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AJ Bell

AJ Bell posts jump in full year profits ahead of London float

“A listing offers us further reputational and commercial benefits that will support our growth plans," chief executive Andy Bell said of the group's IPO plans

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Full details of the IPO offer are expected on November 27

Investment platform AJ Bell Holdings Limited reported a 31% increase in full-year pre-tax profits ahead of planned initial public offering (IPO) on the London Stock Exchange (LSE)

Pre-tax profit for the year to September 30 rose to £28.4mln from £21.7mln a year ago as revenue grew 19% to £89.7mln from £75.6mln.

WATCH: Long list of AIM IPOs waiting for Brexit, says AJ Bell analyst

The company’s assets under administration (AUA) gained 16% to £46.1bn from £39.8bn last year as the number of retail customers grew by 20% to 197,912, driven by a strong performance in its core investment platform business.

AJ Bell paid interim and final dividends of £14.6mln, along with a special dividend of £8.0mln.

"We have a history of profitability, cash generation and dividends and this is once again demonstrated in our latest full-year results,” chief executive Andy Bell said.

Alongside the results, the group said full details of its IPO offer were expected by November 27.

The company, which announced its intention to float last March, said at least 25% of the shares will be admitted to trading on the LSE. Customers will be able to purchase the shares at the IPO via the platform.

"Our intention to float the business on the London Stock Exchange reflects both our historic achievements and our belief in how much more we can achieve,” Bell said.

 “A listing offers us further reputational and commercial benefits that will support our growth plans."

Quick facts: AJ Bell

Price: £3.83

Market: LSE
Market Cap: £1.56 billion
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