Hargreaves Lansdown pleased with recent performance in tough market

Hargreaves Lansdown updated the market on its trading for the four months ended 30 April on Wednesday, reporting net new business of £2.9bn.

The FTSE 100 financial services provider said that made for year-to-date net new business of £5.4bn, with assets under administration standing at £97.8bn as at the end of the period.

That was up from an opening assets under administration figure of £85.9bn, thanks to the net new business figure as well as positive market movements of £9bn.

It also reported 1,188,000 active clients, with net new clients of 53,000 in the period, and year-to-date total net revenue of £395.9m, which was ahead 8% year-on-year.

Net revenue for the four month period was £159.5m, rising from £150.6m at the same time in the 2018 financial year.

“We are pleased with the strong tax year end, delivering net new business of £2.9bn and welcoming another 53,000 net new clients despite the market backdrop,” said Hargreaves Lansdown chief executive Chris Hill.

“It is also pleasing to see the benefit of our investment coming through with Active Savings continuing to gather momentum and the announced transfers of clients and assets from Witan Investment Services, JP Morgan and Baillie Gifford.

“Whilst political and macroeconomic uncertainty remains, we are confident that our continued focus on the needs of UK investors and savers means that we are well positioned to deliver attractive growth.”