3rd Feb 2016 07:16
LONDON (Alliance News) - Hargreaves Lansdown PLC on Wednesday reported higher first-half pretax profit and strong net business inflows, although the fund supermarket saw its operating margins come under pressure.
Pretax profit rose to GBP108.1 million in the six months ended December 31, from GBP101.9 in the corresponding half the prior year. Hargreaves Lansdown lifted its interim dividend to 7.80 pence from 7.30p.
Net revenue increased by 10% to GBP158.8 million and operating margins weakened to 67.9% from 70.7%.
Total assets under administration swelled 20% to GBP58.8 billion over the course of the 12 months to December 30, as net business inflows added up to GBP2.77 billion.
"Against a backdrop of fluctuating stock markets, Hargreaves Lansdown has continued to be the most popular destination for UK retail investors, with excellent new business for the period. In particular the pension freedoms continue to attract huge interest as we prepare for the important tax year-end period," Chief Executive Ian Gorham said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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