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Hargreaves Lansdown posts record FY assets on inflows, market gains

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By Reuters

By Simon Jessop

LONDON (Reuters) – British fund supermarket Hargreaves Lansdown <HRGV.L> said total assets under administration rose 16 percent to a record 91.6 billion pounds in the year to end-June, buoyed by net inflows and market gains.

The company, which offers a range of investment products to retail investors, said it took in a record 7.6 billion pounds in net new business, boosted by a rise in client numbers.

The rise in assets and increased share dealing helped revenues climb 16 percent to 447.5 million pounds, it said in a statement, although costs rose 25 percent as the firm invested in staff, marketing and technology.

As a result, pretax profit during the period rose 10 percent to 292.4 million pounds, underpinning a total dividend for the year of 40 pence a share, up 38 percent and bolstered by the reinstatement of a special dividend of 37 million pounds.

“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,” Chief Executive Chris Hill said in the statement.

(Reporting by Simon Jessop; editing by Ben Martin)