British investment manager Hargreaves Lansdown has recorded strong net business inflows of £2.77bn for the six month period ended 31 December 2015, a jump of 23% compared to £2.25bn a year ago.
For the six months ended 31 December 2015, the group posted a profit before tax of £108.1m, up 6% from £101.9m a year ago.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The group’s net revenue for the period was £158.8m, up 10% compared to £144.1m in the year ago period driven by additional new clients and assets, growth in our multi-manager funds and stabilisation of interest receivable on cash.
The company said that its active client numbers were now 783,000 compared to 23,000 a year ago.
The group’s total assets under administration rose 20% to £58.8bn, compared with £49.1bn at the end of December 2014.
The company said that these results were achieved against a backdrop of continuing volatility in world stock markets stemming from various macroeconomic concerns and weak commodity prices.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataClient and asset retention during the six-month period increased to 94.5% and 93.9% respectively.
The Board has declared an interim dividend of 7.8 pence per share, up 7% from 7.3p a year ago.
Hargreaves Lansdown CEO Ian Gorham said: "Against a backdrop of fluctuating stock markets, Hargreaves Lansdown has continued to be the most popular destination for UK retail investors, with excellent new business for the period. In particular the pension freedoms continue to attract huge interest as we prepare for the important tax year-end period."
