Salford Quays-based AJ Bell sees profits hit £13.9m ahead of potential IPO

Investment platform AJ Bell has achieved double-digit profit and revenue growth ahead of a potential IPO.

The Greater Manchester-based company generated a pre-tax profit of £13.9m during the six months to March 31 2018, in comparison to £11.2m in H1 2017.

Revenues for the period rose to £42.9m, a 16% increase against the £11.2m reported last year.

Elsewhere, AJ Bell’s customer base saw an uptick of 12%. By the end of March, the company had 183,482 customers.

The firm said preparations “are progressing well” for its listing on the Main Market of the London Stock Exchange, either in 2018 or early 2019.

Andy Bell, chief exec at AJ Bell, said of the results: “These are the most profitable interim results in our history and are a great endorsement of our strategy and market position.

“The UK retail investment and savings market continues to display strong growth and investment platforms are central to this.”

He added: “Our brand heritage, platform technology and positioning across both advised and direct-to-consumer markets enables us to benefit from this long term growth story.”

Speaking further, Mr Bell said the need for people to provide financially for their future “has never been greater”.

He continued: “Our focus is on making it easier for our customers to invest. Our propositions are designed to be easy to use, at a competitive price and we continue to focus on delivering a great customer experience, which is rewarded by the loyalty of our customers.”

Earlier this year, AJ Bell revealed plans to create 200 jobs at its headquarters in Salford Quays.