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Hargreaves Lansdown reports 18 per cent profit hike

Hargreaves Lansdown has revealed an 18 per cent jump in pre-tax profits for the 12 months to the end of June 2010.

The group made a pre-tax profits of £86.3m for the last financial year, compared to £73.1m for the 12 months to the end of June 2009.

HL has also seen net business flows increase 65 per cent to £3.3bn, while revenue also increased 20 per cent to £159m with the proportion of recurring revenue standing at 72 per cent.

Total assets under administration also increased by 47 per cent to £17.5bn with the firm seeing a 48,000 increase in active Vantage clients to 330,000 since 30 June 2009.

The total dividend payment rose 18 per cent to 11.88 pence per share.

Hargreaves Lansdown founder Peter Hargreaves is set to pass on his chief executive duties tomorrow to Ian Gorham.

He says: “I am extremely pleased to report on a record year for the company, which is all the more impressive given the economic uncertainty that we have faced throughout the year. Revenue, profits and earnings per share have achieved record levels and although these measures have been helped by a rise in stock markets across the year, the more significant contribution has been from record organic growth.

“Even though we continue to face economic uncertainty, I believe that the company is extremely well placed to build on the momentum that has been generated so far.  In doing so we will continue to deliver the excellent service that our clients want, which in turn will help maintain profitable growth and generate value for our shareholders.”

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