Hargreaves Lansdown hikes dividend as profits rise
LONDON, Sept 4
LONDON, Sept 4 (Reuters) - Hargreaves Lansdown PLC unveiled a 31 percent increase in its full year dividend as it announced higher revenues and profits attributed in part to retail banks withdrawing from some of its key markets due to shifting regulation.
In an earnings statement for its full year to the end of June published on Wednesday, the investment manager said pre tax profits rose 28 percent while the amount of client assets it administers rose 38 percent.
New business inflows were up 59 percent to 5.1 billion pounds over the year.
The company said it has thrived under a regulatory shakeup of how investment products are distributed in the UK, banning the commission based selling on which many of its competitors depended.
"Our mission is to retain our position as the best place in the UK to buy investments. We are estimated to have 28% of the direct investing market," the company said.