Hargreaves Lansdown profits from commission shake-up

City A.M. Reporter
HARGREAVES Lansdown unveiled a 31 per cent increase in its full year dividend as it announced higher revenues and profits attributed in part to retail banks withdrawing from some of its key markets due to shifting regulation.

In an earnings statement for its full year to the end of June published yesterday, the investment manager said pre-tax profits rose 28 per cent while the amount of client assets it administers rose 38 per cent.

New business inflows were up 59 per cent to £5.1bn over the year.

The company said it has thrived under a regulatory shakeup of how investment products are distributed in the UK, banning the commission based selling on which many of its competitors depended.