Hargreaves Lansdown Revenues Rise as Momentum Continues into April

Hargreaves Lansdown (LON: HL.) reported a robust performance for the three months ending March 31, 2024, with revenue reaching £199.7 million, marking a 6% increase compared to the same period last year.

The company witnessed notable growth across various metrics, including net new business, net new clients, and share dealing volumes. Net new business stood at an impressive £1.6 billion, while the number of net new clients surged by 48% year-on-year, reaching 1.858 million active clients. Share dealing volumes also saw a notable uptick, averaging 794,000 per month during the quarter.

Dan Olley, the Chief Executive Officer of Hargreaves Lansdown, attributed the company's success to its focus on client service and innovation. He highlighted the company's service Net Promoter Score rose to +48.

The popularity of Hargreaves Lansdown's newer products, such as ready-made pensions and cash ISA offerings, contributed to the influx of new clients. Additionally, the company's Active Savings platform reached a significant milestone, surpassing £10 billion in Assets under Administration (AUA).

Looking ahead, Hargreaves Lansdown remains optimistic about its prospects. Momentum continues into April as clients capitalise on the benefits of investing at the start of the tax year. 

The company believes it continues to make solid progress against its priorities for the year, which include improving its client proposition, controlling its costs and increasing its execution pace.