Hargreaves weathers margin pressure as assets jump to £47bn

Hargreaves Lansdown has reported a record pre-tax profit of £209.8m for the year to 30 June as it begins to deal with the initial impact of changes to its charging model and falling returns on cash.

In its first results since the shift to an RDR-friendly pricing model earlier this year, the group reported an 8% rise in net revenue to £291.9m for the year as a whole, as well as a 7% rise in pre-tax profit. Both figures were broadly in line with expectations, but falling margins meant these figures were only achieved with much larger increases in assets under administration and client numbers. Total assets under administration rose 29% to £46.9bn over the year to 30 June, the group said this morning. Client numbers also rose 29%: Hargreaves said it added 144,000 clients during the ...