LONDON (ShareCast) - (Sharecast News) - Financial services company Hargreaves Lansdown revealed on Tuesday that profits had fallen during the first half of its 2022 trading year on the back of a reduction in share-dealing revenues.
In the six months ended 31 December, revenues slipped 4% to £291.1m and interim pre-tax profits and diluted earnings per share both slumped 20% to £151.2m and 25.7p, respectively as net new business contracted 28% year-on-year to £2.32bn.

Total assets under administration, on the other hand, increased 17% to £141.2bn.

Looking ahead to the remainder of the financial year, HL noted it was now rapidly approaching the all-important tax year-end season and said it was entering the period with more clients than ever before, improved client service levels, and greater levels of client engagement.

"Combined with the launch of our latest national advertising campaign, 'Switch Your Money On' we are well placed to increase new clients and net new business above the levels seen in the first half of the year," said Hargreaves Lansdown.

However, while HL said such a skew towards an improved second-half performance was "not new", it acknowledged that it was not clear how significant levels of inflation currently being seen and geopolitical tensions may impact markets and investor confidence in the coming months.

As of 0805 GMT, HL shares had sunk 16.10% to 1,089.0p.

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