AJ Bell quarterly net inflows beat forecasts as customer numbers jum 24%

British investment platform AJ Bell on Thursday reported fourth-quarter net inflows of £2.5 billion, beating analysts’ expectations of £2.2 billion, while customer numbers and assets under management also exceeded forecasts.

Customers rose 24% from a year earlier to 796,000 in the 12 months to September 30, above the 779,000 forecast by analysts.

Assets on the platform reached a record £126 billion, compared with expectations of £124.2 billion, helped by £13 billion in market gains over the year.

For the full year, gross inflows rose 36% to £21.5 billion, while net inflows increased 37% to £9.7 billion.

AJ Bell’s investment business attracted a record £1.9 billion in net inflows, up 46%, lifting assets under management by 36% to a record £12.1 billion. Its direct-to-consumer business ended the year with 602,000 customers and £7.8 billion in net inflows.

Jefferies said the customer growth reflected the benefits of higher marketing spending and noted that the quarterly inflows were particularly strong given that July to September is typically a quieter period for UK investment platforms.

Jefferies, which rates the shares “buy”, raised its price target to 710 pence from 700 pence, implying 21% upside from the previous close of 586.50 pence.

The broker increased its 2027 and 2028 earnings forecasts by about 1% after incorporating the higher platform assets, while raising its 2026 estimate to 29.86 pence per share from 29.78 pence. Its 2027