Hargreaves Lansdown posts record FY assets on inflows, market gains

Strong year of growth at Hargreaves Lansdown

Hargreaves Lansdown rewarded shareholders with a bumper special dividend as the pensions and investments provider topped 1m active clients for the year, though annual numbers came in slightly short of expectations.

Britain's biggest investment platform has increased its shareholder dividend by almost 40 per cent after reporting a 10 per cent rise in annual profits.

The number of HL's active clients increased by 137,000 in the year to 1.09m, 16% more than last year, with chief executive Chris Hill saying that many of them transferring from other platforms.

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Hargreaves Lansdown attracted £7.6bn of net new business over the 12 months to 30 June 2018 - a 10% rise on the preceding 12-month period and a new record for the UK's largest direct-to-investor investment service.

Despite the decent results, shares in the company were down three per cent in early trading on Tuesday.

Despite the good results, Hargreaves Lansdown urged caution over the negative effects that Brexit could have on investments in the near future.

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It said that "prevailing political and economic turbulence" was now taking its toll on investor confidence, although it added it was confident it would continue to grow its share in the market.

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. Clients need help and they want solutions, not just information. "Our platform, combined with our scale, knowledge, expertise and client focus, uniquely positions us to provide the solutions required and capitalise on this opportunity".

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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