Profits take a tumble at Hargreaves Lansdown

Hargreaves Lansdown

Bristol-based financial services company Hargreaves Lansdown reported falling half-year profits and revenues on Tuesday, despite its assets under administration hitting record levels.

For the six months to 31 December the private investor platform reported revenue of £291.1 million, compared to £299.5 million the year before.

Pre-tax profits were also down 20 per cent, from £188.4 million to £151.2 million.

However, assets under administration up 17 per cent since 31 December 2020 to £141.2 billion.

CEO Chris Hill said: “In the first half of this financial year, we saw a gradual return to the office and calmer markets which led to more normalised share trading levels, albeit still higher than before the pandemic.

“Our assets under administration have reached record levels, and we now have a record 1.7 million customers.

“As the market leader, with a stronger than ever 43.3 per cent market share, now is the right time to target the broader wealth management market and set a new standard for how the UK saves and invests.”