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Independent financial service providers and asset management specialists Hargreaves Lansdown (LSE:HL.) have released preliminary results for the year ending 30 June.
In a statement to investors the company reported total assets under administration up 38% at £36.4 billion and a revenue increase of 22% to £292.4 million. Profit before tax also increased by 28% to £195.2m, whilst total clients increased by 76,000 to 507,000 since June 2012.
“We have increased margins, profits, funds under management and improved client satisfaction. Hargreaves Lansdown continues to be a financially strong organisation with a clean, strong, debt-free balance sheet retaining a healthy margin over the regulatory capital adequacy requirements; a source of comfort to our clients”, said chairman Michael Evans.
Total dividend was up 31% at 29.59 pence per share.
Responding to the results Ian Gorham, Hargreaves Lansdown’s chief executive, said “Investors’ desire for a market leading, modern and financially robust investing service” had enabled the company to generate “record results”.
“We announce that our clients have entrusted a further £5.1 billion to us resulting in £36.4 billion of assets under administration. We have also welcomed 76,000 new clients during the year now totalling 507,000. This has led to a 22% increase in revenues and 28% growth in profits”, said Mr Gorham.
Commenting on the new financial year Mr Gorham argued that “there is some indication that companies and economies have adapted to deal with the new paradigms of low interest rates and low growth, austerity is here to stay for some time”.
