LONDON (ShareCast) - (Sharecast News) - Hargreaves Lansdown said it made a good start to the financial year as the investment platform reported £0.8bn of net new business and revenue up 12% in the first quarter.
Revenue rose to £143.7m from £128.1m in the three months to the end of September. Net new business was down from £1.7bn a year earlier but the FTSE 100 company said that period was boosted by £0.9bn of back book transfers.

Assets under administration rose 3% to £106.9bn since the end of June as the market rose and the company added 31,000 net new clients.

Revenue rose despite an 18% drop in the FTSE All Share index from a year earlier. Growth was partly driven by strong stockbroking income. Share dealing volumes were lower than the peak earlier in 2020 but stayed high at an average of 980,000 trades a month.

Chris Hill, Hargreaves Lansdown's chief executive, said: "Today we report a good start to our financial year, with growth in clients, assets and revenue. These results are against the ongoing backdrop of market uncertainty and highlight the resilience of our business model and client proposition."

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