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Share Price: 1,051.00
Bid: 1,048.00
Ask: 1,049.00
Change: -15.00 (-1.41%)
Spread: 1.00 (0.095%)
Open: 1,079.00
High: 1,079.00
Low: 1,035.50
Prev. Close: 1,066.00
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Hargreaves Lansdown hails rise in assets to just under GBP150 billion

Tue, 30th Apr 2024 10:11

(Alliance News) - Hargreaves Lansdown PLC on Tuesday reported assets under administration spiked to a record high in its recently ended third-quarter, and it said "momentum" has continued this month.

The Bristol, England-based wealth management platform reported net new business of GBP1.6 billion for the three months that ended March 31, the company's financial third quarter. This was unchanged from the same period a year before, but up sharply from GBP400 million in the second quarter, the three months to December 31.

Hargreaves Lansdown noted "good momentum into the UK tax year-end of April 5, with increased gross inflows, net new clients, and share dealing volumes".

Assets under administration rose by 5.3% to GBP149.7 billion on March 31, a record, from GBP142.2 billion on December 31 and GBP132.0 billion a year before.

Hargreaves Lansdown noted the net new business outcome was a "significant step up versus the first half of the year".

Chief Executive Officer Dan Olley said: "Our relentless focus on client service, making it easy to save and invest to ensure that we meet our clients' needs has delivered clear results this quarter. We built good momentum into tax year end, and as a result have seen year-on-year increases of gross inflows and share dealing volumes in the quarter and net new business on a par with last year."

Hargreaves Lansdown reported net client growth of 34,000 in the quarter, picking up speed from 23,000 a year prior. Share dealing volumes averaged 794,000 per month, rising on-year from 770,000 a year before and 672,000 in the three months to December.

Total revenue in the recent quarter was 6.2% higher year-on-year at GBP199.7 million from GBP188.1 million.

"Looking ahead to the remainder of the financial year, we are pleased to see momentum continue into April as clients take advantage of the benefits of investing at the start of the tax year," Hargreaves Lansdown said.

"We continue to make good progress against our priorities for the year - improving our client proposition, controlling our costs and increasing our execution pace so that we can capitalise on the significant growth opportunities that lie ahead and create value for all our stakeholders."

The company said it will release a fourth-quarter trading update on July 19 and its full-year results on August 9. These will be followed by its annual general meeting on October 22.

Hargreaves Lansdown shares were 4.5% higher at 820.80 pence each in London on Tuesday morning.

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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