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Hargreaves Lansdown posts 10% profit rise

Hargreaves Lansdown has reported a rise in half-year profits.

The retail investment company has seen a growth in younger clients. The group added 84,000 new clients over the past six months – many of whom are aged between 30 and 54.

Stock trading volumes surged 123% in the second half of 2020, which led to the 10% rise in pre-tax profits to £188m.

Hargreaves Lansdown said that the vaccine hopes and the US election result led to a growth in younger clients.

Chief executive Chris Hill said: “The Covid-19 pandemic has […] reinforced the importance of saving and investing and the need for individuals to be financially resilient. Over the course of the pandemic, many have found the time and seen the need to prioritise household savings which has enabled and led them to invest for the first time.

“In turn, this change in behaviour is leading to a dynamic shift in the broader investment and wealth market. Younger people are taking a greater interest in investing for the future, recording an increased appetite for investment, and prioritising financial resilience and saving.

“Whilst events at the end of 2020 provided further stability to the external environment, with the conclusion of the Brexit deal and the completion of the US election, the Covid-19 pandemic and the resulting economic consequences will continue to impact markets and businesses over the remainder of this financial year and beyond,” he added.

Hargreaves Lansdown shares closed 4.51% lower at 1.631,50.

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