Total customers for investment platform AJ Bell increased by 27% to 295,305 over the course of its financial year ending 30 September.

Total assets under administration rose 8% to £56.5bn (FY19: £52.3bn) despite a 19% fall in the FTSE All-Share Index over the same period.

Revenues rose 21% to £126.7m (FY19:104.9m) and profits before tax rose 29% to £48.6m (FY19: £37.7m).

AJ Bell also announced a final dividend of 2.66 pence per share. This takes the total ordinary dividend for the year to 6.16 pence per share, an increase of 29%.

Customer retention rates were 95.5% (FY19: 95.4%) and net assets rose 27% over the year to £109.5m (FY19: £86.1m).

Andy Bell, CEO at AJ Bell, said: “This has been another year of strong growth, with high levels of new customers and record dealing activity driving a 29% increase in profit before tax to £48.6m. Our focus on providing an easy-to-use platform at a competitive price has resulted in growth in customer numbers and assets under administration of 27% and 8% respectively during a year when the FTSE All-Share Index fell by 19%.

“In light of this strong financial performance, the board recommends a final ordinary dividend of 4.66p per share, taking the total ordinary dividend for the year to 6.16p per share. This is an increase of 28% on the previous year and extends our record of increasing our ordinary dividend every year since we paid our first dividend in 2004.

“The long-term growth drivers of the platform market remain strong, with customers increasingly looking for good value, online solutions and we are well positioned to benefit from those trends.”