Bosses at AJ Bell have promised to “invest heavily” in its platform and functionality as it announced a rise in new business.

New business inflows at AJ Bell grew 68% to £3.6bn during the first six months of its financial year

The figures for 1 October 2016 to 31 March 2017 were up from £2.1bn in the prior year.

Tax year end was “particularly busy across both Sipp and ISA accounts”, the firm said, recording over £1bn in new business inflows during the final month of the tax year.

There was an increase in the rate of new customer acquisition, up 13% when compared with the first six months of the previous financial year.

Andy Bell, chief executive at AJ Bell, said: “These results reflect serene progress in an increasingly disrupted and turbulent platform market. Many platforms are wrestling with re-platforming or platform migration projects and this will be disruptive for their users. That is now a dot in our rear view mirror and our focus remains on helping advisers grow their businesses.

“We know that profitability and financial stability have become a core focus for advisers when selecting platforms so we are pleased to be able to demonstrate strong momentum on that front.”

He said: “We continue to invest heavily in the platform and the functionality that supports advisers and customers.”

The firm stated in the financial performance report that it “continues to use its strong financial position to invest in the platform in line with feedback from advisers, as well as the technical support and customer services functions that underpin the platform and help advisers provide a first class service to their clients”.

Assets Under Administration rose by over 14% to a new record high of £36.3bn (30 Sept 2016: £31.8bn).

The growth in the business included a revenue increase of 24% to £37.0m and profit before tax increased by 27% to £11.2m, up from £8.8m in the prior year.