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AJ Bell grows profit 39% but laments 'barrage' of regulatory change
Markets
by Sarah Miloudi on Dec 13, 2012 at 09:15
Stockbroker and SIPP services provider AJ Bell has grown its profit before tax 39%.
The firm, which is owned by Andy Bell & Management and Neil Woodford's Invesco Perpetual High Income and Income funds, this morning posted an increase in pre-tax profit to £26.5 million, as its asset under management climbed to £17.5 billion.
'This has been another year of progress and challenge. We continue to face a barrage of regulatory-led change and I am delighted with the way our staff have turned these challenges into opportunities,' Bell (pictured), the firm's chief executive, said as he announced the results.
Drilling down further into AJ Bell's numbers, growth was seen across the board, with profit up close to 40%, revenues up 25% and assets under management up 17%.
AJ Bells retail customer base also grew by 17%.
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