Hargreaves Lansdown annual profits rise as inflows hit record | 7 August 2018

Peter Hargreaves of Hargreaves Lansdown

Peter Hargreaves of Hargreaves Lansdown

On net revenue that rose 16% to £447.5m, profit before tax grew 10% to £292.4m, short of the £295.3m that City analysts expected, as operating costs increased 25% to support higher client activity levels and management's increased investment to support what they see as "significant structural growth opportunity" in the United Kingdom savings and investments market, as well as a 16% increase in marketing spend.

The company, which this morning revealed an impressive set of full-year results, took in 137,000 new clients in the 12 months to 30 June - 16% more than last year, with many of them transferring from other platforms.

Hargreaves Lansdown was founded in Bristol in the early 1980s by Peter Hargreaves and Stephen Lansdown, two accountants. The...

Today's news follows previous strong results in May, when it said it brought in £3.3bn in new business.

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We have had another year of strong growth, in client numbers, net new business, market share and profits, driven by our continued commitment to provide excellent levels of service.

Hill maintained the group's focus on client service was necessary to position it to capture "the structural growth opportunity" in the United Kingdom savings and investments market, flagging up "significant challenges" society faces in the United Kingdom, including a £314bn savings gap, a greater need for self-provision over a longer period as life expectancy has extended, and "a complex set of government incentives and tax allowances to navigate". Clients need help and they want solutions, not just information. This provides them with the knowledge and confidence to make decisions and our range of solutions makes it easy for them to act.

Due in part to its higher level of profitability, Hargreaves Lansdown was able to increase total dividends per share by 38%.

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