Hargreaves Lansdown has reported revenues of £130.9 million for the four month period to 30 April 2017. According to a trading update from the firm, year to date net revenue totals £315.7 million, a year on year increase of 17 percent.
This was due to “net new business, higher market levels and strong share dealing volumes,” the firm said.
Net new business was £3.3 billion during the period, taking year to date net inflows to £5.6 billion. The firm credited “a recovery in investor confidence ahead of tax year end” as one reason for this. Other reason it cited were the launches of the CF Woodford Income Focus Fund and HL Select UK Income Shares fund, the new higher ISA allowance from 6 April 2017 and the launch of Lifetime ISA.
In addition it said its increased digital marketing presence, including the launch of new smart phone apps, and transfer activity “as our clients continue to consolidate their wealth onto our platform” had boosted the flows.
At the end of the period assets under administration reached £77.0 billion, up 10 percent year on year. Active client numbers were 932,000, after the firm added 56,000 new clients in the period covered by the update.
At the same time as issuing the trading update, the firm announced that Mike Evans, the group chairman, is to retire from the position. He will remain in place until a successor is found, the search for which is underway. Mr Evans joined the board as a non-executive director in September 2006 and became chairman in December 2009.
During the period covered Chris Hill replaced Ian Gorham as chief executive of the firm.