Hargreaves Lansdown falls despite positive results

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Hargreaves Lansdown falls despite positive results
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Shares in financial services provider Hargreaves Lansdown (LON:HL.) dropped by 3.67% to 2,040.21p (as of 11:20 BST) after the company warned that political and economic turbulence was having an impact on investor confidence.

Total assets under management were £91.6 billion for the year ended 30th June, up by 16% relative to the last year, and client numbers exceeded 1.1 million. Profits before tax rose by 10% to £292.4 million and the total dividend per share was increased by 38% to 40p.

Chief executive Chris Hill commented that: “We have had another year of strong growth, in client numbers, net new business, market share and profits, driven by our continued commitment to provide excellent levels of service. Our continued investment into our people, technology and marketing helps our clients to engage with their savings and investments. This provides them with the knowledge and confidence to make decisions and our range of solutions makes it easy for them to act. We have a huge responsibility to help more than a million clients at a time when they have never needed our help more, and we are uniquely well positioned to provide them with the solutions they need“.

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