AJ Bell plc (LON:AJB), one of the UK’s largest investment platforms, has announced its final results for the year ended 30 September 2025.
Highlights
Financial performance
| ● | Record financial performance, with revenue up 18% to £317.8 million (FY24: £269.4 million) and profit before tax (PBT) up 22% to £137.8 million (FY24: £113.3 million), after exceptional costs of £1.1 million (FY24: £6.2 million) |
| ● | PBT margin of 43.4% (FY24: 42.0%) demonstrates the strength of our scalable business model, driven by increased revenue margin of 32.3bps (FY24: 31.6bps) and operational gearing benefits, after absorbing the impact of additional business investment |
| ● | Diluted earnings per share up 26% to 25.56 pence (FY24: 20.34 pence) |
Shareholder returns
| ● | Final dividend of 9.75 pence per share proposed, increasing the total ordinary dividend for the year by 14% to 14.25 pence per share (FY24: 12.50 pence), the 21st consecutive year of ordinary dividend growth |
| ● | Following the share buyback programme executed in the year, we have announced a further buyback programme of up to £50 million, to be completed throughout FY26. This reflects our strong cash generation, healthy capital position and commitment to return surplus capital to shareholders |
Operational performance
Platform business
| ● | Excellent growth in customer numbers across AJ Bell’s dual-channel platform, with 102,000 customers added to close at 644,000, up 19% in the year |
| ● | Record assets under administration (AUA) of £103.3 billion (FY24: £86.5 billion), up 19% in the year driven by net inflows of £7.5 billion (FY24: £6.1 billion) and favourable market movements of £9.3 billion |
| ● | Market-leading customer service levels evidenced by AJ Bell’s Trustpilot rating of 4.9-stars and customer retention rate of 94% (FY24: 94%) |
AJ Bell Investments
| ● | Assets under management (“AUM”) up 31% in the year to a record £8.9 billion (FY24: £6.8 billion) | |
| ● | Strong net inflows in the year of £1.3 billion (FY24: £1.5 billion) | |
| Non-platform business | ||
| ● | The sale of our Platinum SIPP and SSAS business completed on 3 November 2025 | |
| Outlook | ||
| ● | The UK platform market continues to offer a significant growth opportunity, with over two-thirds of the estimated £3.7 trillion addressable still held outside of the platform market | |
| ● | Our business investments have delivered record growth in FY25, attracting new customers across all age groups with strong lifetime values. Building on our success, we will increase investment in our brand and propositions in FY26 to accelerate growth | |
| ● | Management remains confident in the outlook. We are prioritising investment for long-term growth, while the operational gearing inherent in our business model provides opportunities for PBT margin expansion beyond FY26 | |
Michael Summersgill, Chief Executive Officer at AJ Bell, commented:
“I am pleased to report an excellent year for AJ Bell. Our dual-channel platform delivered record organic growth, attracting over 100,000 new customers and £7.5 billion of net inflows, resulting in platform AUA closing at £103.3 billion. These results reflect the strength of our market-leading customer service, trusted brand and low-cost, easy-to-use propositions.
“We delivered record financial performance, with revenue up 18% to £317.8 million and profit before tax up 22% to £137.8 million. Our scalable business model continues to deliver operational gearing, enabling us to reinvest the benefits of scale to drive long-term growth. Over the past year, we increased investment in our brand, marketing and propositions, supporting record levels of new business.
“Our highly-cash generative business model and strong capital position allow us to invest whilst also delivering excellent value for customers and increasing shareholder returns. We are pleased to recommend an increase to our ordinary dividend for the 21st successive year, alongside a new share buyback programme, returning up to £50 million to shareholders throughout FY26.
“There was little to cheer in last week’s UK Budget. We have consistently advocated for ISA simplification, our views being backed by behavioural research showing how removing complexity can help to increase retail investment activity in the UK. However, the reforms proposed take the ISA market in the opposite direction. ISAs will now see complexities such as an age-specific annual allowance for Cash ISAs and HMRC levying a charge on cash held in Stocks & Shares ISAs. Despite these interventions in the market, we are confident we can continue to provide an easy-to-use service and help customers to navigate this additional complexity successfully.
“While no changes were made to the key incentives in the current pension system – namely, the deferral of income tax on pension contributions and a tax-free entitlement on pension withdrawals – uncertainty in the lead up to the Budget resulted in heightened pension withdrawals as customers approaching retirement responded to the extensive speculation. Government must do more to provide pension savers with a clear commitment to tax stability and we will continue to campaign for a ‘Pensions Tax Lock’ to deliver that certainty.
“The broader long-term structural market growth drivers remain strong, as more individuals recognise the importance of taking control of their financial future. Looking ahead, I am confident in the outlook for both AJ Bell and the UK platform market. Our dual-channel platform, combined with our scalable operating model, positions us to capitalise on the significant growth opportunity. In FY26, we will continue to invest in the business, ensuring we are well-placed to deliver sustainable long-term business growth.”
Financial highlights
| Year ended30 September 2025 | Year ended30 September 2024 | Change | |
| Revenue | £317.8 million | £269.4 million | 18% |
| Revenue per £AUA* | 32.3bps | 31.6bps | 0.7bps |
| PBT | £137.8 million | £113.3 million | 22% |
| PBT margin | 43.4% | 42.0% | 1.4ppts |
| Diluted earnings per share | 25.56 pence | 20.34 pence | 26% |
| Total ordinary dividend per share | 14.25 pence | 12.50 pence | 14% |
Non-financial highlights
| Year ended30 September 2025 | Year ended30 September 2024 | Change | |
| Number of retail customers | 657,000 | 557,000 | 18% |
| – Platform | 644,000 | 542,000 | 19% |
| – Non-platform | 13,000 | 15,000 | (13%) |
| AUA* | £108.2 billion | £92.2 billion | 17% |
| – Platform | £103.3 billion | £86.5 billion | 19% |
| – Non-platform | £4.9 billion | £5.7 billion | (14%) |
| AUM* | £8.9 billion | £6.8 billion | 31% |
| Customer retention rate | 94.1% | 94.2% | (0.1ppts) |
