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Wealth mangement company Hargreaves Lansdown reported a slight fall in annual profit on higher costs, though assets under administration jumped on new fund inflows.
For the year ended 30 June 2021, pre-tax profit fell 3% to £366.0 million while revenue increased 15% to £631.0 million.
Assets under administration were up 30% to £135.5 billion as net new business increased 13% to £8.7 billion.
The total dividend was down 8% at 50.5 pence per share.
Looking ahead, the company said that it expected to see stronger client activity in the coming fiscal year.
'As we have eased out of lockdown and entered the summer months, we have seen a slowdown in dealing volumes and client activity versus the elevated levels this time last year, which is also normal for this time of year and in line with management expectations,' the company said.
'However, given our enlarged client base, we would still expect to see stronger client activity in FY22 versus FY20 (which also included a few months of elevated activity during the peak of the pandemic period) and the breadth of proposition and client focus gives us confidence that as the year progresses, we will continue to win in this growing market; it added.