Hargreaves Lansdown results drive shares higher

Shares in FTSE 100 financial services firm Hargreaves Lansdown (LON:HL.) climbed by 8.43% to 1,987.50p (as of 10:40 BST) as it posted a 5% increase in pre-tax profits for the year ended 30th June. Revenues were up by 7% and assets under management rose by 8%.

CEO Chis Hill commented: “We are pleased with the underlying strength and resilience of our business and our increase in market share. We continue to focus on our clients’ evolving needs and where we see opportunities for growth. We now have a record 1,224,000 clients and Assets Under Administration (AUA) of £100 billion.

“The second half of the financial year was particularly strong, supported by our best ever tax year end with clients continuing to use their ISA and SIPP allowances. Our Active Savings launched with a full tranche of term deposits and through considerable momentum, now has over £1bn AUA. Our HL Select Global Growth Shares fund now has over £350 million Assets Under Management and is our most successful Select fund launch to date.

“I have apologised to all clients who have been impacted by the recent problems around the Woodford Equity Income Fund, because we all share their disappointment and frustration. In these difficult times we recognise the financial and personal impact the gating of the fund has had on them. Our priority is to support them, keep them informed and ensure that the fund reopens as soon as is practicable.

“We recognise that there are industry headwinds, but we continue to execute our strategy and remain on track. We are confident that we are well placed to help our clients prosper, whilst continuing to deliver strong and sustainable returns for shareholders“.