Hargreaves Lansdown sees profit surge in record year

BROKER Hargreaves Lansdown has seen pre-tax profit up 18 per cent while assets under management also surged.

The company's figures, covering the year to the end of June, showed growth in every category as it emerged strongly from the recession.

Pre-tax profit was £86.3m while total assets under administration rose by 47 per cent to £17.5bn, in the record year for the company

Net business inflows reached £3.3bn – a 65 per cent rise on the £2bn recorded in the previous year.

Chief executive Peter Hargreaves said: "Even though we continue to face economic uncertainty, I believe that the company is extremely well placed to build on the momentum that has been generated so far."

Hargreaves, who founded the company with Stephen Lansdown in 1981, will step down as Chief executive tomorrow and repaced by Ian Gorham.

The company announced last week that Lansdown will become a non executive director. The pair sterted the business from a Brsitol flat before building it up to b e the UK's largest retail broker.