Hargreaves Lansdown sales up despite weak equities

City A.M. Reporter
Hargreaves Lansdown said its third-quarter revenue rose 36 percent on year, despite a recent slump in global equities, and the wealth manager and stockbroker saw opportunities in the new tax year.

The Bristol-based company, which provides management products and services to private investors in the UK, said the value of its total assets under administration as of 31 March was 23.6 billion pounds, up six per cent from end-2010.

Operating revenue for the third quarter ended 31 March was at £53.3m.

"This year, earthquakes in the Pacific region, uncertainty around North Africa and the Middle East, looming spending cuts and flat stock markets should have formed a less-than-ideal backdrop for equity investment," the company said in a statement.

Hargreaves shares, which recently entered the FTSE 100 index, closed at 605 pence on Monday on the London Stock Exchange.

The stock has risen ten per cent since the company in posted higher first-half profit in February.