AJ Bell (LSE:AJB) shares got a lift, rising 14.2% to 610p, after the group upgraded full-year margins following a stronger-than-expected first half.
Revenue rose 19% year-on-year to £183m in the six months to 31 March (HY25: £153.2m) and underlying profit before tax increased 15% to £79m (HY25: £68.8m), with AJ Bell one of the UK's largest investment platforms driving the growth.
Underlying PBT margin dipped to 43.2% from 44.9% as the group increased brand and product investment, underlying diluted EPS climbed 18% to 14.61p (HY25: 12.36p) and statutory PBT was £92.8m, reflecting a £13.8m net exceptional gain.
The board increased shareholder returns, declaring an interim dividend of 5.00p per share (up 11%) and returning £77.3m in the period via a £39m final dividend and £38.3m of buybacks while authorising an additional up-to-£15m buyback on top of the ongoing £50m programme.
Platform customers rose by 79,000 to 723,000, platform AUA climbed 5% to £108.7bn supported by record net inflows of £4.2bn, and AJ Bell Investments' AUM increased 10% to £9.8bn.
The group completed the sale of its Platinum SIPP and SSAS business in November 2025, transferring £3.3bn of non-platform AUA to InvestAcc Group, and expects to exit its remaining third-party SIPP arrangement in the second half of the year.
"We remain confident in the outlook, with strong momentum continuing into the second half of the year," said Michael Summersgill, chief executive.
