Hargreaves Lansdown down on sluggish new business

The share price of FTSE 100 financial services firm Hargreaves Lansdown (LON:HL.) plunged 6.44% to 1,758.50p (as of 12:30 GMT) despite profits before tax for the six months ended 31st December increasing by 12%. Net new business was down by 9% relative to the same period of 2018.

CEO Chris Hill commented: “The first half of our financial year was another period of growth. Despite market challenges, the resilience of our business, continued execution of our strategy and our focus on ensuring the right outcomes for clients, means we have seen growth and increased market share through the period.

“We are confident that the diversified nature of Hargreaves Lansdown, our continued investment where we see opportunity and market leading client offering, mean that we are well placed to help our clients prosper, whilst delivering strong and sustainable returns for shareholders“.