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Hargreaves posts 10% rise in Q3 revenue

Hargreaves Lansdown has reported a a 3 per cent increase in third quarter operating revenue to £32.8m from £29.8m a year earlier.

Operating revenue for the nine months to March 31 was 98.4m, 12 per cent higher than the 87.5m reported in the same period last year.

Assets under administration gained 3 per cent to £10.2bn as at March 31 from 9.9bn at December 31 but were down from £11.1bn at the end of last June.

Vantage, the group’s fund supermarket and wrap platform increased the value of assets by 3 per cent to £9.2 bn at March 31 from £8.9bn at December 31. The number of active Vantage clients was 264,000 up from 252,000 in the same period.

The group attributed the platform’s performance to strong business inflows which totalled £1.3 bn for the nine months to the end of March helping to offset the negative impact of the market.

The advisory division introduced £71m into the portfolio management service during the third quarter down from £94 the previous year.

Chief executive Peter Hargreaves says: “These results demonstrate the Group’s ability to increase both assets under management and revenues during what must have been some of the most difficult trading conditions during Hargreaves Lansdown’s existence.

“Whilst some of our business volumes for the tax year ended April 5, 2009 are lower than the previous tax year this must be compared with general volumes in the marketplace, which we believe indicate we have materially improved our market share.”

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