Hargreaves Lansdown reveals “good start to our financial year” – shares fall

Hargreaves Lansdown shares (LON: HL) fell on Thursday’s opening, despite a good start to the financial year.

In the three months to 30 September 2020, the group saw revenue grow by 12% to £143.7m and net new business of £0.8bn.

The growth in new business was weaker than usual, however, is pleasing given the impact of the pandemic and rising Brexit uncertainty.

Chief executive, Chris Hill, said: “Today we report a good start to our financial year, with growth in clients, assets and revenue. These results are against the ongoing backdrop of market uncertainty and highlight the resilience of our business model and client proposition.

“We are confident that the strategy we have invested in, with our focus on the needs of UK investors and savers and delivering the highest level of client service, means that we continue to be well positioned to deliver continued attractive long-term growth,” Hill added.

Earlier this year, the group said they had experienced recorded dealing figures through the coronavirus crisis.

Hargreaves Lansdown shares (LON: HL) are trading -4.91% at 1.510,00 (0941GMT).