LONDON (ShareCast) - (Sharecast News) - Hargreaves Lansdown reported a 6% rise in assets under administration in its half-year results on Thursday, reaching a record high of £142.2bn by 31 December, compared to £127.1b a year earlier.
The FTSE 250 company said net new business, however, dipped to £1b from £1.6bn in the prior year's first half.

Revenue rose 5% to £368.2m, and underlying diluted earnings per share settled at 34.6p, a marginal decrease from 35.5p in the first half of the 2023 financial year.

The board hiked the interim dividend by 4% to 13.2p, up from 12.7p in the prior year's corresponding period.

Hargreaves Lansdown noted that it had undertaken a comprehensive business-wide review, achieving significant progress in line with its initial priorities and establishing a clear plan for the future.

The review was now largely complete.

"Our first half results are a reflection of the fundamentals of our business - assets under administration has increased to a record £142.2bn, revenue has increased 5% to £368.2m and our underlying profit before tax at £221.5m is also up 5%," said chief executive officer Dan Olley.

"It is now six months since I took over as CEO and it is clear that the business is built on strong foundations; a proud heritage, with a trusted brand and knowledgeable, client-focused colleagues.

"What is also clear is the work to be done to capitalise on those foundations to reposition HL to take advantage of the structural growth opportunities ahead."

Olley said the "detailed and data-led" approach the firm was taking was giving it insight into client needs which, together with its focus on execution, its strengthened leadership team and improvements in its technology capability.

"The four priorities I set out in September are the right ones to drive the business forward and I am pleased with the tangible progress we have made in the first half.

"As the largest wealth platform in the UK, looking ahead, ours is a large and growing market with clear client needs.

"We have the scale needed to succeed and we have the right strategy and ambition to accelerate our growth."

At 1014 GMT, shares in Hargreaves Lansdown were down 8.64% at 735.8p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE