Salford-based investment platform giant AJ Bell said it returned £96.9 million to shareholders in the year to September 30, 2025, as it reported a record financial performance with revenue up 18% to £317.8 million and profit before tax up 22% to £137.8 million.
“We have a track record of achieving consistently strong growth whilst returning capital to shareholders,” said the Salford firm.
“In FY25, we have returned £96.9 million to shareholders via two share buyback programmes, which together totalled £44.6 million, and dividends of £52.3 million.
“A further £7.9 million of shares were repurchased after the year end. This year, our record financial results and strong capital position enable us to recommend an increase to our ordinary dividend for the twenty-first successive year.
“Given our significant surplus capital, we are also initiating a new share buyback programme of up to £50 million, which will run throughout the entirety of FY26.”
Total ordinary dividend for the year rises 14% to 14.25p per share, the 21st consecutive year of ordinary dividend growth by AJ Bell.
The firm reported growth in customer numbers across its dual-channel platform, with 102,000 customers added to close at 644,000, up 19% in the year.
The company reported record assets under administration (AUA) of £103.3 billion, up 19% in the year driven by net inflows of £7.5 billion (FY24: £6.1 billion) and favourable market movements of £9.3 billion.
At the AJ Bell Investments unit, assets under management rose 31% in the year to a record £8.9 billion.
AJ Bell CEO Michael Summersgill said: “I am pleased to report an excellent year for AJ Bell. Our dual-channel platform delivered record organic growth, attracting over 100,000 new customers and £7.5 billion of net inflows, resulting in platform AUA closing at £103.3 billion. These results reflect the strength of our market-leading customer service, trusted brand and low-cost, easy-to-use propositions.
“We delivered record financial performance, with revenue up 18% to £317.8 million and profit before tax up 22% to £137.8 million. Our scalable business model continues to deliver operational gearing, enabling us to reinvest the benefits of scale to drive long-term growth. Over the past year, we increased investment in our brand, marketing and propositions, supporting record levels of new business.
“Our highly-cash generative business model and strong capital position allow us to invest whilst also delivering excellent value for customers and increasing shareholder returns. We are pleased to recommend an increase to our ordinary dividend for the 21st successive year, alongside a new share buyback programme, returning up to £50 million to shareholders throughout FY26.
“There was little to cheer in last week’s UK Budget. We have consistently advocated for ISA simplification, our views being backed by behavioural research showing how removing complexity can help to increase retail investment activity in the UK. However, the reforms proposed take the ISA market in the opposite direction.
“ISAs will now see complexities such as an age-specific annual allowance for Cash ISAs and HMRC levying a charge on cash held in Stocks & Shares ISAs. Despite these interventions in the market, we are confident we can continue to provide an easy-to-use service and help customers to navigate this additional complexity successfully.
“While no changes were made to the key incentives in the current pension system – namely, the deferral of income tax on pension contributions and a tax-free entitlement on pension withdrawals – uncertainty in the lead up to the Budget resulted in heightened pension withdrawals as customers approaching retirement responded to the extensive speculation.
“Government must do more to provide pension savers with a clear commitment to tax stability and we will continue to campaign for a ‘Pensions Tax Lock’ to deliver that certainty.
“The broader long-term structural market growth drivers remain strong, as more individuals recognise the importance of taking control of their financial future.
“Looking ahead, I am confident in the outlook for both AJ Bell and the UK platform market. Our dual-channel platform, combined with our scalable operating model, positions us to capitalise on the significant growth opportunity.
“In FY26, we will continue to invest in the business, ensuring we are well-placed to deliver sustainable long-term business growth.”