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August 16, 2017

Hargreaves Lansdown annual pre-tax profit soars 21%

British investment manager Hargreaves Lansdown has posted pre-tax profit of £265.8m for the year ended 30 June 2017, an increase of 21% compared to £218.9m a year ago.

Net revenue stood at £385.6m, an 18% rise over £326.5m reported last year. The firm attributed the rise in revenue to higher asset levels and increased client share dealing activity.

Net new business inflows were £6.9bn at the end of June 2017, up 15% from £6bn as at 30 June 2016.

The firm’s assets under administration totalled £79.2bn at the end of June 2017, a surge of 28% compared £61.7bn last year, driven by £6.9bn of net new business and higher market levels that contributed another £10.6bn.

The company also said that it grew its active client base by 14% to 954,000 during the year.

Hargreaves Lansdown CEO Chris Hill said: “We have had a good year for gathering new clients and assets as a result of our relentless focus on the exceptional service we provide. Key to this has been understanding the needs of our clients and expanding our range of solutions and services to help them.

“There are considerable challenges for people in the current saving and investment environment but there are also opportunities, and Hargreaves Lansdown is ideally placed to help people make their investment decisions with confidence.”

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