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08 Aug 2019 | 07:21

Hargreaves Lansdown annual profits and AuA rise amid strong second performance

Hargreaves Lansdown reported a rise in annual profits as assets grew 8% amid strong second-half performance. For the 12 months ended 30 June, profit before tax increase of 5% to £305.8m as assets under administration rose 8% to £99.3bn. Net new business for the year fell 4% to £7.3bn as the backdrop of low investor confidence, record industry retail fund outflows for part of the year and the continued Brexit and political uncertainty weighed on growth. 'Revenue margins on funds have been broadly stable following the completion of RDR and we continue to expect them to remain at similar levels over the next 12 months,' the company said. 'However, this guidance may be slightly impacted, depending on how long the current suspension on dealing in the Woodford Equity Income Fund lasts.' 'The loss of revenue is estimated at £360,000 per month and Link Asset Services, the fund's Authorised Corporate Director, has confirmed that trading will likely be suspended until early December,' it added. The total dividend was up 5% at 42.0 pence per share from a year earlier.

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