This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM-Cover-Top-310714.jpg
Categories:Investments

Hargreaves reports 28% profit rise despite fund sales slowdown

  • Print
  • Comment

Hargreaves Lansdown has reported a 28 per cent year-on-year rise in pre-tax profits to £72m during the six months to December 31.

The profit increase was accompanied by a 16 per cent year-on-year rise in revenues to £112.9m, from £97m at the end of 2010.

However, the FTSE 100-listed company says the rise was accompanied by a slowdown in total UK net retail fund sales, which fell to “levels only previously seen during the credit crunch of 2008”.

The firm’s total assets under administration grew by 5 per cent to £23.4bn, up year-on-year from £22.3bn.

Assets held on the Vantage platform shrank from £23.1bn at the end of June 2011, to £21.9bn at the end of December. Yet the platform added a further 16,000 clients in the six months to December 31, bringing the total to 396,000.

The decrease in assets under administration was attributed to the market performance and “other growth factors”.

Hargreaves Lansdown chief executive Ian Gorham says: “Traditionally, the second half of the year, which encompasses the tax year end, is the stronger half and we are pleased to report a successful pre-cursor to our busy season.”

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Have your sayEdit my profile/screen name

You must sign in to make a comment

The Cost of Advice

Sponsored by Brooks Macdonald

Fund Data

Editor's Pick



Poll

Do you think we will see a surge in pensions liberation activity in the wake of the Budget?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments