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AJ Bell (AJB) investor relations material
AJ Bell H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary4 Dec, 2025
Executive summary
Achieved record performance in FY25, driven by continued investment in brand and propositions, resulting in over 100,000 new customers and platform AUA surpassing £100bn for the first time, up 19% year-over-year.
Revenue increased by 18% to £317.8m and profit before tax (PBT) rose 22% to £137.8m, reflecting a strong, diversified revenue model and scalable operations.
Over £100m of capital returned to shareholders since the start of FY25, supported by robust cash generation and a strong capital position.
Financial highlights
Revenue up 18% to £317.8m, primarily from higher custody fees, increased D2C dealing activity, and net interest income, partially offset by price reductions.
PBT up 22% to £137.8m, with PBT margin improving to 43.4% (up 1.4ppts year-over-year).
Diluted EPS increased 26% to 25.56p; total ordinary dividend up 14% to 14.25p, marking 21 consecutive years of dividend growth.
Platform AUA reached £103.3bn (+19%), with net new customers up 19% to 644,000.
Outlook and guidance
FY26 revenue margin expected at ~22.5bps (Advised) and ~43.5bps (D2C); non-platform revenue to decline to ~£5m due to business wind-down.
Distribution costs to grow 28–30%, technology costs 20–22%, and operational/support costs 7–9% in FY26, reflecting continued investment.
PBT margin expected at 39–40% for FY26, with profit on disposal of Platinum SIPP & SSAS business estimated at ~£21m.
Gradual impact expected from potential interest rate cuts; diversified revenue model provides resilience.
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Frequently asked questions
AJ Bell plc provides online investment platforms and stockbroking services for retail investors and financial advisers. The company offers tax-efficient savings accounts, dealing services, and pension administration through digital platforms. It serves clients in the United Kingdom. The company is headquartered in Manchester, United Kingdom, and its shares are listed on the LSE.
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