Hargreaves Lansdown share price steady despite boost in new business

Shares in Hargreaves Lansdown (LON:HL) held steady on Wednesday, despite recording £1.5 billion in net new business over the three months to September.

The company added 30,000 new clients in the three month period, with Hargreaves attributing this in part to ‘significant transfer activity’ issues at a competitor firm.

The group’s continued strong performance was “driven by improved market sentiment, continued investment in our digital marketing presence, an increase in client numbers and their continued wealth consolidation onto our platform”.

Assets under administration (AUA) stood at £82 billion on 30 September, an increase of four per cent since 30 June.

“I’m pleased to report a solid start to the new financial year for net new business and revenue,” said Chris Hill, chief executive.

“We continue to place clients at the centre of what we do and our relentless focus on the level of service that we provide is enabling both existing and new clients to save and invest with confidence.”

In August the company reported a strong set of results, with pre-tax profits rising 21 per cent to £265.8 million in the year to the end of June, with net revenue rising 18 per cent to £385.6 million. The company have also benefited significantly from the Brexit vote, which shares rising over 50 percent since last June.

Shares in Hargreaves Lansdown have recovered from their initial dip at market open, trading up 0.54 percent at 1,501.00 (1020GMT).