Record half for Hargreaves Lansdown

10th Feb 2011 07:40

Wealth management and stockbroking firm Hargreaves Lansdown had a record breaking second half to 2010."We have achieved record revenue, profits and total assets under administration (AUA). This has been achieved with a backdrop of continuing economic uncertainties both at home and abroad. Stock markets have risen and net business inflows have virtually matched last year's record amounts, resulting in a significant increase in our AUA of £4.8 billion in just 6 months," said company chief executive Ian Gorham.Underlying profit before tax in the six months to 31 December rose 41% to £56.3m from £43.1m the year before.Revenue rose 30% to £97.0m from £74.6m in the second half of 2009.Net business inflows declined 2% to £1.34bn from £1.37bn a year earlier, while AUA hit a record high of £22.3bn, up £4.8bn from the end-June total.In the first half of the current year the firm expects to launch a number of initiatives, including mobile phone applications for the Apple and Android operating systems. Hargreaves Lansdown also has improvements to its stockbroking service in the pipeline, including an improved client tariff and various additions to its existing services, while it also intends to spruce up its advisory business, "which is again showing a significant contribution as a source of assets gathered and client service.""None of the new initiatives are intended or expected to materially [have an] impact on the results in the short term but we are excited about their potential to support long term future growth and profitability," Gorham said.An interim dividend of 4.5p has been declared.