British investment manager Hargreaves Lansdow has reported profit before tax of £218.9m for the year ended 30 June 2016, an increase of 10% compared to £199m a year ago.
The company’s net revenue stood at £326.5m, a rise of 11% compared £294.2m a year ago.
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Total assets under administration rose by 12% to £61.7bn from £55.2bn at the end of June 2015.
During the year, the company added 100,000 new active clients, up 19% on last year. At 30 June 2016, active client numbers were 836,000, compared to 736,000 a year ago.
Commenting on the results, Hargreaves Lansdow CEO Ian Gorham said: “We are delighted to present a set of results demonstrating a healthy profit growth and continued substantial new assets and clients. Hargreaves Lansdown is well positioned to take advantage of the structural opportunity for growth in the savings and investments market, including the launch of the Lifetime ISA in April next year.”
The company also announced that Gorham will step down in next 12 months after seven years in the post.
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By GlobalData“The board’s preference is to promote from within if at all possible and a clear requisite is a proven individual who can demonstrate a keen understanding of the culture and values of the firm,” Hargreaves Lansdown said in the statement.
Finance director Chris Hill, who only joined Hargreaves in April this year, is expected to replace Gorham.
