform at pace. Increased automation across core processes has allowed
us to moderate headcount growth, with operational & support FTEs falling
2% year-on-year, compared to a 22% increase in platform customer numbers over
the same period. This operating leverage supports our ability to maintain a
highly-competitive pricing proposition.
Market developments
We continue to engage with policymakers to encourage reforms that work for
long-term investors, and the fact that boosting retail investing has been
singled out as a priority by the Chancellor is positive. Nonetheless, we
remain concerned that in the two key markets for long-term retail investors -
pensions and ISAs - policy and regulatory interventions are creating added
complexity and uncertainty.
Reforms to bring pensions into inheritance tax will take effect from April
2027 and create significant extra administration challenges for everyone with
a defined contribution pension and particularly those with multiple pots on
death, with an inevitable knock-on impact on the time it takes to settle any
tax bills due from the estate.
The last two Budgets have seen substantial uncertainty around the future of
retirement saving incentives, in particular tax-free cash entitlements,
resulting in large numbers of people accessing their pension based on fear of
a political intervention rather than their long-term goals. This undermines
good consumer outcomes and the Government's broader aim to boost retail
investing. Through our 'Pension Tax Lock' campaign we continue to call for
long-term tax certainty for consumers at retirement, the absence of which will
otherwise prompt further industry-wide excess pension withdrawals around
future fiscal events.
We strongly opposed FCA proposals to create friction in non-advised pension
transfer journeys, set out in CP25/39 ('Adapting our requirements for a
changing pensions market'). Slow service times on pension transfers have
rightly been identified by the FCA as an issue of concern, however the
proposals in their existing form will exacerbate this problem, creating
substantial additional delay to the detriment of consumers. We are encouraged
that the regulator has said it is willing to listen to alternatives and have
urged policymakers to focus on improving engagement without unnecessarily
delaying pension transfers. As part of this, a wider review of annual benefit
statements should be conducted under Consumer Duty, with a longer-term aim of
making key information easily available via the Pensions Dashboard.
On ISAs, we remain strongly of the view that cutting the Cash ISA allowance to
£12,000 for under 65s from April 2027 is the wrong approach and represents a
missed opportunity to transform the ISA market. There is no evidence the
Government's reforms will materially boost retail investing, but it will force
investors to navigate additional complexity. Moving instead to a single main
ISA product incorporating cash and investments would have been a much more
effective, behaviourally-tested way of boosting engagement, in line with
Labour's pre-election pledge to simplify the ISA landscape.
Proposed 'anti-avoidance' measures designed to prevent people circumventing
the Cash ISA allowance cut are the main source of complexity, particularly if
the result is new tax charges on cash holdings and 'cash-like' investments
held within a Stocks & Shares ISA. Both are integral to retail investing,
with the former needed to pay fees and as a safe harbour during volatile
markets, and the latter essential for investors who are derisking their
portfolios. Restrictions on either would risk discouraging perfectly rational
retail investing behaviours. As a bare minimum, the Government should
facilitate an open debate on the impact of these plans through a public
consultation.
Outlook
Investment in our brand, marketing capabilities and products delivered
excellent results in the first half of the year, building strong momentum
across the business. This momentum has continued into the second half, with
strong platform inflows in April. We expect full-year PBT and PBT margin to be
higher than initially guided. This comprises higher revenue margin
expectations, partially offset by accelerated investment in the second half of
the year as we continue to see strong returns on the investments we have made
to date. While ongoing geopolitical tensions are likely to contribute to
market volatility in the near term, our resilient business model and track
record of delivering growth through a range of market conditions gives us
confidence in our outlook.
The UK platform market continues to offer significant structural growth
opportunities. As one of the few platforms operating at scale in both the
advised and D2C markets, we are well positioned to gain an increasing share of
the addressable market. Looking ahead, we remain positive about the
opportunities and will continue to invest in the business to support
sustainable long-term growth.
Michael Summersgill
Chief Executive Officer
Chief Financial Officer's review
We have delivered an excellent set of results in the first half of the year,
increasing revenue by 19% to £183.0 million and underlying profit before tax
by 15% to £79.0 million. This performance reflects the resilience of our
business model, underpinned by record platform inflows, strong customer
acquisition and continued strategic investment, positioning us well to deliver
sustained long-term growth.
Business performance
Customers
Six months ended 31 March 2026 Six months ended 31 March 2025 Year ended 30 September 2025
'000 '000 '000
Advised platform 189 177 182
D2C platform 534 416 462
Total platform 723 593 644
Non-platform 7 15 13
Total 730 608 657
Platform customer numbers grew by 79,000 during the period to 723,000 (FY25:
644,000). This included a record 72,000 new D2C customers, reflecting the
effectiveness of the investment in our marketing capabilities and the strength
of our brand. These factors, along with our competitive pricing, also helped
to drive an increase in inbound account transfers from other platforms within
the market. Our customer retention rate increased to 94.6% (FY25: 94.1%),
highlighting our highly-competitive products and market-leading customer
service.
Assets under administration
Six months ended 31 March 2026 D2C platform Total platform Non-platform Total
Advised platform
£bn £bn £bn £bn £bn
As at 1 October 2025 62.4 40.9 103.3 4.9 108.2
Inflows 4.2 6.0 10.2 - 10.2
Outflows (3.5) (2.5) (6.0) (3.4) (9.4)
Net inflows / (outflows) 0.7 3.5 4.2 (3.4) 0.8
Market and other movements 1.1 0.1 1.2 - 1.2
As at 31 March 2026 64.2 44.5 108.7 1.5 110.2
Six months ended 31 March 2025 D2C platform Total platform Non-platform Total
Advised platform
£bn £bn £bn £bn £bn
As at 1 October 2024 56.1 30.4 86.5 5.7 92.2
Inflows 3.5 4.1 7.6 0.1 7.7
Outflows (2.7) (1.6) (4.3) (0.2) (4.5)
Net inflows / (outflows) 0.8 2.5 3.3 (0.1) 3.2
Market and other movements 0.2 0.4 0.6 0.2 0.8
As at 31 March 2025 57.1 33.3 90.4 5.8 96.2
We delivered record gross AUA inflows across both our D2C and advised
platforms during the period. D2C gross inflows of £6.0 billion (HY25: £4.1
billion) represented a 46% increase on the prior period. Advised gross inflows
increased by 20% to £4.2 billion (HY25: £3.5 billion), demonstrating the
success of our revised distribution approach introduced at the start of the
period, and the enhancements to our advised proposition.
Platform outflows increased to £6.0 billion (HY25: £4.3 billion) in the
period, temporarily impacted by heightened uncertainty ahead of the Autumn
Budget, which led to a short-term change in retail investor behaviour. Whilst
headwinds from continuing adviser consolidation impacted as anticipated, our
revised distribution approach positions us well to capitalise on other inflow
opportunities.
Favourable market movements of £1.2 billion (HY25: £0.6 billion) were
tempered by a volatile market environment, driven by geopolitical tensions.
Against this backdrop, the resilience of our dual-channel model enabled us to
deliver closing platform AUA of £108.7 billion as at 31 March 2026, up 5%
from £103.3 billion as at 30 September 2025.
Following the sale of our Platinum SIPP and SSAS business in November 2025,
£3.3 billion of non-platform AUA transferred to InvestAcc Group Limited,
resulting in closing non-platform AUA of £1.5 billion (FY25: £4.9 billion).
Further outflows are anticipated in the second half of the year, as we exit
our remaining third-party arrangement and simplify our model to focus solely
on our core platform business.
Assets under management
Six months ended 31 March 2026 Six months ended 31 March 2025 Year ended 30 September 2025
£bn £bn £bn
Advised 4.6 3.8 4.4
D2C 3.1 2.0 2.6
Non-platform 1 (#_ftn1) 2.1 1.7 1.9
Total 9.8 7.5 8.9
Demand for our simple, low-cost investment solutions remains strong,
particularly with demand increasing from D2C customers. AJ Bell Investments
delivered net inflows of £0.6 billion (HY25: £0.7 billion), which alongside
favourable market movements of £0.3 billion (HY25: £nil), resulted in
closing AUM of £9.8 billion as at 31 March 2026 (FY25: £8.9 billion). This
is a 10% increase from year end.
Financial performance
Revenue
Unaudited Unaudited Audited
Six months ended 31 March 2026 Six months ended 31 March 2025 Year ended 30 September 2025
£000 £000 £000
Recurring fixed 12,978 16,372 32,496
Recurring ad valorem 135,595 111,678 232,384
Transactional 34,383 25,187 52,967
Total 182,956 153,237 317,847
Our diversified revenue model continues to deliver strong results, with
revenue increasing by 19% to £183.0 million (HY25: £153.2 million), driven
by robust ad valorem revenues, alongside elevated transactional volumes.
Recurring fixed fee revenue decreased by 21% to £13.0 million (HY25: £16.4
million), primarily reflecting a reduction in non-platform AUA following the
sale of our Platinum SIPP and SSAS business.
Recurring ad valorem revenue grew by 21% to £135.6 million (HY25: £111.7
million), due to higher average platform AUA balances. Net interest income
also increased in the period, reflecting higher average cash balances held on
the platform.
Revenue from transactional fees increased by 37% to £34.4 million (HY25:
£25.2 million), driven by higher foreign exchange revenue resulting from
elevated customer dealing activity in overseas shares.
Our overall revenue margin for the half year has increased to 33.4 bps (HY25:
32.4 bps), reflecting the impact of heightened trading volumes and higher
average cash balances on the platform.
Administrative expenses
Unaudited Unaudited Audited
Six months ended 31 March 2026 Six months ended 31 March 2025 Year ended 30 September 2025
(re-presented)(1)
£000 £000 £000
Distribution 24,797 17,605 36,631
Technology 31,444 25,762 55,141
Operational and support 49,937 44,364 92,977
Total 106,178 87,731 184,749(2)
(1) The comparative information for the six months ended 31 March 2025 has
been re-presented to reflect the reclassification of irrecoverable VAT and
share-based payment expenses to accurately reflect the cost categorisation,
resulting in £1.3 million of technology costs being reallocated to
distribution costs (£0.1 million) and operational and support costs (£1.2
million).
(2) Administrative expenses for the year ended 30 September 2025 also includes
an additional £1.1 million of non-recurring exceptional costs bringing the
total administrative expenses for the year to £185.9 million.
Total administrative expenses increased by 21% to £106.2 million (HY25:
£87.7 million). Of this total increase, 12% relates to business investment,
as we delivered planned investment in our brand, marketing and technology
capabilities. Performance-related variable costs accounted for 2%, reflecting
higher platform activity and increased variable remuneration following strong
financial performance. The remaining 7% consists of business-as-usual cost
growth. Total staff costs represent a significant portion of our total
administrative expenses, increasing by £6.4 million as part of our ongoing
commitment to reward our people competitively and invest in the capabilities
needed to achieve our long-term strategy. We remain committed to cost control
and efficiency, as we look to optimise resources for ongoing investment in our
business.
Distribution costs grew by 41% to £24.8 million (HY25: £17.6 million), with
35% of this growth attributed to business investment as we continue to raise
brand awareness through our 'Investing is for everyone' campaign, which we
launched in January 2026. Additional targeted investment in advertising
through multiple channels ahead of tax year end drove record D2C gross inflows
and customer growth in March. Business-as-usual cost growth accounts for 5% of
the increase, driven by headcount growth and pay enhancements with the
remaining 1% attributable to performance-related variable costs.
Technology costs increased by 22% to £31.4 million (HY25: £25.8 million).
Business investment accounts for 13% of the increase, predominantly driven by
continued investment in our development teams and technology capabilities. A
further 8% of the increase is attributable to business-as-usual cost growth as
we increased spend on our technology infrastructure and security, ensuring the
platform remains resilient as activity levels continue to grow. The remaining
1% of the increase is attributable to performance-related variable costs.
Operational and support costs increased by 12% to £49.9 million (HY25: £44.4
million). Of this, 7% relates to business-as-usual cost growth, resulting from
increased salary costs, whilst performance-related variable costs account for
3% of the increase, driven by higher transactional costs from elevated
customer dealing activity and increased variable remuneration. The remaining
increase of 2% relates to business investment, as we continue the
refurbishment of our head office in Manchester.
Exceptional items
Unaudited Unaudited Audited
Six months ended 31 March 2026(1) Six months ended 31 March 2025 Year ended 30 September 2025
£000 £000 £000
Profit on disposal 21,374 - (774)
Impairment charge (7,641) - -
Other non-recurring expenditure - - (367)
Total 13,733 - (1,141) (2)
(1) The profit on disposal and impairment charge are disclosed in the income
statement.
(2) Costs associated with the disposal of the Platinum SIPP and SSAS business
for the year ended 30 September 2025, as well as other non-recurring
expenditure, are included within administrative expenses.
Following the sale of our Platinum SIPP and SSAS business in November 2025, a
profit of £21.4 million has been recognised net of disposal costs incurred
during the period (see Note 8 in the notes to the condensed consolidated
interim financial statements).
During the period, an impairment charge has been recognised to reflect a full
write down of the AJ Bell Touch intangible assets (see Note 11 in the notes to
the condensed consolidated interim financial statements).
Profit and earnings
Underlying profit before tax increased by 15% to £79.0 million (HY25: £68.8
million), delivering an underlying PBT margin of 43.2% (HY25: 44.9%).
Full-year PBT and PBT margin is anticipated to be higher than we previously
guided in December. This reflects higher revenue margin expectations,
partially offset by accelerated investments in the second half of the year.
Our effective rate of tax for the period was 25.4% (HY25: 25.7%), which is
broadly in line with the standard rate of UK Corporation Tax of 25.0%.
Underlying basic earnings per share, calculated using underlying PBT,
increased by 19% to 14.70 pence (HY25: 12.41 pence). Underlying diluted
earnings per share, which account for the dilutive impact of outstanding share
awards and are calculated using underlying PBT, increased by 18% to 14.61
pence (HY25: 12.36 pence). Basic earnings per share, which include exceptional
items, increased by 39% to 17.23 pence (HY25: 12.41 pence). Diluted earnings
per share, which include exceptional items, increased by 39% to 17.13 pence
(HY25: 12.36 pence).
Financial position
Capital and liquidity
The Group's financial position remains strong, with net assets totalling
£211.9 million as at 31 March 2026 (FY25: £217.5 million) and a return on
assets of 32.6% (HY25: 25.7%). We have continued to maintain a healthy surplus
over our regulatory capital requirement throughout the period.
We operate a highly cash-generative business, with a short working capital
cycle that ensures profits are quickly converted into cash. We generated cash
from operations of £64.9 million during the six-month period and held cash
balances of £167.6 million as at 31 March 2026 (FY25: £188.2 million). The
reduction in cash balances from 30 September 2025 is primarily due to our
ongoing share buyback programme.
Completion of the sale of our Platinum SIPP and SSAS business to InvestAcc
Group Limited in November 2025 resulted in a profit on disposal of £21.4
million, including deferred consideration receivable in the second half of
FY26, subject to certain conditions being met. The disposal proceeds further
strengthen our capital position and will be flowed through the Group's capital
allocation framework.
Shareholder capital returns
The Board has declared an interim dividend of 5.00 pence per share, an 11%
increase from prior year (HY25: 4.50 pence per share), in line with our
commitment to issue a progressive dividend as part of our capital allocation
framework.
In December 2025, the Board approved a share buyback programme to return £50
million to shareholders, which remains ongoing. Our first half performance has
exceeded expectations and resulted in additional surplus capital. As such, in
accordance with our capital allocation framework, the Board is pleased to
announce a further share buyback programme of up to £15 million, to commence
upon completion of the current programme.
During the past 12 months, the Group has returned a total of £77.3 million to
shareholders, consisting of the final dividend of £39.0 million and £38.3
million of share buybacks under the ongoing programme. This demonstrates our
continued commitment to return surplus capital to shareholders.
Peter Birch
Chief Financial Officer
Responsibility statement
Directors' responsibility statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted for use in the
UK; and
(b) the Interim management report includes a fair review of the
information required by:
(i) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties facing
the Group for the remaining six months of the financial year; and
(ii) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related-party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the Group during that period; and any changes in
the related-party transactions described in the last annual report that could
do so.
By order of the Board:
Kina Sinclair
Company Secretary
20 May 2026
Independent review report to AJ Bell plc
Report on the condensed consolidated interim financial statements
We have reviewed AJ Bell plc's condensed consolidated interim financial
statements (the "interim financial statements") in the interim results of AJ
Bell plc for the 6 month period ended 31 March 2026 (the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
· the condensed consolidated statement of financial position as at
31 March 2026;
· the condensed consolidated income statement for the period then
ended;
· the condensed consolidated statement of cash flows for the period
then ended;
· the condensed consolidated statement of changes in equity for the
period then ended; and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the interim results of AJ Bell
plc have been prepared in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the interim results and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The interim results, including the interim financial statements, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim results in accordance with the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. In preparing the interim results, including the
interim financial statements, the directors are responsible for assessing the
group's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the group or to
cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the interim results based on our review. Our conclusion,
including our Conclusions relating to going concern, is based on procedures
that are less extensive than audit procedures, as described in the Basis for
conclusion paragraph of this report.
Use of this report
This report, including the conclusion, has been prepared for and only for the
company for the purpose of complying with the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority and for no other purpose. We do not, in giving this conclusion,
accept or assume responsibility for any other purpose or to any other person
to whom this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
Manchester
20 May 2026
Condensed consolidated income statement
For the six months ended 31 March 2026
Notes Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 £000 Audited Year ended 30 September 2025
£000
£000
Revenue 6 182,956 153,237 317,847
Administrative expenses (106,178) (87,731) (185,890)
Operating profit 7 76,778 65,506 131,957
Investment income 2,729 3,804 6,800
Finance costs (472) (477) (931)
Underlying profit before tax 79,035 68,833 137,826
Profit on disposal 8 21,374 - -
Impairment charge 11 (7,641) - -
Profit before tax 92,768 68,833 137,826
Tax expense 9 (23,604) (17,672) (32,705)
Profit for the period attributable to:
Equity holders of the parent company 69,164 51,161 105,121
Earnings per ordinary share:
Basic (pence) 10 17.23 12.41 25.68
Diluted (pence) 10 17.13 12.36 25.56
Underlying earnings per ordinary share:
Basic (pence) 10 14.70 12.41 25.68
Diluted (pence) 10 14.61 12.36 25.56
There were no other components of recognised income or expense in any of the
periods presented and consequently no statement of other comprehensive income
has been presented.
Condensed consolidated statement of financial position
As at 31 March 2026
Assets Notes Unaudited 31 March 2026 £000 Unaudited 31 March 2025 £000 Audited 30 September 2025
£000
Non-current assets
Goodwill 6,991 6,991 6,991
Other intangible assets 11 601 8,109 7,994
Property, plant and equipment 12 5,011 3,560 3,722
Right-of-use assets 12 10,722 10,766 10,557
Financial assets 8 954 - -
Deferred tax asset 2,086 1,390 5,450
26,365 30,816 34,714
Current assets
Trade and other receivables 87,449 69,087 68,450
Current tax receivable 12,070 1,480 10,090
Cash and cash equivalents 167,591 174,500 188,192
267,110 245,067 266,732
Assets held for sale - 1,891 1,634
Total current assets 267,110 246,958 268,366
Total assets 293,475 277,774 303,080
Liabilities
Current liabilities
Trade and other payables (60,568) (57,004) (64,521)
Lease liabilities (2,439) (1,799) (2,216)
Provisions 13 (6,231) (6,886) (6,410)
(69,238) (65,689) (73,147)
Non-current liabilities
Lease liabilities (9,704) (10,754) (9,842)
Provisions 13 (2,639) (2,372) (2,639)
(12,343) (13,126) (12,481)
Total liabilities (81,581) (78,815) (85,628)
Net assets 211,894 198,959 217,452
Equity
Share capital 14 50 51 50
Share premium 9,388 9,078 9,138
Own shares (805) (1,047) (926)
Retained earnings 203,261 190,877 209,190
Total equity 211,894 198,959 217,452
Condensed consolidated statement of changes in equity
For the six months ended 31 March 2026
Share capital Total equity
£000 Share premium Retained £000
earnings
£000
Own shares
£000
£000
Balance at 1 October 2025 50 9,138 209,190 (926) 217,452
Total comprehensive income for the period:
Profit for the period - - 69,164 - 69,164
Transactions with owners, recorded directly in equity:
Issue of shares (note 14) - 250 - - 250
Dividends paid (note 15) - - (39,041) - (39,041)
Equity-settled share-based payment transactions - - 2,675 - 2,675
Deferred tax effect of share-based payment transactions (note 9) - - (400) - (400)
Tax relief on exercise of share options (note 9) - - 110 - 110
Share transfer relating to share options exercised (note 14) - - (121) 121 -
Purchase of own shares (note 14) - - (38,316) - (38,316)
Total transactions with owners - 250 (75,093) 121 (74,722)
Balance at 31 March 2026 50 9,388 203,261 (805) 211,894
Share capital Share premium Retained Own shares Total equity
earnings
£000
£000 £000
£000
£000
Balance at 1 October 2024 52 8,963 197,024 (2,049) 203,990
Total comprehensive income for the period:
Profit for the period - - 51,161 - 51,161
Transactions with owners, recorded directly in equity:
Issue of shares (note 14) - 115 - - 115
Dividends paid (note 15) - - (34,019) - (34,019)
Equity-settled share-based payment transactions - - 2,220 - 2,220
Deferred tax effect of share-based payment transactions (note 9) - - (186) - (186)
Tax relief on exercise of share options (note 9) - - 146 - 146
Share transfer relating to share options exercised (note 14) - - (1,002) 1,002 -
Purchase of own shares (note 14) (1) - (24,467) - (24,468)
Total transactions with owners (1) 115 (57,308) 1,002 (56,192)
Balance at 31 March 2025 51 9,078 190,877 (1,047) 198,959
Condensed consolidated statement of cash flows
For the six months ended 31 March 2026
Loss on investment shares
Cash flows from operating activities Notes Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 Audited Year ended 30 September 2025
£000
£000
£000
Profit for the period 69,164 51,161 105,121
Adjustments for:
Investment income (2,729) (3,804) (6,800)
Finance costs 472 477 931
Income tax expense 9 23,604 17,672 32,705
Depreciation and amortisation 2,721 1,847 4,080
Impairment of intangible asset 11 7,641 -
Share-based payment expense 16 2,605 2,174 4,100
Decrease in provisions 13 (179) (535) (1,011)
Loss on disposal of intangible assets, property, plant and equipment and 12 20 15 37
right-of-use assets
Profit on sale of disposal group 8 (21,374) - -
Unrealised loss on financial assets 46 - -
Increase in trade and other receivables (13,112) (11,433) (10,539)
(Decrease)/increase in trade and other payables (3,946) (4,917) 2,600
Cash generated from operations 64,933 52,657 131,224
Income tax paid (22,511) (17,985) (44,739)
Net cash flows from operating activities 42,422 34,672 86,485
Cash flows from investing activities
Purchase of other intangible assets 11 (989) (727) (1,196)
Purchase of property, plant and equipment 12 (2,032) (428) (1,240)
Proceeds from sale of disposal group 8 17,500 - -
Costs from sale of disposal group 8 (1,384) - -
Interest received 2,729 3,804 6,800
Net cash from investing activities 15,824 2,649 4,364
Cash flows from financing activities
Payments of principal in relation to lease liabilities (1,268) (624) (1,654)
Payments of interest on lease liabilities (472) (477) (931)
Proceeds from issue of share capital 14 250 115 175
Payments for share buyback 14 (38,316) (24,467) (44,610)
Dividends paid 15 (39,041) (34,019) (52,288)
Net cash used in financing activities (78,847) (59,472) (99,308)
Net decrease in cash and cash equivalents (20,601) (22,151) (8,459)
Cash and cash equivalents at beginning of period 188,192 196,651 196,651
Cash and cash equivalents at end of period 167,591 174,500 188,192
Notes to the condensed consolidated interim financial statements
For the six months ended 31 March 2026
1 General information
AJ Bell plc (the 'Company') is the Parent Company of the AJ Bell group of
companies (together the 'Group'). The Group provides investment
administration, dealing and custody services. The Company is a public limited
company which is listed on the Main Market of the London Stock Exchange and
incorporated and domiciled in the United Kingdom. The Company's number is
04503206 and the registered office is 4 Exchange Quay, Salford Quays,
Manchester, M5 3EE.
2 Basis of preparation
The condensed consolidated interim financial statements ('interim financial
statements') have been prepared in accordance with IAS 34 'Interim Financial
Reporting' as issued by the IASB and adopted for use in the UK. They do not
include all of the information and disclosures required for full annual
financial statements and therefore should be read in conjunction with the AJ
Bell plc Annual Report and Accounts for the year ended 30 September 2025,
which were prepared under UK-adopted International Accounting Standards and
the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards.
The interim financial statements have been prepared on the historical cost
basis of accounting, except for certain financial instruments which are
measured at fair value at the end of each reporting period, and are presented
in sterling, which is the currency of the primary economic environment in
which the Group operates. All amounts have been rounded to the nearest
thousand, unless otherwise stated.
The financial information contained in the interim financial statements does
not constitute statutory accounts within the meaning of section 434 of the
Companies Act 2006. The financial information for the year ended 30 September
2025 has been derived from the audited financial statements of AJ Bell plc for
that year, which have been reported on by the Company's auditor
(PricewaterhouseCoopers LLP) and delivered to the registrar of companies. The
report of the auditor was:
(i) unqualified; and
(ii) did not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report; and
(iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The consolidated financial statements of the Group for the year ended 30
September 2025 are available to view online at
ajbell.co.uk/group/investor-relations.
(https://www.ajbell.co.uk/group/investor-relations)
Going concern
The Group's forecasts and objectives, considering a number of potential
changes in trading conditions, show that the Group should be able to operate
at adequate levels of both liquidity and capital for at least 12 months from
the date of signing this report. The Directors have performed a number of
stress tests, covering a significant reduction in equity market values and a
reduction in interest income with a further Group-specific, idiosyncratic
stress relating to a scenario whereby prolonged IT issues cause a reduction in
customers. These provide assurance that the Group has sufficient capital and
liquidity to operate under stressed conditions.
Consequently, after making reasonable enquiries, the Directors are satisfied
that the Group has sufficient financial resources to continue in business for
at least 12 months from the date of signing the interim report and therefore
have continued to adopt the going concern basis in preparing the interim
financial statements.
Changes in accounting policies
The accounting policies adopted by the Group in these interim financial
statements are consistent with those applied by the Group in its consolidated
financial statements for the year ended 30 September 2025.
The following amendments and interpretations became effective during the
period. Their adoption has not had any significant impact on the Group.
Effective from
IAS 21 Lack of Exchangeability (Amendments) 1 January 2025
The Group has not early adopted any other standard, interpretation or
amendment that has been issued but is not yet effective.
3 Critical accounting judgements and key sources of estimation uncertainty
In the preparation of the interim financial statements, the Directors are
required to make judgements, estimates and assumptions to determine the
carrying amounts of certain assets and liabilities. The estimates and
associated assumptions are based on the Group's historical experience and
other relevant factors. Actual results may differ from the estimates applied.
Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both current and
future periods.
During the year, the Group recognised a full impairment of the carrying value
of the Touch intangible asset following the identification of an internal
indicator of impairment under IAS 36 Impairment of Assets (see note 11).
There are no other judgements made, in applying the accounting policies, about
the future, or any other major sources of estimation uncertainty at the end of
the reporting period, that have a significant risk of resulting in a material
adjustment to the carrying amounts of assets and liabilities within the
financial year.
4 Seasonality of operations
The Group's financial results are not subject to material fluctuations caused
by seasonality. Management considers the results for the interim period to be
broadly representative of those expected for the full financial year.
5 Segmental reporting
It is the view of the Directors that the Group has a single operating segment
being investment services in the advised and D2C space administering
investments in SIPPs, ISAs and General Investment / Dealing Accounts. Details
of the Group's revenue, results and assets and liabilities for the reportable
segment are shown within the condensed consolidated income statement and
condensed consolidated statement of financial position.
The Group operates in one geographical segment, being the UK.
Due to the nature of its activities, the Group is not reliant on any one
customer or group of customers for the generation of revenues.
6 Revenue
The analysis of the consolidated revenue is disclosed within the Financial
Review. The total revenue for the Group has been derived from its principal
activities undertaken in the UK.
7 Operating profit
Profit per the condensed consolidated income statement has been arrived at
after charging:
Unaudited Six months ended 31 March 2026 Audited Year ended 30 September 2025
£000
£000
Unaudited Six months ended 31 March 2025
£000
Amortisation of intangible assets (note 11) 811 211 816
Depreciation of property, plant and equipment 695 627 1,258
Depreciation of right-of-use assets 1,215 1,009 2,006
Loss on the disposal of property, plant and equipment and right-of-use assets 20 15 37
(note 12)
Auditors' remuneration 568 531 1,324
Exceptional costs - - 1,141
Staff costs 53,004 46,584 96,203
8 Profit on sale of disposal group
On 3 November 2025, the Group completed the sale of its Platinum SIPP and SSAS
business for a total consideration of up to £25 million, made up of an
initial consideration of £18.5 million and a deferred consideration of up to
£6.5 million.
The initial consideration represents £17.5 million in cash and £1.0 million
in new InvestAcc shares, which are held as financial assets at fair value
through profit or loss (FVTPL) under IFRS 9.
The total deferred consideration receivable by the Group is subject to certain
conditions following the sale. As at the reporting date, it is expected to be
£6.1 million after deductions. Deferred consideration is included within
other receivables and is due in the second half of FY26.
The profit on sale of the disposal group is measured as the difference between
the consideration received and the asset's carrying amount at the date of
disposal, after deducting any directly attributable costs of disposal incurred
during the period. In the six months ended 31 March 2026, profit on disposal
was £21.4 million including legal and professional costs of £1.4 million.
Legal and professional costs incurred in FY25 were £0.8 million which were
recognised within administrative expenses.
The table below shows the components of the profit on sale of disposal group
for the six months ended 31 March 2026.
Unaudited Six months ended 31 March 2026
£000
Profit on sale of disposal group
Total consideration
Cash 17,500
Shares in listed entities measured at FVTPL 1,000
Deferred consideration receivable 6,500
25,000
Total deductions
Trade receivables (493)
Accrued income (1,338)
Legal and professional costs associated with sale (1,384)
Deductions to deferred consideration receivable (411)
(3,626)
Total profit on disposal 21,374
9 Taxation
Tax charged in the condensed consolidated interim income statement:
Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 Audited Year ended 30 September 2025
£000
£000
£000
Current taxation
UK Corporation Tax 23,649 17,708 35,997
Adjustment to current tax in respect of prior periods (3,011) (6) (102)
20,638 17,702 35,895
Deferred taxation
Origination and reversal of temporary (45) (38) (3,293)
differences
Adjustment to deferred tax in respect of prior periods 3,011 8 103
2,966 (30) (3,190)
Total tax expense 23,604 17,672 32,705
Corporation Tax for the six months ended 31 March 2026 has been calculated at
25% (six months ended 31 March 2025: 25%; year ended 30 September 2025: 25%),
representing the average annual effective tax rate expected for the full year,
applied to the estimated assessable profit for the six-month period.
In addition to the amount charged to the income statement, certain tax amounts
have been recognised directly in equity as follows:
Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 Audited Year ended 30 September 2025
£000
£000
£000
Deferred tax charge/(credit) relating to share-based payments 400 186 (714)
Current tax relief on exercise of share options (110) (146) (178)
290 40 (892)
The charge for the period can be reconciled to the profit per the condensed
consolidated interim income statement as follows:
Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 Audited Year ended 30 September 2025
£000
£000
£000
Profit before tax 92,768 68,833 137,826
UK Corporation Tax at 25% (six months ended 31 March 2025: 25%; year ended 30 23,192 17,208 34,457
September 2025: 25%)
Effects of:
Expenses not deductible for tax purposes 421 122 403
Amounts not recognised (9) 340 3
Pre-trading expenditure recognised as a deferred tax asset - - (2,159)
Adjustments to current and deferred tax in respect of prior periods - 2 1
Total tax expense 23,604 17,672 32,705
Effective tax rate 25.4% 25.7% 23.7%
Deferred tax has been recognised at 25% being the rate expected to be in force
at the time of the reversal of the temporary difference (six months ended 31
March 2025: 25%; year ended 30 September 2025: 25%). A deferred tax asset in
respect of future share option deductions has been recognised based on the
Company's share price at 31 March 2026.
10 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
the owners of the parent company by the weighted average number of ordinary
shares, excluding own shares, in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted average
number of shares to assume exercise of all potentially dilutive share options.
Underlying basic and diluted earnings per share are non‑IFRS measures
derived from underlying profit after tax and are presented as supplemental
information to basic and diluted earnings per share.
The calculation of earnings per share is based on the following data:
Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 Audited Year ended 30 September 2025
£000
£000
£000
Earnings for the purposes of basic and diluted EPS being:
Profit attributable to equity holders of the parent company 69,164 51,161 105,121
Earnings for the purposes of underlying basic and diluted EPS being:
Underlying profit after tax 59,001 51,161 105,121
Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 Audited Year ended 30 September 2025
Number
Number
Number
Number of shares
Weighted average number of ordinary shares for the purposes of basic EPS in 401,479,429 412,168,984 409,332,625
issue during the period
Effect of potentially dilutive share options 2,251,245 1,824,537 1,941,713
Weighted average number of ordinary shares for the purposes of fully diluted 403,730,674 413,993,521 411,274,338
EPS
Unaudited Six Unaudited Six Audited
months ended months ended Year ended
31 March 31 March 30 September
2026 2025 2025
Earnings per share
Basic (pence) 17.23 12.41 25.68
Diluted (pence) 17.13 12.36 25.56
Underlying earnings per share
Basic (pence) 14.70 12.41 25.68
Diluted (pence) 14.61 12.36 25.56
Underlying earnings per share
Underlying earnings per share has been calculated after the following
adjustments have been made to the tax expense in relation to exceptional items
on the income statement:
Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 Audited Year ended 30 September 2025
£000
£000
£000
Underlying profit before tax 79,035 68,833 137,826
Total tax expense (23,604) (17,672) (32,705)
Adjustments to tax expense due to exceptional items 3,570 - -
Tax expense after exceptional items (20,034) (17,672) (32,705)
Underlying profit after tax 59,001 51,161 105,121
11 Other intangible assets
Key operating systems Computer Total
software and mobile applications
£000 £000 £000
Carrying amount as at 1 October 2024 7,470 70 7,540
Additions 727 - 727
Share-based payments 53 - 53
Amortisation charge (168) (43) (211)
Carrying amount as at 31 March 2025 8,082 27 8,109
Additions 490 - 490
Amortisation charge (338) (267) (605)
Transfers (2,928) 2,928 -
Carrying amount as at 30 September 2025 5,306 2,688 7,994
Additions 391 598 989
Share-based payments 70 - 70
Amortisation charge (431) (380) (811)
Impairment (5,336) (2,305) (7,641)
Carrying amount as at 31 March 2026 - 601 601
Additions and share-based payments capitalised as key operating systems relate
to internally generated assets.
During the period, management identified an internal indicator of impairment
relating specifically to the Touch intangible asset, arising from revised
expectations regarding its future economic benefits. In accordance with IAS 36
Impairment of Assets, the asset was subject to an impairment assessment, which
concluded that its recoverable amount was £nil. As a result, the carrying
value of the Touch intangible asset has been fully impaired, with the
impairment loss recognised in the income statement for the period.
12 Changes in capital expenditure
During the six months ended 31 March 2026, the Group acquired equipment with a
cost of £2,032,000 (six months ended 31 March 2025: £428,000; year ended 30
September 2025: £1,240,000).
Disposals of tangible assets in the six months ended 31 March 2026 had a net
book value of £20,000 (six months ended 31 March 2025: £15,000; year ended
30 September 2025: £37,000).
Additions to the cost of right-of-use assets were £1,593,000 in the six
months ended 31 March 2026 (six months ended 31 March 2025: £1,000; year
ended 30 September 2025: £801,000).
13 Provisions
Office Redress Other Total
dilapidations provision provisions £000
£000 £000 £000
As at 1 October 2024 2,606 7,017 170 9,793
Provisions used (130) (265) (36) (431)
Unused provisions reversed (104) - - (104)
As at 31 March 2025 2,372 6,752 134 9,258
Additional provisions 267 - 306 573
Provisions used - (748) (34) (782)
As at 1 October 2025 2,639 6,004 406 9,049
Provisions used - (91) (88) (179)
As at 31 March 2026 2,639 5,913 318 8,870
Current liabilities - 5,913 318 6,231
Non-current liabilities 2,639 - - 2,639
Office dilapidations
The Group is contractually obliged to reinstate its leased properties to their
original state and layout at the end of the lease terms. The office
dilapidations provision represents management's best estimate of the costs
which will ultimately be incurred in settling these obligations.
Redress provision
The provision has been recognised in relation to costs for potential customer
redress. The redress relates to potential liability for historical SIPP
operator due diligence issues in respect of non-mainstream investments, which
subsequently became distressed, made by customers who had regulated financial
advisers acting for them between April 2007 and 2014 and does not relate to
ongoing business operations. Based on published Financial Ombudsman Service
decisions, we believe that future complaints would be time-limited.
The figure represents our current most reliable estimate of the present
obligation, accepting that there is still some uncertainty regarding the
amounts required to settle the obligations as work is ongoing. The estimate
has been made by assessing a range of different outcomes based on key
assumptions, including the calculation of investment loss and application of
limitation. Sensitivity analysis of these key assumptions would be unlikely to
have a material impact on the condensed consolidated financial statements.
Although the timings of the outflows are not determined, we expect payment to
be made within 12 months of the date of the condensed consolidated statement
of financial position.
Other provisions
The other provisions relate to the costs associated with defending a small
number of legal cases.
The timings of the outflows are uncertain and could be paid within 12 months
of the date of the condensed consolidated statement of financial position.
14 Share capital
Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 Audited Year ended 30 September 2025
£
£
£
Issued, fully-called and paid:
Ordinary shares of 0.0125p each 49,551 51,012 50,483
Issued, fully-called and paid: Number Number Number
Number of ordinary shares of 0.0125p each 396,409,942 408,098,659 403,862,576
All ordinary shares have full voting and dividend rights.
The following share transactions have taken place during the period:
Transaction type Share class Number of shares Share premium £000
Exercise of EIP options Ordinary shares of 0.0125p each 196,852 -
Exercise of SMIP options Ordinary shares of 0.0125p each 1,541 -
Exercise of CSOP options Ordinary shares of 0.0125p each 80,057 250
Free shares issue Ordinary shares of 0.0125p each 407,409 -
Share buyback Ordinary shares of 0.0125p each (8,138,493) -
(7,452,634) 250
Own shares
As at 31 March 2026, the Group held 254,145 own shares in an employee benefit
trust (31 March 2025: 330,285; 30 September 2025: 292,278).
During the period 38,133 options with a value of £121,000 were exercised and
issued from the employee benefit trust.
Share buybacks
In December 2025, the Group announced a new share buyback programme for up to
a maximum aggregate consideration of £50,000,000 which commenced on 4
December 2025. In the six months ended 31 March 2026, 8,138,493 ordinary
shares were repurchased under the share buyback programme, at a total cost
(including transaction costs) of £38,316,000.
All ordinary shares acquired have been subsequently cancelled, with the
nominal value of ordinary shares cancelled deducted from share capital against
the capital redemption reserve.
15 Dividends
The following dividends were declared and paid by the Company during the
period:
Unaudited Six months ended 31 March 2026 Unaudited Six months ended 31 March 2025 Audited Year ended 30 September 2025
£000
£000
£000
Final dividend for the year ended 30 September 2024 of 8.25p per share - 34,019 34,019
Interim dividend for the year ended 30 September 2025 of 4.50p per share - - 18,269
Final dividend for the year ended 30 September 2025 of 9.75p per share 39,041 - -
Ordinary dividends paid on equity shares 39,041 34,019 52,288
An interim dividend of 5.00 pence per share was approved by the Board on 20
May 2026 and is payable on 26 June 2026 to shareholders on the register at the
close of business on 5 June 2026. The ex-dividend date will be 4 June 2026.
This dividend has not been included as a liability as at 31 March 2026.
The employee benefit trust, which held 254,145 ordinary shares in AJ Bell plc
at 31 March 2026 (31 March 2025: 330,285; 30 September 2025: 292,278), has
agreed to waive all dividends.
16 Share-based payments
During the six months ended 31 March 2026, the Group recognised a total
share-based payment expense in the condensed consolidated income statement of
£2,605,000 (six months ended 31 March 2025 expense of: £2,174,000; year
ended 30 September 2025 an expense of: £4,100,000).
The Group capitalised share-based payment costs of £70,000 (six months ended
31 March 2025: £53,000; year ended 30 September 2025: £74,000) within the
condensed consolidated statement of financial position.
The Group operates the same equity-settled share-based payment arrangements as
reported at 30 September 2025.
17 Principal risks and uncertainties
The Group continually reviews the principal risks and uncertainties that could
impact the delivery of its strategic objectives. The Board considers that the
nature of the Group's principal risks and uncertainties that may have a
material effect on performance over the remainder of the financial year
remains materially unchanged from those disclosed in the FY25 annual report
and accounts.
During the period, the Group has considered the potential impacts of evolving
geopolitical developments and increased global uncertainty. The Board
concluded that this represents an external risk driver rather than a new
principal risk, and that any impacts are already reflected within the Group's
existing principal risk disclosures.
While the inherent risk associated with certain principal risks may be
heightened, the Board remains satisfied that the Group's control environment
and governance arrangements continue to be appropriate and effective, with
developments monitored through existing oversight and escalation processes.
18 Related-party transactions
There were no changes to the related-party relationships or significant
transactions during the financial period that would materially affect the
financial position or performance of the Group. All other transactions are
consistent in nature with the disclosure in note 28 of the consolidated
financial statements for the year ended 30 September 2025.
19 Subsequent events
Following the period end, the Group continued to purchase shares under the
£50 million share buyback programme. 974,488 shares for a total cost of
£4,928,000 were purchased and subsequently cancelled between the end of the
reporting period and the date of issuing the condensed consolidated financial
statements. The total shares bought back through the programme so far is
9,112,981.
20 Cautionary statement
The interim results for the six months ended 31 March 2026 contain
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 these interim results 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 these interim
results.
Alternative performance measures
Within the interim report and condensed consolidated financial statements,
various Alternative Performance Measures (APM) are referred to. APMs are not
defined by International Financial Reporting Standards and should be
considered together with the Group's IFRS measurements of performance. We
believe APMs assist in providing greater insight into the underlying
performance of the Group and enhance comparability of information between
reporting periods. The table below states those which have been used, how they
have been calculated and why they have been used.
APMs How they have been calculated Why they have been used
Assets Under Administration (AUA) AUA is the value of assets for which AJ Bell provides either an AUA is a measurement of the growth of the business and is the primary driver
administrative, custodial, or transactional service. of ad valorem revenue, which is the largest component of Group revenue.
Assets Under Management (AUM) AUM is the value of assets for which AJ Bell provides a management service. AUM is a measurement of the growth of the business and is a driver of ad
valorem revenue.
Profit before tax (PBT) margin PBT margin is calculated as the net profit generated during the year expressed PBT margin provides a simple measurement to facilitate comparison of our
as a percentage of the total revenue for the year. performance with our competitors.
Return on assets Return on assets is calculated as net profit generated during the year Return on assets is a measurement of how the business uses assets to generate
expressed as a percentage of the total net assets. profit.
Revenue margin (Revenue per £AUA) Revenue margin is the total revenue generated during the year expressed as a Revenue margin provides a simple measurement to facilitate comparison of our
percentage of the average AUA in the year. charges with our competitors.
Underlying earnings per share Underlying earnings per share is calculated by dividing underlying profit To provide earnings per share based on profit after tax pertaining to
after tax, which excludes exceptional items (see underlying PBT), by the continuing operations.
weighted average number of ordinary shares, excluding own shares.
Underlying PBT Underlying PBT is calculated as the net profit generated during the year less Underlying PBT provides a simple measurement of continuing operations to
the profit on disposal of the Platinum SIPP and SSAS business and impairment facilitate comparison of our performance with our competitors.
charge.
Underlying PBT margin Underlying PBT margin is calculated as the net profit generated during the Underlying PBT margin provides a simple measurement of continuing operations
year less the profit on disposal of the Platinum SIPP and SSAS business and to facilitate comparison of our performance with our competitors.
impairment charge, expressed as a percentage of the total revenue for the
year.
Definitions
AI Artificial Intelligence
AUA Assets Under Administration
AUM Assets Under Management
Ad Valorem According to Value
Bps Basis points
Company AJ Bell plc
CSOP Company Share Option Plan
Customer retention rate Relates to platform customers
DEPS Diluted earnings per share
D2C Direct to Consumer
EIP Executive Incentive Plan
EPS Earnings per share
FCA Financial Conduct Authority
FVTPL Fair Value Through Profit or Loss
FTE Full-Time Equivalent
GenAI Generative AI
IAS International Accounting Standards
IFRS International Financial Reporting Standards
ISA Individual Savings Account
MPS Managed Portfolio Service
Own Shares Shares held by the Group to satisfy future incentive plans
PBT Profit before tax
Plc Public Limited Company
Ppts Percentage points
SIPP Self-Invested Personal Pension
SSAS Small Self-Administered Scheme
SMIP Senior Manager Incentive Plan
VAT Value Added Tax
Company information
Executive Directors Michael Summersgill
Peter Birch
Non-Executive Directors
Evelyn Bourke (stepped down on 4 February 2026)
Fiona Fry
Eamonn Flanagan
Elizabeth Chambers (appointed on 1 May 2026)
Julie Chakraverty
Leslie Platts
Margaret Hassall
Company Secretary Kina Sinclair
Company number 04503206
Registered office 4 Exchange Quay
Salford Quays
Manchester
M5 3EE
Auditor
PricewaterhouseCoopers LLP
1 Hardman Square
Manchester
M3 3EB
Principal banker
Bank of Scotland plc
The Mound
Edinburgh
EH1 1YZ
1 (#_ftnref1) Non-platform AUM relates to AJ Bell Funds and MPS held on
third-party platforms.
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