Business boost for HL
Share
Hargreaves Lansdown saw a 24 per cent rise in new business in the first quarter of its 2011/12 financial year despite reporting a fall in total assets under administration.
The firm recorded £680m of new business inflows, up by 24 per cent from £550m in the first quarter of 2010/11, while revenue stood at £57.2m, up by 27 per cent from £45.2m.
Hargreaves Lansdown has seen assets on its Vantage platform fall by 9 per cent from £24.6bn at June 30 to £22.3bn at September 30.
The firm has cited a fall in markets for the drop in assets, highlighting the fact that the FTSE All Share index fell by 14 per cent in the third quarter of 2011.
Hargreaves Lansdown’s client numbers have increased by 8,000 to 388,000.
Chief executive Ian Gorham says: “The quarter’s results have been encouraging in a difficult period. Net new business, revenues and client acquisition all show a healthy increase on the same period in 2010 despite the FTSE all share index decreasing by 14 per cent in the period and the investing landscape being dogged by volatility and macro-economic uncertainty.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
