Hargreaves Lansdown PLC Trading Statement (6633D)
October 11 2018 - 2:00AM
UK Regulatory
TIDMHL.
RNS Number : 6633D
Hargreaves Lansdown PLC
11 October 2018
Trading update
11 October 2018
Hargreaves Lansdown plc ('the Group') today publishes a trading
update in respect of the three month period to 30 September 2018
('the period').
Highlights
-- Net new business of GBP1.3 billion in the period
-- Net new clients of 29,000
-- Assets under administration ("AUA") of GBP94.1 billion as at
30 September 2018, up 3% since 30 June 2018
-- Net revenue for the period of GBP120.8 million (2017: GBP104.1 million), up 16%
Chris Hill, Chief Executive Officer, commented:
"I'm pleased to report a solid start to our financial year for
growth in clients, net new business and revenue. The past quarter
has seen an uncertain market environment and weak investor
sentiment resulting in an industry-wide slowdown in net retail
flows. Despite this backdrop, we believe the strength of our
business model positions us well for when sentiment improves."
Assets under administration and net new business
GBP billion Three months
to 30 September
2018
Opening AUA 91.6
Net new business 1.3
Market movements 1.2
-----------------
Closing AUA 94.1
-----------------
Net new business of GBP1.3 billion for the period was driven by
continued investment in our digital marketing presence, higher
client numbers and ongoing wealth consolidation onto our platform.
During the period, we also added three further banks to our cash
marketplace service, Active Savings, enabling clients to manage
their cash more easily at attractive rates of interest. As a
result, we increased the level of marketing and promotional
activity in early September and now have over GBP100 million
managed by clients in this service. AUA rose to GBP94.1 billion as
at 30 September 2018 due to net new business and positive market
movements.
We welcomed 29,000 new clients in the period (Q1 18: 30,000),
taking active client numbers to 1,120,000.
Net revenue
Net revenue for the period was GBP120.8 million, up 16% on last
year, benefitting from higher AUA levels due to net new business
and market growth.
Contacts:
Investors Media
Philip Johnson, Chief Financial Danny Cox, Head of Communications
Officer Chris Hill, Chief Executive
James Found, Head of Investor Officer
Relations +44(0)117 317 1638
+44(0)117 988 9898
Forward looking statements
This announcement contains forward-looking statements with
respect to the financial condition, results and business of the
Group. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events, and depend on
circumstances, that will occur in the future. The Group's actual
results may differ materially from the results expressed or implied
in these forward-looking statements. Nothing in this announcement
should be construed as a profit forecast. This announcement is
unaudited. This statement should not be seen as a promotion or
solicitation to buy Hargreaves Lansdown plc shares. It should be
remembered that the value of shares can fall as well as rise and
therefore you could get back less than you invested.
LEI Number: 2138008ZCE93ZDSESG90
Assets under administration
Average AUA 3 months 2 months 4 months 3 months 3 months
(GBPbillion) to 30 September to 30 June to 30 April to 31 December to 30 September
2018 2018 2018 2017 2017
Funds 52.0 50.9 48.5 48.2 46.5
----------------- ------------ ------------- ---------------- -----------------
Shares 32.0 30.8 28.6 27.9 26.7
----------------- ------------ ------------- ---------------- -----------------
Cash 9.7 9.6 9.0 8.6 8.2
----------------- ------------ ------------- ---------------- -----------------
HL Funds 9.6 9.6 9.1 9.1 8.8
----------------- ------------ ------------- ---------------- -----------------
Double count(1) (9.5) (9.5) (9.0) (9.0) (8.7)
----------------- ------------ ------------- ---------------- -----------------
Total 93.8 91.4 86.2 84.8 81.5
----------------- ------------ ------------- ---------------- -----------------
AUA (GBPbillion) As at 30 As at 30 As at 30 As at 31 As at 30
September June 2018 April 2018 December September
2018 2017 2017
Funds 52.0 51.0 49.6 48.9 46.6
----------- ----------- ------------ ---------- -----------
Shares 32.2 31.0 29.6 28.5 27.1
----------- ----------- ------------ ---------- -----------
Cash 9.8 9.6 9.5 8.6 8.2
----------- ----------- ------------ ---------- -----------
HL Funds 9.6 9.6 9.4 9.3 8.8
----------- ----------- ------------ ---------- -----------
Double count(1) (9.5) (9.5) (9.3) (9.2) (8.7)
----------- ----------- ------------ ---------- -----------
Total 94.1 91.6 88.8 86.1 82.0
----------- ----------- ------------ ---------- -----------
(1) All HL Funds are held in Vantage or the Portfolio Management
Service (PMS) and are included in the Funds category of the table,
with the exception of a small balance held off platform by third
parties. To avoid double counting, the amount held in Vantage or
PMS has been deducted.
AUA (GBPbillion) 3 months 2 months 4 months 3 months 3 months
to 30 September to 30 June to 30 April to 31 December to 30 September
2018 2018 2018 2017 2017
Opening AUA 91.6 88.8 86.1 82.0 79.2
----------------- ------------ ------------- ---------------- -----------------
Underlying
net new business 1.3 1.0 3.3 1.8 1.5
----------------- ------------ ------------- ---------------- -----------------
Market movements 1.2 1.9 (0.6) 3.3 1.3
----------------- ------------ ------------- ---------------- -----------------
Founder transfer(1) - (0.1) - (1.0) -
----------------- ------------ ------------- ---------------- -----------------
Closing AUA 94.1 91.6 88.8 86.1 82.0
----------------- ------------ ------------- ---------------- -----------------
(1) Underlying net new business excludes the transfer off the
Vantage platform of GBP902 million of Hargreaves Lansdown plc
shares and the withdrawal of GBP188 million of Hargreaves Lansdown
plc placing proceeds during the period that were held by a
founder.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTBRBDGCSBBGIG
(END) Dow Jones Newswires
October 11, 2018 02:00 ET (06:00 GMT)
Hargreaves Lansdown (LSE:HL.)
Historical Stock Chart
From Dec 2024 to Jan 2025
Hargreaves Lansdown (LSE:HL.)
Historical Stock Chart
From Jan 2024 to Jan 2025
