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Hargreaves Lansdown (LSE:HL.) has been setting records lately for both operation and share price performance. Having released its interim management statement for the first quarter last Friday, 12 October, Hargreaves led the FTSE 100 and has done so again today, Monday, 15 October. Starting the day at 712.00 today, which was up 24.00 from 688.00 on Thursday, the share price rose for the 11th straight day, hitting 735.50 mid-morning, before backing off slightly to 728.70 by 13:30.
Hargreaves shares have spent the day hovering around 76.00 pence above its low for the month of 636.00 on 2 October. Shares are trading at over 100.00 pence more than the low of the last 30 days, which occurred on 26 September. Company shares have traded below their 30-day moving average only one day in the last 4 months.
If the company can continue to turn in results like it has been, investors are going to enjoy the ride.
Hargreaves operating revenue increased 20% over year on year first-quarter results, coming in at £68.7 million versus £57.2 last year. CEO Ian Gorham said that the second quarter has begun well and is expected to be even better than the first, which is usually the slowest of the year.
The company has broadened its Corporate Vantage investment schemes to more than 60, and more than doubled the number of members during the three month period between 1 July and 30 September 2012 to 9,400. The number of Vantage account holders increased from 425,000 to 432,000 during the quarter, with the number of accounts held blossoming from 625,000 to 635,000.
At the end of September 2011, Hargreaves had £20.9 billion in Assets Under Administration. By June 2012, that amount was £24.6 billion. As of 30 September this year, the amount had risen again to £26.7 billion. That’s a 27.8% increase year on year. Gorham clearly pointed out that a substantial amount of the AUA upclick has been a result of stock market increases, but not entirely so.
Hargreaves describes itself as a one-stop shop for all private investments. The company has a market cap of £3.44 billion with 474.32 million shares in issue.
