- AJ Bell
- 09 June 2026 12:12:42
Source: Sharecast
Deutsche Bank said AJ Bell was deliberately investing more heavily in distribution, particularly in its direct‑to‑consumer channel, to drive future customer growth - a strategy the analysts said was delivering, with direct-to-consumer customer numbers rising 31% year-on-year in the first hald and 25% in FY25.
The German bank said the economics of this investment remained attractive, estimating distribution spend of around £314 per net new platform client in H1, compared with a typical D2C customer contribution of roughly £230 per year for eight-to-nine years.
DB, which kept a 'buy' rating on the stock, added that the approach was measured, with management still effectively running the business to a roughly 40% pre-tax profit margin, and supported by what it described as exceptional incremental revenues from transactional charges and interest on uninvested client cash.
Reporting by Iain Gilbert at Sharecast.com