AJB has posted another quarter of solid AuA growth in Q1 hitting a new record high. The performance was most notable in D2C with sustained net inflows. We think that this is creditable given the more challenging sentiment backdrop around the Budget in November. 5% qoq growth in AuA, driven by £1.5bn net inflows, gets the year off to a good start. We do not anticipate any material changes to expectations following so closely to December's finals. We continue to see medium term value creation with the shares trading on a relatively undemanding 18x PER given growth and earnings quality. We remain at BUY.
