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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
Platform customers increased by 102,000 to 644,000, a 19% year-over-year rise, with platform AUA surpassing £100bn, reflecting record performance and continued investment in brand and propositions.
Revenue grew 18% to £317.8m, and profit before tax rose 22% to £137.8m, with a margin of 43.4%, supported by a strong, diversified revenue model and scalable operations.
Over £100m of capital returned to shareholders since the start of FY25, through dividends and share buybacks, underpinned by robust cash generation.
Multi-year growth has doubled business size over five years, driven by organic growth, market share gains, and operational scalability.
Financial highlights
Recurring ad valorem and transactional revenues drove the 18% revenue growth, with transactional revenue up 50% and D2C platform revenue up 28%.
Profit before tax margin improved to 43.4%, and diluted EPS increased 26% to 25.56p.
Total costs rose 15% to £185.9m, with staff costs up 20% due to headcount growth and higher performance-related pay.
Cost to serve per £ AUA reduced to 15bps, and £2.9m in annualized cost savings achieved.
83% of revenues are recurring, supporting sustainable profitability.
Outlook and guidance
Revenue margins expected to moderate in FY26 due to lower FX activity and reduced cash balances as a percentage of AUA; advised platform margin ~22.5bps, D2C platform ~43.5bps.
Non-platform business revenue of £12.7m will not recur in FY26, and costs are projected to rise by 16%, split between investment and business-as-usual.
Distribution costs expected to grow 28-30%, technology costs 20-22%, and operational/support costs 7-9% in FY26.
Profit before tax margin expected to decrease to 39–40% in FY26, reflecting increased investment.
Exceptional profit of around £21m anticipated from the disposal of the Platinum SIPP and SSAS business.
Why is FY26 PBT margin expected to decrease?
Assess brand investment's impact on customer acquisition.
What is the Pensions Tax Lock campaign's goal?
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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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