TIDMAJB
RNS Number : 1496X
AJ Bell PLC
26 April 2019
26 April 2019
AJ Bell plc
Q2 trading update
AJ Bell plc ("AJ Bell" or the "Company"), one of the UK's
largest investment platforms, today issues a trading update in
respect of the three months ended 31 March 2019.
Performance overview
Total customer numbers increased 5% in the quarter to 214,853,
with total assets under administration ("AUA") up 8% to GBP47.7
billion. The growth during the period was driven primarily by the
platform business:
-- Platform customer numbers increased by 10,424 to a record
high of 200,922, up 5% during the quarter
-- Platform AUA increased 9% to a new high of GBP40.6 billion
-- Platform AUA was boosted by a combination of underlying
net inflows of GBP0.8 billion, defined benefit ("DB")
pension transfers of GBP0.2 billion and favourable market
movements of GBP2.3 billion
-- In line with industry trends and the expectations set
out in the Company's Q1 trading update in January 2019,
DB pension transfers to the advised platform continued
to decline but still contributed to inflows during the
quarter
Andy Bell, Chief Executive Officer at AJ Bell, commented:
"Trading in the second quarter of our financial year remained
robust despite continued weak investor sentiment. We continued to
attract new customers and assets to our platform, with both
measures hitting new highs during the period. This positions us
well for an improvement in investor sentiment.
"We are due to announce our interim results on 23 May and we
expect our financial performance to be slightly ahead of current
market expectations."
Three months ended Advised D2C Platform Total Non-platform Total
31 March 2019 Platform GBPbillion Platform GBPbillion GBPbillion
GBPbillion GBPbillion
Opening AUA 28.6 8.7 37.3 6.9 44.2
------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying inflows(1) 0.8 0.5 1.3 0.1 1.4
Outflows(2) (0.4) (0.1) (0.5) (0.1) (0.6)
------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying net inflows 0.4 0.4 0.8 - 0.8
------------------------------- ------------ ------------- ------------ ------------- -------------
DB inflows(3) 0.2 - 0.2 - 0.2
Total net inflows 0.6 0.4 1.0 - 1.0
------------------------------- ------------ ------------- ------------ ------------- -------------
Market and other movements(4) 1.7 0.6 2.3 0.2 2.5
------------------------------- ------------ ------------- ------------ ------------- -------------
Closing AUA 30.9 9.7 40.6 7.1 47.7
------------------------------- ------------ ------------- ------------ ------------- -------------
Customers 93,496 107,426 200,922 13,931 214,853
Three months ended Advised D2C Platform Total Non-platform Total
31 March 2018 Platform GBPbillion Platform GBPbillion GBPbillion
GBPbillion GBPbillion
Opening AUA 26.1 7.5 33.6 8.4 42.0
------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying inflows(1) 0.9 0.5 1.4 0.1 1.5
Outflows(2) (0.4) (0.1) (0.5) (0.1) (0.6)
------------------------------- ------------ ------------- ------------ ------------- -------------
Underlying net inflows 0.5 0.4 0.9 - 0.9
------------------------------- ------------ ------------- ------------ ------------- -------------
DB inflows(3) 0.5 - 0.5 - 0.5
Total net inflows 1.0 0.4 1.4 - 1.4
------------------------------- ------------ ------------- ------------ ------------- -------------
Market and other movements(4) (0.8) (0.4) (1.2) (0.4) (1.6)
------------------------------- ------------ ------------- ------------ ------------- -------------
Closing AUA 26.3 7.5 33.8 8.0 41.8
------------------------------- ------------ ------------- ------------ ------------- -------------
Customers 82,466 83,173 165,639 17,843 183,482
(1) Includes transfers-in, subscriptions, contributions and tax
relief, excluding inflows from DB pension transfers
(2) Includes (transfers-out, cash withdrawals, benefits and tax
payments)
(3) Inflows from DB pension transfers
(4) Includes (charges, taxes deducted, investment returns and
revaluations)
Contacts:
AJ Bell
-- Shaun Yates, Head of Investor Relations +44 (0) 7522 235 898
-- Charlie Musson, Head of PR +44 (0) 7834 499 554
Instinctif Partners
Public relations adviser to AJ Bell
-- Ross Gillam +44 (0) 207 457 2020
-- Kaj Sahota +44 (0) 7341 731 189
-- Katie Bairsto +44 (0) 7946 424 651
Historical AUA and customer numbers by quarter
Advised Platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 March 30 30 September 31 December 31 March
AUA (GBPbillion) 2018 June 2018 2018 2019
2018
Opening AUA 26.1 26.3 28.4 29.9 28.6
----------------------- ---------- ------- -------------- ------------- ----------
Underlying inflows(1) 0.9 0.9 0.8 0.8 0.8
Outflows(2) (0.4) (0.3) (0.4) (0.4) (0.4)
----------------------- ---------- ------- -------------- ------------- ----------
Underlying net
inflows 0.5 0.6 0.4 0.4 0.4
----------------------- ---------- ------- -------------- ------------- ----------
DB inflows(3) 0.5 0.4 0.3 0.3 0.2
Bulk migration - - 0.5(6) - -
inflows
Total net inflows 1.0 1.0 1.2 0.7 0.6
----------------------- ---------- ------- -------------- ------------- ----------
Market and other
movements(5) (0.8) 1.1 0.3 (2.0) 1.7
Closing AUA 26.3 28.4 29.9 28.6 30.9
---------- ------- -------------- -------------
Customers 82,466 85,131 88,658 90,865 93,496
D2C Platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 March 30 30 September 31 December 31 March
AUA (GBPbillion) 2018 June 2018 2018 2019
2018
Opening AUA 7.5 7.5 8.3 8.7 8.7
----------------------- ---------- ------- -------------- ------------- ----------
Underlying inflows(1) 0.5 0.7 0.4 0.4 0.5
Outflows(2) (0.1) (0.2) (0.1) (0.2) (0.1)
----------------------- ---------- ------- -------------- ------------- ----------
Underlying net
inflows 0.4 0.5 0.3 0.2 0.4
----------------------- ---------- ------- -------------- ------------- ----------
Bulk migration - - - 0.2(4) -
inflows
Total net inflows 0.4 0.5 0.3 0.4 0.4
----------------------- ---------- ------- -------------- ------------- ----------
Market and other
movements(5) (0.4) 0.3 0.1 (0.4) 0.6
----------------------- ---------- ------- -------------- ------------- ----------
Closing AUA 7.5 8.3 8.7 8.7 9.7
----------------------- ---------- ------- -------------- ------------- ----------
Customers 83,173 89,660 94,555 99,633 107,426
Non-platform Qtr to Qtr to Qtr to Qtr to Qtr to
31 March 30 30 September 31 December 31 March
AUA (GBPbillion) 2018 June 2018 2018 2019
2018
Opening AUA 8.4 8.0 8.0 7.5 6.9
-------------------- ---------- ------- -------------- ------------- ----------
Inflows(1) 0.1 - - - 0.1
Outflows(2) (0.1) (0.2) (0.1) (0.3) (0.1)
-------------------- ---------- ------- -------------- ------------- ----------
Underlying net
outflows - (0.2) (0.1) (0.3) -
-------------------- ---------- ------- -------------- ------------- ----------
Bulk migration - - (0.5)(6) - -
outflows
Total net outflows - (0.2) (0.6) (0.3) -
-------------------- ---------- ------- -------------- ------------- ----------
Market and other
movements(5) (0.4) 0.2 0.1 (0.3) 0.2
-------------------- ---------- ------- -------------- ------------- ----------
Closing AUA 8.0 8.0 7.5 6.9 7.1
-------------------- ---------- ------- -------------- ------------- ----------
Customers 17,843 17,083 14,699 13,985 13,931
Total closing
AUA 41.8 44.7 46.1 44.2 47.7
-------------------- ---------- ------- -------------- ------------- ----------
(1) Includes transfers-in, subscriptions, contributions and tax
relief, excluding inflows from DB pension transfers and bulk
migrations
(2) Includes (transfers-out, cash withdrawals, benefits and tax
payments)
(3) Inflows from DB pension transfers
(4) (AJ Bell plc shares held by employees and former employees
of the Company, which were migrated onto the D2C Platform ahead of
IPO)
(5) Includes (charges, taxes deducted, investment returns and
revaluations)
(6) Non-recurring inflows/(outflows) from bulk customer
(migrations)
About AJ Bell:
Established in 1995, AJ Bell is one of the largest investment
platforms in the UK.
We operate in both the advised and direct-to-consumer segments
of the platform market and our flagship platform propositions are
AJ Bell Investcentre (adviser) and AJ Bell Youinvest
(direct-to-consumer).
We offer SIPPs, ISAs and General Investment / Dealing Accounts.
We aim to make it easy for our customers to invest by providing
them with additional support in the form of various investment
solutions and information. We offer a broad investment range
including shares and other instruments traded on the major stock
exchanges around the world, as well as all mainstream collective
investments available in the UK and our own range of AJ Bell
funds.
AJ Bell is headquartered in Manchester, UK.
Forward-looking statements
This announcement contains forward-looking statements that
involve substantial risks and uncertainties, and actual results and
developments may differ materially from those expressed or implied
by these statements. These forward-looking statements are
statements regarding AJ Bell's intentions, beliefs or current
expectations concerning, among other things, its results of
operations, financial condition, prospects, growth, strategies and
the industry in which it operates. By their nature, forward-looking
statements involve risks and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future. These forward-looking statements speak only as of the date
of this announcement and AJ Bell does not undertake any obligation
to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date of
this announcement.
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contact rns@lseg.com or visit www.rns.com.
END
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