Hargreaves Lansdown profits up 46%

Hargreaves Lansdown

Last Updated at 24 Oct 2017, 11:12 *Chart shows local time Hargreaves Lansdown intraday chart
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Stockbroker Hargreaves Lansdown has unveiled a 46% rise in annual pre-tax profits.

The Bristol-based group reported a profit of £126m in the year to 30 June, up from £86.3m a year earlier, sending shares up 13% in afternoon trading.

It revealed 50,000 new clients joined its Vantage asset management platform, bringing the total to 380,000.

It added that revenue rose by 31% from £159m to £207.9m, as total assets under administration rose by 41% to £24.6bn.

It has increased its full-year dividend by 59% on the back of the strong performance.

Focus on digital

Hargreaves Lansdown said its focus on digital media was becoming more important, with its website numbers up 24.3% to 27.5 million visitors during the year.

It has also introduced new iPhone and Android apps which have been downloaded more than 11,000 times.

The firm's chief executive, Ian Gorham, said: "Even though the investment market faces economic uncertainty, I believe that the company is extremely well placed to build on the momentum that has been generated.

"Since the year-end, we have seen net new business and net new clients both significantly higher than last year's comparatives.

"We shall continue to deliver excellent service, which in turn helps maintain profitable growth and generates value for our shareholders."

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