Hargreaves Lansdown posts strong rise in new business
LONDON, Sept 3
LONDON, Sept 3 (Reuters) - UK fund supermarket Hargreaves Lansdown posted a strong rise in full-year new business on Wednesday, thanks to buoyant equity market activity, and upped its total dividend by 8 percent.
The company said net new business rose 25 percent to 6.4 billion pounds ($10.54 billion) and it added 144,000 new clients in the year to end-June, helping boost total assets under administration by 29 percent to 46.9 billion.
As a result, net revenue increased 8 percent to 291.9 million pounds and operating profit rose a similar amount to 208 million pounds. The margin on net revenue, however, dipped slightly to 71.3 percent from 71.5 percent in the previous year.
That helped boost pretax profit by 7 percent to 195.2 million and underpinned an 8 percent rise in the total dividend to 32 pence a share, made up of a second interim ordinary dividend of 15.39 pence and an increased special dividend of 9.61 pence a share. ($1 = 0.6074 British Pounds) (Reporting by Simon Jessop, Editing by Pamela Barbaglia)