14th Oct 2015 06:46
LONDON (Alliance News) - Fund supermarket Hargreaves Lansdown PLC on Wednesday reported higher net new business inflows, client numbers and net revenue, though assets under administration were down 11% in a quarter hit by lower stock markets and weakness in investor confidence.
Net new business inflows amounted to GBP1.43 billion in the quarter ended September 30, compared with about GBP970 million the corresponding quarter the prior year.
Total active clients rose by 24,000 in the quarter against a 10,000 rise in the corresponding quarter the prior year. Total clients rose to 760,000 at the end of September from 736,000 at the end of June.
Assets under administration fell to GBP54.7 billion at the end of September from GBP55.2 billion at the end of June. Net revenue was GBP78.5 million in the quarter, compared with GBP70.8 million in the corresponding quarter the prior year.
"We are particularly pleased with the reported trading data for the first quarter of the financial year given lower stock markets and weakness in investor confidence during the period. During the quarter, the FTSE All Share index fell by 6.57% to 3335.92, driven primarily by concerns about the Chinese economy," Chief Executive Ian Gorham said in a statement.
"As ever, future stock market levels and investor confidence will have a significant part to play during the remainder of our financial year. However, we remain confident of growing the business further to the benefit of our clients and shareholders," Gorham said.
By Samuel Agini; [email protected]; @samuelagini
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