AJ Bell posts profit growth

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.”

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).