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Interim Results

Hargreaves Lansdown pre-tax profits up 21%

08 February 2017 07:41

Hargreaves Lansdown's net revenue rose by 16% to £184.8m and profit before tax increased by 21% to £131.0m in the six months to the end of December.

Assets under administration rose to a record £70.0bn - up 13% since 30 June.

Other highlights:

- Net new business inflows of £2.34 billion for the six months (H1 2016: £2.77bn), down 22% in Q1 and up 10% in Q2 on an organic basis.

-Continued growth in active client numbers, now 876,000, an increase of 40,000 since 30 June 2016 (H1 2016: 47,000 or 40,400 excluding acquired clients).

- Both client and asset retention remained strong at 94.7% and 93.5% (H1 2016: 94.5% and 93.9% respectively).

- Interim dividend up 10% to 8.60 pence per share (H1 2016: 7.8p).

Chief executive Ian Gorham said: "The diversified nature of the Hargreaves Lansdown business has enabled us to deliver significant growth in both revenue and profit.

"Despite macroeconomic uncertainties impacting investor confidence and net new business, clients continue to trust us with their money and benefit from our market-leading investment services.

"Mobile technology is a key part of our strategy and our new generation of iPhone and Android apps offer opportunities to further enhance our clients' mobile experience."

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Related Company: HL.

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