15th May 2018 08:47
LONDON (Alliance News) - Fund supermarket Hargreaves Lansdown PLC said on Tuesday it saw "another good tax year end" with 60,000 new clients and year-to-date net revenue up 16%.
The FTSE 100-listed company said it saw net new business of GBP3.3 billion in the four months to April 30, with year-to-date net new business of GBP6.6 billion.
"This was driven by increased digital marketing, ongoing wealth consolidation onto our platform, a continuation, albeit on a reduced scale, of transfers from a competitor platform and a small direct back book transfer from Old Mutual," Hargreaves said.
Hargreaves said it welcomed 60,000 net new clients in the period, taking active client numbers to 1.1 million. The company had assets under administration of GBP88.8 billion as at April 30.
Year-to-date total net revenue of GBP366.6 million was up 16% compared to last year, Hargreaves said.
"Hargreaves Lansdown had another good tax year end, delivering strong net new business of GBP3.3 billion over the busiest time of our year and welcoming another 60,000 net new clients," said Chief Executive Chris Hill.
"We have continued to invest in our helpdesk, operations and technology teams and I'm pleased that the consequence of this is that we are able to support stronger volumes of client activity whilst maintaining our leading reputation for client service," Hill added.
Shares in Hargreaves were down 0.4% at 1,867.00 pence early Tuesday.
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