Hargreaves Lansdown Reports Positive Growth in Quarterly Results

LONDON - Leading UK financial services company Hargreaves Lansdown PLC reported that its assets under administration (AUA) rose to £157.3 billion for the quarter ending September 30, 2024. This growth was attributed to positive market movements contributing £1.5 billion and £0.5 billion in net new business. The company also experienced a net increase of 18,000 customers over the quarter, predominantly in SIPP, ISA, and Active Savings accounts; however, customer and asset retention rates fell slightly below the company's long-term targets.

Equity trading activity increased to an average of 738,000 transactions per month, with international trades accounting for 20.2% of total transactions. Customer cash balances showed a slight increase due to net investment sales by customers in September, closing the quarter at £12.7 billion.

Total revenue for the quarter was reported at £196.5 million, up from £183.8 million in the previous quarter. This increase was driven by higher transaction volumes and rising platform fees, offsetting the year-on-year decline in income from cash due to low net interest margins.

CEO Dan Olley commented on the company's performance and the pending acquisition of Hargreaves Lansdown, which has received shareholder approval and is awaiting regulatory permissions. For the transaction expected to be completed in the first quarter of 2025, Olley reaffirmed the company's commitment to customer service and strategic execution. He emphasized the importance of savings and investments for financial futures, positioning Hargreaves Lansdown as a key platform for individual investors in the UK.

This summary is based on Hargreaves Lansdown's press release.