Analyst Views: What did you make of the results?
JAMES HAMILTON | NUMIS
Operationally Hargreaves Lansdown continues to perform well, dominating the direct to retail platform space with a 32 per cent market share. This market continues to develop at a rapid pace and consequently we expect the group to continue to deliver strong growth.
JONATHAN JACKSON | KILLIK & CO
On retail distribution review, management have noted that pricing changes “may take time for retail investors to adjust to”, but management are pleased with the initial transition, with a positive start in January and further new initiatives planned for the second half to improve the group’s value proposition.
ROBIN SAVAGE | CANACCORD GENUITY
These results show very impressive momentum, which should help the second half of 2014. Forecasts for full year 2015 will be impacted by the change in Hargreaves Lansdown’s revenue streams. Guidance on the impact of RDR2 rules suggests headwinds will be minimal. We are sceptical.