<p>Hargreaves Lansdown (LON: HL), a British financial services company, published its interim results for the six months ended 31 December 2022, reporting a 20 percent revenue increase to £350 million.</p><p>Hargreaves Lansdown Sees Solid Revenue and Profit Growth</p><p>The <a href=”https://www.financemagnates.com/institutional-forex/hargreaves-lansdowns-revenue-dips-in-first-four-months-of-2022/” target=”_blank” rel=”follow”>revenue was pushed higher</a> despite a 30 percent decline in net new businesses, which came in at £1.6 billion, which is down from £2.3 billion a year earlier. The total assets under administration (AUA) also declined by 10 percent to £127.1 billion. However, the AUA figure jumped 2.3 percent from the previous fiscal year half that ended in June.</p><p>The company closed the six months, between July and December, with a pre-tax profit of £197.6 million, which is 31 percent higher than the comparable period of the previous fiscal year. The underlying pre-tax profits, which are calculated by excluding the strategic investment costs, came in at 30 percent higher at £211.9 million.</p><p>The diluted earnings per share for the period came in 29 percent higher at 33.1 pence, whereas the underlying figure jumped 28 percent to 35.5 pence.</p><p>”I’m delighted that we have delivered a strong financial performance over the first half of the year,” said the CEO of Hargreaves Lansdown, <a href=”https://www.financemagnates.com/executives/hargreaves-lansdown-looks-for-new-ceo-as-chris-hill-decides-to-retire/” target=”_blank” rel=”follow”>Chris Hill, who will retire later this year</a>. The company already named <a href=”https://www.financemagnates.com/executives/moves/hargreaves-lansdown-names-dan-olley-as-new-ceo/” target=”_blank” rel=”follow”>Dan Olley as Hill’s successor</a>, who will take over before the November deadline.</p><p>The revenue and profit figures did not cause any positive or negative sentiment among the company’s investors, as the stock prices did not show any significant swing on Wednesday morning, as of press time. However, the company’s performance remained dull in the past year as the HL stock lost about 27 percent of its value.</p><p>Solid Jump in Client Numbers</p><p>Hargreaves Lansdown is a Bristol-headquartered financial service company that offers capital market investment products to retail investors.</p><p>”Whilst challenging external conditions and low investor confidence impacted asset values and stockbroking volumes in the period, clients have benefitted from our diversified platform, and we have progressed across all the strategic priorities that we set out a year ago,” Hill added.</p><p>Indeed, the company added 31,000 new clients in the six months, taking the total client numbers to 1.77 million. Its retention level also remains high at 92.4 percent.</p><p>”Our focus remains on engaging with clients and helping them to navigate the challenging backdrop,” said Hill.</p>
This article was written by Arnab Shome at www.financemagnates.com.
