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Hargreaves Lansdown beats market volatility with leap in profits

Hargreaves Lansdown has announced a 42 per cent increase in underlying profit for the financial year.

Despite the market volatility, profit stands at £57.8m, up from £40.7m at the same point in 2007, while revenue also increased by 22 per cent to £120.3m.

Assets under administration also rose 9 per cent to £11.1bn with recurring income up to 72 per cent, from 65 per cent in 2007.

Underlying diluted earnings per share increased by 41 per cent to 9.0 pence with total dividend payout for the year at 7.809 pence per share.

Hargreaves Lansdown chief executive Peter Hargreaves says: “We have demonstrated our resilience this year, by maintaining our inflows and increasing our assets under administration, despite a 16 per cent decline in the FTSE ALL Share index. Our exceptional service, informative website, publications and accessible helpdesk have encouraged both new and existing clients to entrust us with their assets, whilst our continued entrepreneurial approach has enabled us to reach people in new ways and talk to them about their investments.”

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