AJ Bell pre-tax profits dip as dealing returns to normal

The decrease in pre-tax profits was due to the lower revenue margin earned on assets coupled with increased investment in its brand, technology and propositions to support its long-term growth strategy, it said. It reported net inflows of £2.8bn and assets under administration (AUA) closing at £74.1bn, achieved against "a very different market backdrop to that seen in the prior year with adverse market movements of £1.5bn since the year-end". Revenue margin on AUA was lower than the comparative period as a result of the "normalisation of dealing activity and lower interest rates earne...