hargreaves

Hargreaves Lansdown (LON:HL) reported strong figures for the six months to the end of 2017, with pre-tax profits benefitting from an increase in client numbers.

Assets under administration rose 9 percent over the period to £86.1 billion, with pre-tax profits rising 12 percent to £146.9 million.

Net new business hit £3.34 billion during the period, up 43 percent compared to the same period a year ago. The group added 61,000 new clients over the period, to mark a total of 1,015,000 active clients since 30 June 2017.

Diluted earnings per share rose 12 percent to 25 pence during the six month period, with interim dividend per share up 17 percent to 10.1 pence.

“I’m pleased to report another strong period of growth for Hargreaves Lansdown for client numbers, revenue and profit. We have a significant market opportunity with a clear strategy focused on our clients’ needs and offering great value and service to them,” said Chris Hill, Chief Executive Officer.

“Our aim of making it easy and efficient for clients to manage their savings and investments in a secure environment and empowering them to save and invest with confidence is at the heart of our business, and was reflected in our continued growth during the first half of our 2018 financial year.”

Hargreaves Lansdown shares are currently trading down 1.61 percent at 1,802.00 (0907GMT), largely as a result of the global share sell-off which took place this morning.