Advertisement
UK markets closed
  • FTSE 100

    8,213.49
    +41.34 (+0.51%)
     
  • FTSE 250

    20,164.54
    +112.21 (+0.56%)
     
  • AIM

    771.53
    +3.42 (+0.45%)
     
  • GBP/EUR

    1.1652
    -0.0031 (-0.26%)
     
  • GBP/USD

    1.2546
    +0.0013 (+0.11%)
     
  • Bitcoin GBP

    50,925.35
    +2,865.06 (+5.96%)
     
  • CMC Crypto 200

    1,359.39
    +82.41 (+6.45%)
     
  • S&P 500

    5,127.79
    +63.59 (+1.26%)
     
  • DOW

    38,675.68
    +450.02 (+1.18%)
     
  • CRUDE OIL

    77.99
    -0.96 (-1.22%)
     
  • GOLD FUTURES

    2,310.10
    +0.50 (+0.02%)
     
  • NIKKEI 225

    38,236.07
    -37.98 (-0.10%)
     
  • HANG SENG

    18,475.92
    +268.79 (+1.48%)
     
  • DAX

    18,001.60
    +105.10 (+0.59%)
     
  • CAC 40

    7,957.57
    +42.92 (+0.54%)
     

Hargreaves Lansdown H1 profit up 12 pct on client asset boost

* Pretax profit in 6 mths to end-Dec (Shanghai: 600875.SS - news) . 146.9 mln stg

* Client numbers up 61,000 year on year

* Interim dividend up 17 pct to 10.1 pence/share (Adds detail from statement, CEO quote, background, bullet points)

By Simon Jessop

LONDON, Feb 6 (Reuters) - British fund supermarket Hargreaves Lansdown (Frankfurt: DMB.F - news) on Tuesday posted a 12 percent rise in first-half pretax profit, boosted by a rise in client numbers and total assets.

Hargreaves, which offers a range of financial services to mainly retail clients, said pretax profit at the end of December was 146.9 million pounds ($205.34 million), up from 131 million pounds a year earlier.

ADVERTISEMENT

The performance was driven by a 9 percent rise in assets to 86.1 billion pounds over the period, helped by rising markets, business wins from rivals and a total increase in client numbers of 61,000, Hargreaves said in a statement.

Net (LSE: 0LN0.L - news) new business over the period was 3.3 billion pounds.

The company has benefited from changes to Britain's savings and pensions rules over recent years, which have given retirees more freedom about where to invest their money and let them save more tax-free.

"There is a significant market growth opportunity as a result of the long term savings gap and increasing requirement for individuals to have greater involvement in their savings and investments," Hargreaves said.

The rise in profit helped underpin a 17 percent increase in the company's interim dividend to 10.1 pence a share. Hargreaves said it expected to maintain a sustainable and progressive dividend going forward.

($1 = 0.7154 pounds) (Reporting by Simon Jessop, editing by Maiya Keidan)