AJ Bell half-year profit jumps on strong inflows
May 25 (Reuters) - Investment platform AJ Bell (AJBA.L) reported a half-year profit on Thursday that rose 61%, helped by customer additions and strong inflows.
British Finance Minister Jeremy Hunt increased the annual allowance for tax relief on pension savings from 40,000 pounds ($49,482.60) to 60,000 pounds during the March budget announcement.
The uptick will allow customers to invest more money, AJ Bell Chief Executive Officer Michael Summersgill said.
The company's assets under management rose by 39% in the six months ended March 31 to 3.9 billion pounds, while the number of customers touched over 455,000 in the same period.
"It may be slightly surprising as the domestic UK market is grappling with a tough period especially for retail investors," Summersgill added.
AJ Bell, which offers a broad range of financial services including asset management, reported a first-half profit before tax that rose to 41.9 million pounds.
Summersgill, however, warned that increasing mortgage costs for Britons could weigh on the company.
AJ Bell's shares rose 1.4% to 317.40 pence.
($1 = 0.8084 pound)
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