Hargreaves grows assets and profits through downturn

Hargreaves Lansdown's resilient yearly results are a testimony to the firm's business model and its constant engagement with clients, Stephen Lansdown believes.

Lansdown, the group's chairman, says while other brokers went quiet through the market downturn, Hargreaves kept it core focus on client interaction. The firm recorded a 20% jump in pre-tax profits over the year ended 30 June, from £60.9m to £73.1m. While the FTSE All Share index declined by 24% over the period, Hargreaves Lansdown was able to grow its assets under administration by 7% to £11.9bn. It includes £1.4bn of assets under its own management. "Our interest is aligned to our clients, while others ran away when it got difficult, we continued to stick to our strengths," Lansd...