AJ Bell posts profit growth

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AJ Bell has reported a growth in profit from £22.7m to £31.6m.

The group saw a rise in new customers  in the first half of the year and posted a revenue rise of 21% to £73.9m

Chief executive Andy Bell commented: “The average age of our new direct-to-consumer customers was 38 in the first half of the year, five years younger than the average of the wider customer base. Average portfolio values remained high at £79,000.

“Our record number of new customers has been helped by the low interest rate environment, as savers seek higher returns on cash held in savings accounts and Cash ISAs.”

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In the six months to the end of March, AJ Bell saw a 32% rise in new customers.

AJ Bell shares are trading -1% at 431.60 (0904GMT).