Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Hargreaves Lansdown net new business slides in first half

(Sharecast News) - Hargreaves Lansdown reported a 6% rise in assets under administration in its half-year results on Thursday, reaching a record high of £142.2bn by 31 December, compared to £127.1b a year earlier. The FTSE 250 company said net new business, however, dipped to £1b from £1.6bn in the prior year's first half.

Revenue rose 5% to £368.2m, and underlying diluted earnings per share settled at 34.6p, a marginal decrease from 35.5p in the first half of the 2023 financial year.

The board hiked the interim dividend by 4% to 13.2p, up from 12.7p in the prior year's corresponding period.

Hargreaves Lansdown noted that it had undertaken a comprehensive business-wide review, achieving significant progress in line with its initial priorities and establishing a clear plan for the future.

The review was now largely complete.

"Our first half results are a reflection of the fundamentals of our business - assets under administration has increased to a record £142.2bn, revenue has increased 5% to £368.2m and our underlying profit before tax at £221.5m is also up 5%," said chief executive officer Dan Olley.

"It is now six months since I took over as CEO and it is clear that the business is built on strong foundations; a proud heritage, with a trusted brand and knowledgeable, client-focused colleagues.

"What is also clear is the work to be done to capitalise on those foundations to reposition HL to take advantage of the structural growth opportunities ahead."

Olley said the "detailed and data-led" approach the firm was taking was giving it insight into client needs which, together with its focus on execution, its strengthened leadership team and improvements in its technology capability.

"The four priorities I set out in September are the right ones to drive the business forward and I am pleased with the tangible progress we have made in the first half.

"As the largest wealth platform in the UK, looking ahead, ours is a large and growing market with clear client needs.

"We have the scale needed to succeed and we have the right strategy and ambition to accelerate our growth."

At 1014 GMT, shares in Hargreaves Lansdown were down 8.64% at 735.8p.

Reporting by Josh White for

Share this article

Related Sharecast Articles

Billionaire Issa nearing deal to sell Asda stake to TDR Capital - report
(Sharecast News) - US private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
Billionaire Issa nearing deal to sell Asda stake to TDR Capital
(Sharecast News) - Private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
DS Smith tumbles as Mondi abandons pursuit
(Sharecast News) - DS Smith tanked on Friday after Mondi said it would not be making an offer for the rival packaging group, clearing the path for a takeover by International Paper.
Eqtec agrees amendment to Verde subscription
(Sharecast News) - Waste-to-energy technology developer Eqtec updated the market on the Verde Corporation subscription on Friday, confirming that an amendment to the subscription letter had been agreed upon with Verde.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.