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AJ Bell Share Price Rallied 6.4% on Upbeat Q1 Fiscal 2024 Results

Simon Mugo trader
Updated 18 Jan 2024

The AJ Bell PLC (LON: AJB) share price rallied 6.39% after its trading update for the three months ending 31 December 2023, its fiscal Q1, showcasing substantial growth and solid performance across its various sectors.

AJ Bell Office and employees

YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


AJ Bell Plc is a leading investment platform in the UK. The company witnessed a significant increase in customer numbers, with a rise of 8,000, culminating in 484,000 customers. This marks a 12% growth over the past year and a 2% increase in the last quarter alone. 

A breakdown of these figures reveals that the total number of advised customers reached 161,000, showing an 8% increase over the year and 1% in the quarter. The direct-to-consumer (D2C) segment also saw notable growth, with a 13% year-on-year increase, bringing the total to 323,000 customers and a 2% rise in the quarter.

The platform's assets under administration (AUA) reached a record high of £76.2 billion, indicating a 15% rise over the last year and a 7% increase in the last quarter. This growth is further highlighted by the significant year-on-year rise in both gross and net inflows across the platform. 

Specifically, gross inflows for the quarter were reported at £2.7 billion, compared to £1.9 billion in 2023, while net inflows surged to £1.3 billion from the previous year's £0.8 billion. AJ Bell Investments also demonstrated impressive growth. 

The assets under management (AUM) stood at £5.2 billion, marking a remarkable 53% increase over the past year and an 11% rise in the quarter. The net inflows for the quarter remained steady at £0.4 billion, consistent with the previous year's figures.

Michael Summersgill, the Chief Executive Officer at AJ Bell, commented: “I am delighted to report an excellent start to the financial year, with first-quarter net inflows across the platform being higher than in any individual quarter of FY23. Together with favourable market movements, platform assets under administration increased by 7% to reach a record £76.2 billion. Some of the macroeconomic headwinds experienced throughout 2023 showed signs of improving in the quarter, driving global equity markets higher and easing some of the pressure on household finances.”

AJ Bell (AJB) share price. 

The AJ Bell share price rallied 6.39% to trade at 316.52p from Wednesday’s closing price of 297.50p.

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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading