Hargreaves Lansdown to top forecasts

29th Jun 2009 07:21

The stock market recovery since March has boosted the fourth quarter performance of investment management firm Hargreaves Lansdown, which now expects full-year results to be ahead of market expectations.Revenues for the 11 months to 31 May 2009 are around 10% ahead of revenues for the same period in the previous year, leading the group to believe its full-year pre-tax profit will slightly exceed the most optimistic broker forecast of £69.1m. The value of assets held within the Vantage service, the group's direct-to-private investor fund supermarket and wrap platform, climbed to £10.6bn at the end of May from £9.2bn at the end of March 2009, an increase of 15%.“The business has again demonstrated its ability to gather assets and improve revenues even in adverse conditions,” said Peter Hargreaves, the group’s chief executive officer.