Hargreaves Lansdown asses fall, but revenue rises

Hargreaves Lansdown PLC on Thursday reported a decrease in assets under administration and higher revenue for the first four months of 2020.

The FTSE 100-listed retail-investment platform said that its assets under administration fell 8.1% to 96.7 billion pounds ($118.6 billion) in the four months ended April 30 compared with a year earlier, as negative market movements driven by the coronavirus pandemic crisis more than offset net new business.

However, revenue climbed 19% to GBP190.2 million reflecting record dealing activity.

The group also reported 94,000 new clients for the period, reaching 1,368,000 active customers.

Chief Executive Chris Hill said that Hargreaves Lansdown performed strongly during an exceptionally volatile and challenging period.

The company said that it therefore intends to continue with its stated dividend policy for fiscal 2020.

Jaime Llinares Taboada

Source:marketwatch.com