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BUSINESS LIVE: The service sector is in full swing


BUSINESS LIVE: Service Sector on a bumper hiring frenzy; Record new customers flock to AJ Bell; Aviva has its highest insurance turnover in ten years

  • Job recruitment in the consumer-oriented service sector has increased the fastest since 2015
  • AJ Bell’s half-year pre-tax profit increased nearly 40% as customer numbers increased

Optimism in the service sector, which includes businesses such as restaurants, law firms and hotels, has “improved significantly”, according to new data from the UK Industry Association. Recruitment in this sector reached its highest level since the end of 2015.

Sentiment in business and professional services improved to record levels this quarter, while optimism for consumer services rose the fastest since May 2014.

In terms of profitability, both subsectors are returning to growth. This is likely to continue into the next quarter, with the rate of growth accelerating across the service sector, the CBI said.

The AJ Bell investment platform today achieved a strong half-year result: profit before tax rose by almost 40 percent and the number of customers rose by 32 percent per year.

Aviva had its highest insurance revenue in 10 years in the first quarter, while savings and retirement flows rose to a new quarterly record.

The insurance giant said its gross premiums for general insurance rose four percent to £ 2 billion, while its core operating rate fell to 90.6 percent.

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