Hargreaves Lansdown drops after quarterly results

The price of shares in FTSE 100 financial services firm Hargreaves Lansdown (LON:HL.) dropped by 5.29% to 1,504p (as of 12:40 BST) despite management reporting a 12% rise in revenues for the three months ended 30th September. Management said that net new business had been roughly half of the same period last year but market movements had been significantly more positive.

CEO Chris Hill commented: “Today we report a good start to our financial year, with growth in clients, assets and revenue. These results are against the ongoing backdrop of market uncertainty and highlight the resilience of our business model and client proposition. We are confident that the strategy we have invested in, with our focus on the needs of UK investors and savers and delivering the highest level of client service, means that we continue to be well positioned to deliver continued attractive long-term growth“.