AJ Bell reports 29% pre-tax profit increase as it rules out further acquisitions

Helped by pension freedoms

AJ Bell has seen pre-tax profits increase from £16.8m to £21.7m thanks to a 78% year-on-year increase in new business, with the strong growth leading to chief executive Andy Bell commenting "we have no need for acquisitions".

In its results for the full year to 30 September, the firm said assets under administration increased 25% from £31.8bn at the end of the full year 2016 to £39.8bn. Assets under administration growth was driven by inflows of £6.4bn onto the firm's investment platform. This was significantly up by 78% year-on-year from £3.6bn. Retail customers increased from 140,450 to 164,500 while revenue was up 17% from £64.5m to £75.6m.  The firm highlighted it was benefitting from customers' move  towards investment platforms and increased demand for SIPPS thanks to pension freedom changes.  ...