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(Alliance News) - Wealth management platform Hargreaves Lansdown PLC has seen a period of "very strong growth" with record net new business and client growth, it reported on Thursday.
Net new business in the four months to April 30 was GBP4.6 billion, with assets under administration of GBP132.9 billion at the end of the period, up 28% in the year-to-date. Revenue for the period was GBP233.2 million, bringing the year-to-date total to GBP532.7 million, up 19% on a year before.
Despite the positive performance, shares in the Bristol, England-based company, which offers an investment platform for retail investors, were 5.5% lower in London on Thursday morning at 1,675.50 pence each.
Net new clients for the period were 126,000, taking total active client numbers to 1.6 million. The fund supermarket's net new business in the four months to April 30 was GBP4.6 billion, a 15% year-on-year increase from GBP4.0 billion. Year to date net new business now stands at GBP7.9 billion.
"Where daily share dealing volumes settle, as we ease out of lockdown and life returns to more normal, is difficult to say. Similar to when previous lockdowns have been lifted, we have begun to see a reduction in share dealing volumes in both UK and overseas trades. However ... we are confident that we will see a higher base level of dealing volumes than we did pre Covid-19," the company said.
Hargreaves reported assets under administration of GBP132.9 billion as at April 30, up 37% from GBP96.7 billion a year prior.
By Will Paige; willpaige@alliancenews.com
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