Hargreaves Lansdown reports strong revenue growth this quarter, driven by increased client activity and higher assets under administration.
Hargreaves Lansdown reports strong revenue growth this quarter, driven by increased client activity and higher assets under administration.
Hargreaves Lansdown released a positive trading update, highlighting significant revenue growth this quarter and increased client activity. Total revenue for the quarter reached £196.5 million, up from £183.8 million in the previous quarter. Higher dealing volumes and elevated platform revenue, bolstered by improved assets under administration (AUA), drove this increase.
While cash revenue declined year over year due to a reduced net interest margin, the overall results reflect the company’s resilience in a competitive market. AUA concluded the quarter at £157.3 billion, with a positive market movement contributing £1.5 billion and net new business adding £0.5 billion, slightly down from the £0.6 billion reported in Q1 2024. The firm also experienced robust net client growth, adding 18,000 new clients this quarter compared to just 8,000 in the previous quarter. Client retention improved to 92.0%, while asset retention remained at 88.6%.
Average monthly share dealing volumes rose to 738,000, up from 634,000 in Q1 2024. Notably, overseas deal volumes represented 20.2% of total transactions, an increase from 18.3% in the previous quarter. Additionally, client cash balances grew to £12.7 billion, compared to £12.4 billion, largely driven by net selling of investments by clients in September.
Dan Olley, CEO, commented on the trading update, saying, “Shareholders have approved the proposed acquisition of Hargreaves Lansdown, and it is now subject to certain outstanding regulatory approvals, with completion expected in Q1 2025. In the meantime, we remain as committed as ever to supporting our clients with the best service, experience, and value.”
Olley emphasized the importance of saving and investing, stating, “With millions of households without enough saved to enjoy a comfortable lifestyle in later life, it has never been more important for the UK to save and invest for their financial futures.” He concluded that Hargreaves Lansdown is well-positioned to assist in this crucial endeavor as the UK’s largest platform for retail investors
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