Hargreaves Lansdown pulls in £1.3bn worth of new business as client base swells
Financial services firm Hargreaves Lansdown has pulled in £1.3bn worth of new business in its last quarter, as its client base grows.
Some 23,000 new clients joined the firm in the three months to 30 September, taking active member figures to more than 1.6m.
Shares slipped 0.4 per cent to 1,490.5p per share during its early trading.
The firm’s assets under management swelled to some £138bn in the period, up two per cent since 30 June.
Revenue dipped slightly by one per cent in comparison with last year, but still raked in £142.2m.
While the firm noted its makes around 40,000 deals per day, in line with its forecast for this year.
“Today we report a good start to our financial year, with continued growth in clients and assets in what is typically our quietest quarter. The client retention rate remains solid at 92.6 per cent and we continue to see new clients build wealth, diversify holdings and engage with the proposition,” CEO Chris Hill said.
“These results are against the backdrop of an easing out of lockdown and ongoing market uncertainty and highlight the importance of a resilient business and the strength of our proposition.”