Investment platform AJ Bell dismissed Brexit concerns as it posted soaring revenue and profits in its maiden results as a public company.
Chief executive Andy Bell, who founded the business in 1995, said he was “bored” of updates that blamed Brexit uncertainty for poor results, as the business reported a 17 per cent year-on-year increase in revenue to £50.1m.
Meanwhile, profit before tax was up 27 per cent to £17.7m in the six months to 31 March.
“Strong is a fair description [of the results]”, Bell said. “The most important thing was that we didn’t disappoint with our first set of PLC results.”
“I felt like we had a good, strong set of results. I’ve got bored of sets of results where they open with Brexit and the market as if it’s an excuse for what’s to follow.”
“We have a robust business model,” Bell said, adding that the firm “will never be immune from all shocks”.
The Manchester-based company also saw retail customers grow to 214,813, a boost of nine per cent, and assets under management increased three per cent to £47.7bn.
Shares slumped more than four per cent after the results were published, however the company’s stock price has seen a 170 per cent increase since the firm’s initial public offering in December last year.
“The market is the market…I can’t – and I don’t try to – manage the stock price, but the market does what the market does. We have outperformed against what the market expected,” Bell added.