Hargreaves Lansdown profits up 18% as inflows soar

Hargreaves Lansdown profits increased 18% to more than £86m in the year to 30 June as net business inflows soared.

The company made £86.3m in the period compared with £73.1m in the 12 months to 30 June 2009. Net inflows climbed from £2bn last year to £3.3bn in 2010, while total assets under administration advanced 47%, from £11.9bn to £17.5bn. "Revenue, profits and earnings per share have achieved record levels and although these measures have been helped by a rise in stock markets across the year, the more significant contribution has been from record organic growth," outgoing CEO Peter Hargreaves says. He says the company has welcomed 48,000 new active clients on its Vantage platform, taking ...