Revenue was up 17% to £104.9m and the number of retail customers increased by 34,154, up 17% to 232,066.

Assets under administration (AUA) were up 13% during the period to £52.3 billion.

The company is planning a number of new developments next year including a Retirement Investment Account, a pension offering with ‘one simple ad valorem charge, tapering down from 0.25% p.a.’, with no additional charges for administration, drawdown, custody or dealing.

The company also announced today a new Corporate Social Responsibility (CSR) initiative to give up to £10m to charitable causes.

Andy Bell, chief executive, said: “These results are a strong endorsement of the business model and growth strategy that we outlined in the run up to our IPO a year ago.

“The structural growth drivers for investment platforms in the UK remain strong and if we continue to meet the needs of customers we are well placed to benefit from these over the coming years.

“Alongside these results we are announcing an innovative CSR initiative which will see charitable causes share in our success if we exceed our ambitious growth plans, subject to shareholder approval. A new share option plan will result in charitable causes benefiting from circa £10 million if we increase our earnings per share by at least 100% over three years and by at least 150% over five years, subject to certain other conditions.”

AJ Bell: Annual results 208/19

(1)     Prior year comparative restated to reflect share reorganisation on 15 November 2018