Hargreaves Lansdown (LON:HL) posted its half-year results on Tuesday, reporting both a fall in net new business and assets, sending shares down.
The financial services company said net new business dropped 24% year-on-year to £2.5 billion, down from £3.34 billion during the same period a year ago.
Meanwhile, assets under administration also fell by 6% to £85.9 billion during the six-month period, down from £91.6 billion a year before.
Hargreaves Lansdown attributed the subdued interim performance to market volatility as well as weaker investor confidence.
Chief Executive Chris Hill said: “The diversified nature of Hargreaves Lansdown has enabled us to continue growing despite a period of geopolitical uncertainty, market volatility and weak investor confidence.
“We have a significant long-term market opportunity and our recent investment in service and developing our proposition are bringing real benefits to the business and our clients, both in difficult times such as the present and as and when conditions improve.”
Hargreaves Lansdown raised its interim dividend to 10.3p per share, up 2% from the 10.1p the year before.
Hargeaves is based in Bristol in the UK. It is a constituent of FTSE 100 on the London Stock Exchange. It has been publicly listed since 2007. As of 2018, the firm had 1,185 employees.
Shares in the company are currently down -4.93% as of 11:29AM (GMT), on the back of its interim results.
