Investment platforms: coronavirus beneficiaries?
As many companies continue to struggle and face a very uncertain future, interim results from two highly rated investment platforms highlight the appeal of the sector, but it comes at a price
AJ Bell: stunning results and a mighty valuationAJ Bell (LON:AJB), one of the UK's largest investment platforms, announced terrific interim results for the six-months ending 31 March 2020. Revenue rose 22% to £60.9m and profit before tax was up 28% to £22.7m (37% margin) as it saw a 22% increase in customers to 262,179. Total net inflows of £2.1bn resulted in assets under administration £48.3bn at the period end, down 8% due to the fall in stock markets. In light of the strong financial performance the group declared an interim dividend of 1.50 pence per share. The shares rose back close…