11th Oct 2018 08:18
LONDON (Alliance News) - Hargreaves Lansdown PLC said Thursday it made a "solid" start to its new financial year with assets under administration and revenue increasing in the first quarter.
The FTSE 100-listed financial services company grew assets under administration by 2.7% to GBP94.1 billion at the end of the first three months of the financial year from GBP91.6 billion on June 30.
"The past quarter has seen an uncertain market environment and weak investor sentiment resulting in an industry-wide slowdown in net retail flows. Despite this backdrop, we believe the strength of our business model positions us well for when sentiment improves," Chief Executive Officer Chris Hill said.
Hargreaves's net revenue in the period increased 16% to GBP120.8 million from GBP104.1 million in the first quarter the previous year.
The company secured GBP1.3 billion of net new business in the first quarter, driven by investment in its digital marketing presence, higher client numbers and wealth consolidation onto its platform.
Hargreaves gained 29,000 net new clients in the period.
Shares in Hargreaves Lansdown were down 4.7% Thursday morning at 1,856.50 pence each.
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