TIDMHL.
RNS Number : 5026B
Hargreaves Lansdown PLC
31 January 2020
Hargreaves Lansdown plc
Interim results for the six months ended 31 December 2019
Hargreaves Lansdown plc ("HL" or "the Group") today announces
interim results for the six month period ended 31 December
2019.
Highlights
-- Net new business of GBP2.3 billion.
-- Assets under administration up 22% since 31 December 2018 to GBP105.2 billion.
-- 1,274,000 active clients, an increase of 50,000 since 30 June 2019.
-- Profit before tax increase of 12% to GBP171.1 million.
-- Interim dividend up 9% to 11.2 pence per share (H1 2019: 10.3p)
Chris Hill, Chief Executive Officer, commented:
"The first half of our financial year was another period of
growth. Despite market challenges, the resilience of our business,
continued execution of our strategy and our focus on ensuring the
right outcomes for clients, means we have seen growth and increased
market share through the period.
We are confident that the diversified nature of Hargreaves
Lansdown, our continued investment where we see opportunity and
market leading client offering, mean that we are well placed to
help our clients prosper, whilst delivering strong and sustainable
returns for shareholders."
Financial highlights 6 months 6 months Change Year ended
ended 31 ended 31 % 30 June
December December 2019
2019 2018
(H1 2020) (H1 2019) (FY 2019)
=================================== =========== ========== ======= ===========
Net new business GBP2.31bn GBP2.53bn -9% GBP7.3bn
=================================== =========== ========== ======= ===========
Total assets under administration GBP105.2bn GBP85.9bn +22% GBP99.3bn
(AUA)
=================================== =========== ========== ======= ===========
Revenue GBP257.9m GBP236.4m +9% GBP480.5m
=================================== =========== ========== ======= ===========
Profit before tax GBP171.1m GBP153.4m +12% GBP305.8m
=================================== =========== ========== ======= ===========
Diluted earnings per share 29.3p 26.1p +12% 52.0p
=================================== =========== ========== ======= ===========
Interim dividend per share 11.2p 10.3p +9% 10.3p
=================================== =========== ========== ======= ===========
Contacts:
Hargreaves Lansdown
For media enquiries: For analyst enquiries:
Danny Cox, Head of Communications James Found, Head of Investor
Relations
+44(0)117 317 1638 +44(0)117 988 9898
Chris Hill, Chief Executive Officer Philip Johnson, Chief
Financial Officer
Analyst presentation
Hargreaves Lansdown will be hosting an analyst presentation at
9.00am on 31 January 2020 following the release of these results
for the half year ended 31 December 2019. Attendance is by
invitation only. A conference call facility will be in place with
the following participant dial-in numbers - UK (toll free) 0800 640
6441, UK (local) 020 3936 2999 and all other locations +44 20 3936
2999. The participant access code is 601416. Slides accompanying
the analyst presentation will be available at
www.hl.co.uk/investor-relations and an audio recording of the
analyst presentation will be available by close of business on the
day.
The Interim Results contain forward-looking statements which
have been made in good faith based on the information available to
us at the time of the approval of this report and should be treated
with caution due to the inherent risks and uncertainties, including
both economic and business risk factors some of which were set out
in the 2019 Annual Report, underlying such forward-looking
information.
Unless otherwise stated, all figures below refer to the six
months ended 31 December 2019 ("H1 2020"). Comparative figures are
for the six months ended 31 December 2018 ("H1 2019"). Certain
figures contained in this document, including financial
information, have been subject to rounding adjustments.
Accordingly, in certain instances the sum of the numbers in a
column or a row in tables contained in this document may not
conform exactly to the total figure given for that column or
row.
LEI Number: 2138008ZCE93ZDSESG90
Chief Executive's Statement
Growth in challenging market conditions
The first half of our financial year was another period of
growth for Hargreaves Lansdown as we reinforced our support for our
clients and invested in our differentiated service. Our purpose
remains to empower people to save and invest with confidence. To do
this we must continuously deliver an exceptional client experience
and respond to their evolving needs.
The external market was challenging in the second half of 2019,
with political uncertainty, a General Election in the UK, Brexit
and world trade tariffs all raising concerns. As we have seen in
previous unpredictable periods, client confidence and retail
investment flows were affected. The Investment Association reported
weak retail fund flows throughout and the suspension of the two
Woodford funds also contributed to the general unease.
Against this backdrop, we continue to implement our strategy.
The benefits of our client focused business model, the broad range
of our investments and savings proposition and our leading client
service have seen AUA rise 22% over the past year to GBP105.2
billion and a 12% increase in profit before tax to GBP171.1
million. Client numbers grew by 50,000 to 1,274,000 and client
retention is consistent with prior periods at 93.3%. In addition,
our latest share of the direct to consumer platform market has
increased from 40.5% to 41.8%*.
Earlier this month we entered into an agreement to sell
FundsLibrary Limited, our data management and digital services
business, to Broadridge Financial Solutions, Inc. The decision to
sell reflected our view that, as a business to business service, it
was no longer core to our overall business. The deal is expected to
complete at the end of February 2020 and I wish staff, management
and business every success in the future.
* Source: Platforum UK D2C: Market Overview, February 2020
(provisional), data as at 30 September 2019.
Delivering value for clients through our service
Our clients remain at the centre of everything that we do. They
require information that builds knowledge and confidence and helps
them to understand the decisions they have to make to meet their
individual needs. We provide this together with an ever greater
range of investment and savings products and solutions, and make it
easy to access and manage them all in one place. With an
ever-shifting regulatory and tax environment, our clients need
support from us more than ever before.
By providing the services and solutions our clients need, when
they need them, engaging with them at the right times and
communicating in ways they prefer, we optimise the value we can
bring to a lifelong relationship and help them to achieve outcomes
that are right for them.
As a leading financial services company we take our
responsibilities very seriously, striving to play our role in
setting the highest standards and recognising the challenges as a
result. We are committed to transparency and engagement with our
clients as we support them with their evolving needs over the long
term. Over the past year, we have removed various fees such as exit
fees and ancillary charges which leaves us with what we consider is
now one of the most transparent pricing structures in our
sector.
Increasing numbers of our clients are approaching retirement and
we are mindful of the challenges they face. During the period we
launched a range of 'wake up' packs, helping clients to better
understand their options and challenges regarding tax, income and
investment. We also made improvements to our annuity process to
help clients to secure enhanced annuities, and hence higher income,
where available. Although interest rates remain low, we maintain
our view that annuities are an important part of a range of tools
we offer to get to the right outcomes for clients in
retirement.
The period has seen continued growth and development of Active
Savings as an innovative way to manage cash savings, which now has
over GBP1.6bn of AUA and 46,000 customers using the service. This
provides access to better rates for those that hold cash, whether
they are in accumulation phase or in retirement. Banks increasingly
recognise the relative importance of this platform as a means to
raise deposits and development has continued with ICICI now
offering an Easy Access Account and two new banks offering Fixed
Term products. We continue to look at ways of extending this
proposition further, including offering a new Cash ISA account in
the coming months.
Our Multi-Manager fund range began a project late in 2018 to
transfer assets they invest in into segregated mandates rather than
off-the-shelf retail funds. This process gives the team greater
control over who manages the underlying funds, and how they run
them, as well as reducing the cost of being invested in these funds
to our clients. The process is working well as we extend this to
the benefit of investors.
Our values and culture underpin our client service and
proposition
Our values and our culture are hugely important to us and
underpin our client focus. I firmly believe that not only are these
critical to how an organisation reacts in tough situations, but how
it is prepared to learn and put that experience to work to the
benefit of clients. The Woodford fund suspensions were
disappointing and frustrating for us and our clients, but their
impact and the learnings have been incorporated into developments
to our service.
The FCA's 2017 review into best buy lists highlighted that they
were a positive tool for investors and help them to make decisions.
Our clients agree with this. However, we have now carried out a
thorough review of our Wealth 50, spoken to clients to ascertain
their views about our favourite funds list, and sought other
independent insights. As a result, we will be making changes over
the coming months to incorporate what we have learned from this
research, including a greater focus on transparency of process.
This will include adding more detail, greater transparency and a
new structure to our research notes, for those clients who want a
deeper level of information, and new functionality on our platform
to help those who want to follow a more independent path.
It has been well documented that Philip Johnson and I, together
with Lee Gardhouse and Mark Dampier decided to waive our bonuses
for the 2019 financial year and we also waived platform fees for
both the Woodford Equity Income Fund and the Woodford Income Focus
Fund. A dedicated helpdesk team was created to support clients
impacted by the closure of the Woodford Equity Income fund, and
guide them through the coming months as it is wound up. We have
been in regular and close communication with our clients and kept
them fully informed with any updates. This has included writing to
any of those invested in Woodford Equity Income, Woodford Income
Focus and Woodford Patient Capital, either directly or through our
Multi-Manager portfolios, 18 times with updates since the
suspension of the Woodford Equity Income in June.
Additionally, we have communicated throughout the period with a
number of parties to encourage a broad consideration of options for
the Woodford Income Focus Fund that would maximise value for unit
holders. We polled clients to ensure that we were aligned to their
needs, asking for their preferred outcome. We are pleased that the
appointment of an alternative manager brings a resolution for these
unit holders and that the fund will be open again in due
course.
Finally, we are adding non-executive directors to the Hargreaves
Lansdown Fund Managers Limited (HLFM) board to provide independent
challenge and oversight closer to investment decisions. The first,
John Troiano, joins us from Schroders where he was Global Head of
Distribution. John's global asset management and investment
experience will add further breadth to the knowledge base and
skills to both the Plc Board as well as HLFM.
Dividend
The Board believes the Group has strong profitability, liquidity
and a capital position to execute its strategy without financial
constraint and to operate a sustainable and progressive ordinary
dividend policy. We remain confident in our business model and the
Board has declared a 9% rise in the interim dividend to 11.2 pence
per share. The Board remains committed to paying special dividends
when sufficient excess cash and capital exist after taking account
of the Group's growth, investment and regulatory capital
requirements at the time.
Outlook
We remain excited by the structural growth opportunity in the UK
savings and investments market and remain confident in our ability
to deliver sustainable growth through the cycle. The secular
transfer of long term financial provision from businesses to
individuals, an increase in life expectancy, ongoing low asset
yields, and a complex saving and investment environment all present
immense challenges for our clients. We believe Hargreaves Lansdown
is well placed to support them with these challenges through our
client focused business model, broad investment and savings
proposition and leading client service.
The strength and resilience of our business model has ensured
that the business delivered continued net new business and profit
growth during the period. Since the Election we have seen an
increase in investor confidence, which has translated into
increased client activity and early signs of renewed net flows into
retail funds. We hope that this sentiment will continue through the
key tax year end season and beyond, and remain confident that we
are well placed to help our clients prosper and deliver strong and
sustainable returns for our shareholders.
I would like to thank our clients for their continued support
and recommendation and I would also like to recognise my colleagues
for all their hard work, dedication and commitment during a
challenging period.
Chris Hill
Chief Executive Officer
Financial Review
Assets Under Administration (AUA) and Net New Business (NNB)
Unaudited Unaudited Unaudited
3 months to 3 months to 6 months ended
30 September 31 December 2019 31 December 2019
2019 GBPbn GBPbn
GBPbn
================= ============= ================= =================
Opening AUA 99.3 101.8 99.3
Net New Business 1.7 0.6 2.3
Market growth
& other 0.8 2.8 3.6
Closing AUA 101.8 105.2 105.2
================= ============= ================= =================
The diversified nature of Hargreaves Lansdown, the breadth of
our product offering and the provision of high quality services
tailored to the needs of our clients has allowed us to deliver
continued net new business inflows against a backdrop of
uncertainty around UK politics, Brexit, global macro issues such as
trade tariffs, a significant decline in UK investor confidence and
weak retail flows across the market as a whole.
Net new business for the first half totalled GBP2.3 billion.
This was driven through a variety of channels including organic new
client growth, ongoing wealth consolidation onto our platform from
existing clients, continued flows into our cash management service
"Active Savings" and direct back book transfers from J.P. Morgan
and Baillie Gifford. New business in the period, particularly in
the second quarter, was impacted by weak investor sentiment arising
from the factors mentioned above. However, lead generation and
client engagement has remained strong during the period and we have
seen a pick-up in activity as we have moved into January 2020. We
introduced 50,000 net new clients to our services in the six months
to 31 December 2019 and grew our active client base by a further 4%
to 1,274,000.
Total AUA increased by 6% to GBP105.2 billion as at 31 December
2019 (GBP99.3 bn as at 30 June 2019). This was driven by GBP2.3
billion of net new business (H1 2019: GBP2.5bn) plus significant
positive stock market movements impacting asset values.
Income Statement
Unaudited Unaudited Audited
6 months ended 6 months ended Year to
31 December 31 December 30 June 2019
2019 2018 GBPm
GBPm GBPm
==================== ================= ================= ===============
Revenue 257.9 236.4 480.5
Operating costs (89.2) (85.1) (179.4)
Fair value gains on
derivatives 1.0 1.1 2.2
Finance income 1.6 1.2 2.8
Finance costs (0.2) (0.2) (0.3)
==================== ================= ================= ===============
Profit before tax 171.1 153.4 305.8
Tax (31.8) (29.3) (58.2)
==================== ================= ================= ===============
Profit after tax 139.3 124.1 247.6
==================== ================= ================= ===============
Revenue
Revenue for the period was up 9% to GBP257.9 million (H1 2019:
GBP236.4 million), driven by AUA that on average was up 12.6% and
increased net interest on client money as interest rate margins
rose as expected. Revenue growth was slightly below the rate of AUA
growth due to the waiving of platform fees on Woodford funds (c.
GBP2.3m), net outflows within the HL Multi-manager funds and the
removal of various fees such as exit and transfer fees.
The table below breaks down revenue, average AUA and margins
earned across the main asset classes which our clients hold with
us:
6 months ended 6 months ended Year ended 30 June
31 December 2019 31 December 2018 2019
================= ============================= ============================= =============================
Revenue Average Revenue Revenue Average Revenue Revenue Average Revenue
GBPm AUA margin GBPm AUA margin GBPm AUA margin
GBPbn bps GBPbn bps GBPbn bps
================= ======== ========= ======== ======== ========= ======== ======== ========= ========
Funds(1) 109.6 54.6(7) 40 103.2 50.1(7) 41 206.2 50.6(7) 41
Shares(2) 45.7 35.0 26 42.1 30.8 27 86.2 31.4 27
Cash(3) 46.0 11.2 82 33.2 9.9 67 73.2 10.2 72
HL Funds(4) 33.9 9.2(7) 73 34.7 9.3(7) 74 68.3 9.2(7) 74
Other(5) 22.7 1.3(6) - 23.2 0.2(6) - 46.6 0.5(6) -
Double-count(7) - (9.1)(7) - - (9.3)(7) - - (9.1)(7) -
================= ======== ========= ======== ======== ========= ======== ======== ========= ========
Total 257.9 102.2(7) - 236.4 91.0(7) - 480.5 92.8(7) -
================= ======== ========= ======== ======== ========= ======== ======== ========= ========
1 Platform fees and renewal commission.
2 Stockbroking commission and equity holding charges.
3 Net interest earned on client money.
4 Annual management charge on HL Funds, i.e. excluding the
platform fee, which is included in revenue on Funds.
5 Advisory fees, Funds Library revenues, Active Savings and
ancillary services (e.g. annuity broking, distribution of VCTs and
HL Currency and Market Services).
6 Average cash held via Active Savings.
7 HL Funds AUM included in Funds AUA for platform fee and in HL
Funds for annual management charge. Total average AUA excludes HL
Fund AUM to avoid double-counting.
Revenue on Funds increased by 6% to GBP109.6m (H1 2019:
GBP103.2m) due to AUA growth from net new business and market
growth. Funds remain our largest client asset class at 53% of
average AUA (H1 2019: 55%), and the revenue margin earned on these
in the period was in line with our expectations at 40bps (H1 2019:
41bps). As anticipated the fund margin has been slightly impacted
as we waived the platform fee throughout the period on holdings in
the Woodford Equity Income Fund and on the Woodford Income Focus
Fund since its suspension in October 2019. Revenue margins on Funds
have been broadly stable following the completion of the Retail
Distribution Review and we continue to expect them to remain at
similar levels over the remainder of the financial year. Funds AUA
at the end of the period was GBP55.9 billion (H1 2019:
GBP46.6bn).
Revenue on Shares increased by 9% to GBP45.7m (H1 2019:
GBP42.1m) and the revenue margin of 26bps (H1 2019: 27bps) was at
the low end of our expected range. This margin is primarily a
result of the ratio of dealing volumes to AUA, and over the past
three years average Shares AUA has grown by 60% whilst average
dealing volumes have only grown 23%. Average stockbroking
commissions per deal have been constant, as has the proportion of
Shares to Total AUA on the platform and the proportion of our
clients that hold equities. This denominator-driven change is
therefore bringing the revenue margin ratio down, rather than any
real margin deterioration and, as a result, we are tightening our
modelling guidance in normal dealing volume environments to 24 to
28 basis points going forward. Shares AUA at the end of the period
was GBP36.5 billion (H1 2019: GBP28.5bn).
Revenue on Cash increased by 39% to GBP46.0m (H1 2019: GBP33.2m)
as increased AUA levels were combined with an increase in the net
interest margin to 82bps (H1 2019 67bps). This was slightly ahead
of our communicated expectations at the start of the year that
margins would be within a 70bps to 80bps range for the period. For
a while now expectations have been that the base rate of interest
is likely to fall meaning rates being secured on term deposits now
are typically lower than those last year. As a result we expect
that the margin will be lower in the second half of the year. Cash
accounts for 11% of average AUA (H1 2019: 11%) and, assuming there
are no further rate changes, we anticipate the net interest margin
on Cash for the 2020 financial year will continue to be in the
range of 75bps to 80bps. Cash AUA at the end of the period was
GBP11.1 billion (H1 2019: GBP10.4bn).
HL Funds consist of ten Multi-Manager funds, on which the
management fee is 75bps per annum, and three Select equity funds,
on which the management fee is 60bps. Revenue from HL Funds has
fallen by 2% this year to GBP33.9m (H1 2019: GBP34.7m) due to
modest net outflows as we have not actively marketed these funds
whilst the Woodford Equity Income Fund holding within them has been
suspended. The fees are collected on a daily basis whereas the
Group calculates average AUM on a month end basis, resulting in a
headline margin for the period of 73bps (H1 2019: 74bps). Please
note that the platform fees on these assets are included in the
Funds line and hence total average AUA of GBP102.2 billion (H1
2019: GBP91.0bn) excludes HL Funds AUM to avoid double-counting. HL
Funds AUM at the end of the period was GBP9.4 billion (H1 2019:
GBP8.6bn).
Other revenues are made up of advisory fees, our FundsLibrary
data services, Active Savings and ancillary services such as
annuity broking, distribution of VCTs and the Hargreaves Lansdown
Currency and Market Services. These revenues are primarily
transactional and not impacted by market growth. They declined by
2% in the period mainly because of the removal of various fees such
as exit charges. Assets held within Active Savings on the platform
and the related revenue are not yet broken out into a separate
category in the table above. As highlighted previously we believe
it is strategically imperative to capture the scale advantage of
being a first mover. Consequently our focus remains on growing AUA
at present. Our chosen route for achieving this in the current low
interest rate environment is via reducing our revenue margins to
ensure the rates offered on Active Savings are highly competitive.
This will attract the new clients and assets into the service that
we need to capitalise on the opportunity. As at 31 December 2019
the AUA was GBP1.6 billion (H1 2019: GBP0.4 billion).
Unaudited Unaudited Audited
6 months ended 6 months ended Year to
31 December 31 December 30 June 2019
2019 2018 GBPm
GBPm GBPm
====================== =================== ============================== ==============================
Recurring revenue 209.9 190.3 387.3
Transactional revenue 43.2 41.8 84.3
Other revenue 4.8 4.3 8.9
Total revenue 257.9 236.4 480.5
====================== =================== ============================== ==============================
The Group's revenues are largely recurring in nature, as shown
in the table above, with the proportion of recurring revenues
increasing slightly to 81% in the period (H1 2019: 80%). Recurring
revenue is primarily comprised of platform fees, Hargreaves
Lansdown fund management fees, interest on client money, equity
holding charges and advisory fees. This grew by 10% to GBP209.9
million (H1 2019: GBP190.3 million) due to increased average AUA
from continued net new business and higher margins on cash.
Recurring revenues provide greater profit resilience and hence we
believe they are of higher quality than non-recurring revenues.
Transactional revenue is primarily made up of stockbroking
commission and advisory event-driven fees. This increased by 3% to
GBP43.2 million (H1 2019: GBP41.8 million) with higher equity
dealing volumes being the key driver.
Other revenue is derived from the provision of funds data
services and research to external parties through FundsLibrary.
This was up 12% from GBP4.3 million to GBP4.8 million driven by new
Solvency II and MiFID II services.
Operating costs
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31 December 31 December 30 June
2019 2018 2019
GBPm GBPm GBPm
=========================== ==================== ================= =============
Staff costs 50.5 49.5 97.2
Marketing and distribution
costs 6.0 6.0 12.7
Depreciation, amortisation
& financial costs 8.4 5.8 12.4
Other costs 22.6 23.5 50.3
--------------------------- -------------------- ----------------- -------------
87.5 84.8 172.6
Total FSCS levy 1.7 0.3 6.8
=========================== ==================== ================= =============
Total operating costs 89.2 85.1 179.4
=========================== ==================== ================= =============
Having gone through a period of investment catch up, costs
continue to be tightly managed in line with market conditions of
the time. Hargreaves Lansdown is a growing business and higher
client numbers and associated activity levels will however continue
to require investment in our marketing, proposition and servicing
functions as we look forward. Technology and efficiency programmes
improve our scalability, thereby allowing us to invest productivity
gains into extending our proposition and our platform
functionality. We believe this reinvestment cycle underpins our
future growth.
During the first half of 2020, excluding the FSCS levy,
operating costs increased by 3% to GBP87.5 million versus GBP84.8
million in the comparable H1 2019 period. This control of costs has
been made whilst administering significant net new flows of
business and clients, improving market share, maintaining high
client retention rates and continuing the development of our
product and growth capabilities.
Staff costs rose by 2% to GBP50.5 million (H1 2019: GBP49.5
million). Average staff numbers increased by 4% from 1,534 in H1 19
to 1,588 in H1 20 with the key increases being in Technology,
Marketing and in Operations, in line with higher client activity
levels and the expansion of our capabilities
Marketing and distribution costs were in line with prior year at
GBP6.0 million (H1 2019: GBP6.0 million). Although we continued to
invest in our digital marketing presence, targeted marketing
campaigns for the likes of Active Savings and engagement with
existing and target clients around Brexit and the general election,
other marketing expenses were reduced. We expect to increase
marketing activity in the second half and through the tax year end
following a rise in investor confidence, client engagement and
activity levels. This conscious investment into our growth will
likely see marketing cost return to their 2018 normalised levels,
adjusted for the growth in the business since that period.
Depreciation, amortisation and financial costs increased by
GBP2.6 million. In the period the Group has adopted the new
accounting standard IFRS 16 "Leases" whereby operating leases have
been capitalised and brought on to the balance sheet. As a result
there has been an additional GBP1.6 million of depreciation charged
in the period. Previously the lease costs were part of our office
running costs and included within the category of "other costs" in
the table above, which largely explains why other costs have
decreased by GBP0.9 million to GBP22.6 million (H1 2019: GBP23.5
million). The remaining GBP1.0 million increase in depreciation,
amortisation and financial costs is a result of higher capital
spend in recent years, primarily on our core in-house IT systems,
hardware and software for increased employee numbers and the Active
Savings platform.
Total capitalised expenditure in the period was GBP4.7 million
(H1 2019: GBP6.5 million). The majority of this expenditure was for
cyclical replacement of IT hardware, the continued project to
enhance the capacity and capability of our key administration
systems, the ongoing development of Active Savings and the
acquisition of books of business from J.P. Morgan and Baillie
Gifford.
The Financial Services Compensation Scheme (FSCS) levy is
typically charged in the second half of the year so ordinarily
there is no charge in the first half, however, in December 2019 an
interim levy of GBP1.5 million was charged by the FSCS and there
was an additional charge of GBP0.2 million relating to an under
accrual of the prior year's levy. By comparison, in the prior year,
there was an interim levy of GBP0.3 million. The FSCS is the
compensation fund of last resort for customers of authorised
financial services firms. All authorised firms are required to
contribute to the running of the scheme and the levy reflects the
cost of compensation payments paid by the industry in proportion to
the amount of each participant's relevant eligible income. As
usual, the second half of the year will be impacted by the FSCS
levy, which for last year resulted in a final net charge of GBP6.8
million.
Profit before tax
Hargreaves Lansdown's success is built around delivering high
service standards, efficiently dealing with ever growing volumes of
business and investing in further growth opportunities. This
investment is key to driving future growth and ensuring we have a
scalable operating platform which we believe will be to the benefit
of both clients and shareholders across the market cycle. As a
result, the Group has grown profit before tax by 12% to GBP171.1
million (H1 2019: GBP153.4 million).
Disposal of FundsLibrary Limited
On 21 January 2020, the Group entered into an agreement to sell
FundsLibrary Limited to Broadridge Financial Solutions, Inc. This
transaction is expected to complete at the end of February 2020 and
will result in net proceeds to the Group of approximately GBP40
million. Revenues from FundsLibrary are already separately
disclosed and we estimate ongoing annual profits will reduce by two
to three million pounds following completion.
Tax
The effective tax rate for the period was 18.6% (H1 2019:
19.1%), in line with the standard rate of UK corporation tax. The
Group's tax strategy is published on our website at
http://www.hl.co.uk
Earnings per share
Unaudited Unaudited Audited
6 months ended 6 months ended Year to
31 December 31 December 30 June 2019
2019 2018 GBPm
GBPm GBPm
================================ ================ ================ ==============
Operating profit 169.7 152.4 303.3
Finance income 1.6 1.2 2.8
Finance costs (0.2) (0.2) (0.3)
================================ ================ ================ ==============
Profit before tax 171.1 153.4 305.8
Tax (31.8) (29.3) (58.2)
================================ ================ ================ ==============
Profit after tax 139.3 124.1 247.6
================================ ================ ================ ==============
Weighted average number
of shares for the calculation
of diluted EPS 475.6 475.8 475.8
================================ ================ ================ ==============
Diluted EPS (pence
per share) 29.3 26.1 52.0
================================ ================ ================ ==============
Diluted EPS increased by 12% from 26.1 pence to 29.3 pence,
reflecting the Group's positive trading performance. The Group's
basic EPS was also 29.3 pence, compared with 26.1 pence in H1
2019.
Capital and liquidity management
Hargreaves Lansdown looks to create long-term value for
shareholders by balancing our desire to deliver profit growth,
capital appreciation and an attractive dividend stream to
shareholders with the need to maintain a market-leading offering
and high service standards for our clients.
The Group seeks to maintain a strong net cash position and a
robust balance sheet with sufficient capital and liquidity to fund
ongoing trading and future growth, in line with our strategy of
offering a lifelong, secure home for people's savings and
investments. The Group has a high conversion rate of operating
profits to cash and its net cash position at 31 December 2019 was
GBP317.6 million (H1 2019: GBP321.8 million) as cash generated
through trading offset the payments of the 2019 final and special
dividends. This includes cash on longer-term deposit and is before
funding the 2020 interim dividend of GBP53.1 million.
The Group has a Revolving Credit Facility agreement with
Barclays Bank to provide access to a further GBP75 million of
liquidity. This is currently undrawn and was put in place to
further strengthen the Group's liquidity position and increase our
cash management flexibility. The Group also funds a share purchase
programme to ensure we avoid any dilution from operating our
share-based compensation schemes.
Total attributable shareholders' equity, as at 31 December 2019,
made up of share capital, share premium, retained earnings and
other reserves increased to GBP442.5 million (H1 2019: GBP385.5
million) as continued profitability more than offset dividend
payments. Included within shareholders' equity are distributable
reserves of GBP441.0 million (H1 2019: GBP381.3million).
The Group has three subsidiary companies authorised and
regulated by the Financial Conduct Authority ("FCA") and one
subsidiary authorised by the FCA under the Payment Services
Regulations 2017. These firms have capital resources at a level
which satisfies both their regulatory capital requirements and
their working capital requirements and, as a group, we maintain a
robust balance sheet retaining a capital base over and above
regulatory capital requirements. Further disclosures are published
in the Pillar 3 document on the Group's website
www.hl.co.uk/investor-relations/key-financial-data.
Dividend
Hargreaves Lansdown has a progressive ordinary dividend policy.
The Board considers the dividend on a total basis, with the
intention of maintaining the ordinary payout ratio at around 65%
across the market cycle and looking to return excess cash to
shareholders in the form of a special dividend after the year-end.
Any such return will be determined according to market conditions
and after taking account of the Group's growth, investment and
regulatory capital requirements at the time. The Board is confident
that Hargreaves Lansdown has sufficiently strong financial,
liquidity and capital positions to execute its strategy without
constraints and can operate a sustainable and progressive ordinary
dividend policy going forward.
Given the Group's dividend policy, the Board has declared an
increased interim dividend of 11.2 pence per share (H1 2019: 10.3
pence per share). The interim dividend will be paid on 9 March 2020
to all shareholders on the register at 14 February 2020.
AGM withdrawal of Resolution 18
Hargreaves Lansdown plc notes its inclusion on the Investment
Association Register with respect to the withdrawal of resolution
18 - political donations and expenditure - at its Annual General
Meeting (AGM) on 10 October 2019. The purpose of this resolution,
which is standard in FTSE 100 companies, was to obtain
precautionary approval, within defined minimal limits, should any
such expenditure (as defined by the Companies Act 2006) be made in
the normal course of business. There was and remains no intention
for the Company to make any political donations or expenditure at
this time. The Company recognises that the withdrawal of
resolutions is rare and less than ideal and that in such an event,
the Corporate Governance Code requires that the Company consult
with its shareholders. We have and continue to consider the
position and engage with our shareholders on this matter and may
consult further should any further action be required.
Directors Responsibility Statement
The Directors confirm that this consolidated interim financial
information has been prepared in accordance with IAS 34 as adopted
by the European Union and that the interim report includes a fair
review of the information required by DTR 4.2.7R and DTR 4.2.8R,
namely:
-- an indication of important events that have occurred during
the first six months of the financial year and their impact on the
condensed set of consolidated financial statements, and a
description of the principal risks and uncertainties for the
remaining six months of the financial year; and
-- material related-party transactions in the first six months
and any material changes in the related party transactions
described in the last Annual Report.
The Directors of Hargreaves Lansdown plc are listed on page 27
of the Interim Report and Condensed Consolidated Financial
Statements 6 months ended 31 December 2019.
By order of the Board:
Philip Johnson
Chief Financial Officer
30 January 2020
Independent review report to Hargreaves Lansdown plc
Report on the Interim results for the six months ended 31
December 2019
Our conclusion
We have reviewed Hargreaves Lansdown plc's Interim results for
the six months ended 31 December 2019 (the "interim financial
statements") in the half-yearly report of Hargreaves Lansdown plc
for the 6 month period ended 31 December 2019. Based on our review,
nothing has come to our attention that causes us to believe that
the interim financial statements are not prepared, in all material
respects, in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and
the Disclosure Guidance and Transparency Rules sourcebook of the
United Kingdom's Financial Conduct Authority.
What we have reviewed
The interim financial statements comprise:
-- the Condensed Consolidated Statement of Financial Position as at 31 December 2019;
-- the Condensed Consolidated Income Statement and Condensed
Consolidated Statement of Comprehensive Income for the period then
ended;
-- the Condensed Consolidated Statement of Cash Flows for the period then ended;
-- the Condensed Consolidated Statement of Changes in Equity for the period then ended; and
-- the explanatory notes to the interim financial statements.
The interim financial statements included in the half-yearly
report have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted
by the European Union and the Disclosure Guidance and Transparency
Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
As disclosed in note 5.1 to the interim financial statements,
the financial reporting framework that has been applied in the
preparation of the full annual financial statements of the Group is
applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
Responsibilities for the interim financial statements and the
review
Our responsibilities and those of the directors
The half-yearly report, including the interim financial
statements, is the responsibility of, and has been approved by, the
directors. The directors are responsible for preparing the
half-yearly report in accordance with the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Our responsibility is to express a conclusion on the interim
financial statements in the half-yearly report based on our review.
This report, including the conclusion, has been prepared for and
only for the company for the purpose of complying with the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
What a review of interim financial statements involves
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and,
consequently, does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the half-yearly
report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants
London
30 January 2020
Section 1: Results for the period
Condensed Consolidated Income Statement
for the period ended 31 December 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended ended to
31 December 31 December 30 June
2019 2018 2019
IFRS 16 IAS 17 IAS 17
Note GBPm GBPm GBPm
Revenue 1.1 257.9 236.4 480.5
Fair value gains on
derivatives 1.0 1.1 2.2
Operating costs 1.3 (89.2) (85.1) (179.4)
Operating profit 169.7 152.4 303.3
Finance income 1.4 1.6 1.2 2.8
Finance costs (0.2) (0.2) (0.3)
Profit before tax 171.1 153.4 305.8
Tax 1.5 (31.8) (29.3) (58.2)
Profit for the period 139.3 124.1 247.6
Attributable to:
Owners of the parent 139.2 124.0 247.4
Non-controlling interest 0.1 0.1 0.2
139.3 124.1 247.6
Earnings per share
(pence)
Basic earnings per
share 1.6 29.3 26.1 52.1
Diluted earnings per
share 29.3 26.1 52.0
The results relate entirely to continuing operations.
After the balance sheet date, the Directors declared an
ordinary interim dividend of 11.2 pence per share payable
on 9 March 2020 to shareholders on the register at 14 February
2020.
The principal statements for prior periods have not been
restated upon the adoption of IFRS 16 - see note 5.1 for further
details.
Condensed Consolidated Statement of Comprehensive Income
for the period ended 31 December 2019
Unaudited Unaudited
6 months 6 months Audited
ended 31 ended 31 Year to
December December 30 June
2019 2018 2019
IFRS 16 IAS 17 IAS 17
GBPm GBPm GBPm
Profit for the period 139.3 124.1 247.6
Total comprehensive income for the
financial period 139.3 124.1 247.6
Attributable to:
Owners of the parent 139.2 124.0 247.4
Non-controlling interest 0.1 0.1 0.2
139.3 124.1 247.6
1.1 Revenue
Revenue represents fees receivable from financial services
provided to clients, net interest income on client money and
management fees charged to clients. It relates to services provided
in the UK and is stated net of value added tax. Recurring revenue
is the largest source of income for the Group encompassing:
platform fees, fund management fees, interest on client money and
ongoing adviser charges.
Transactional revenue is mainly comprised of: fees on
stockbroking transactions, initial adviser charges and renewal
commission. The price is determined in relation to the specific
transaction type and are frequently flat fees.
Other revenue is made up entirely of the provision of funds data
services and research to external parties through FundsLibrary.
Unaudited Unaudited Audited
6 months 6 months Year
ended 31 ended to
December 31 December 30 June
2019 2018 2019
Revenue GBPm GBPm GBPm
Recurring revenue 209.9 190.4 387.3
Transactional revenue 43.2 41.7 84.3
Other revenue 4.8 4.3 8.9
Revenue 257.9 236.4 480.5
1.2 Segment information
Under IFRS 8, operating segments are required to be determined
based upon the way the Group generates revenue and incurs expenses
and the primary way in which the Chief Operating Decision Maker
(CODM) is provided with financial information. In the case of the
Group, the CODM is considered to be the Executive Committee.
It is the view of the Board and of the Executive Committee that
there is only one segment, being the Group - a direct-to-investor
investment service administering investments in ISA, SIPP and Fund
& Share accounts, providing services for individuals and
corporates. It is considered that segmental reporting does not
provide a clearer or more accurate view of the reporting within the
Group. Given that only one segment exists, no additional
information is presented in relation to it, as it is disclosed
throughout these financial statements.
The Group does not rely on any individual customer and so no
additional customer information is reported.
1.3 Operating costs
Unaudited Unaudited Audited
6 months 6 months Year
ended 31 ended to
December 31 December 30 June
2019 2018 2019
Operating costs GBPm GBPm GBPm
Depreciation 4.2 2.5 5.4
Amortisation 2.6 2.3 4.6
Marketing and distribution
costs 6.0 6.0 12.7
Operating lease payables 0.1 1.8 3.4
Office running costs - excluding
operating lease payables 1.7 2.0 3.4
FSCS costs 1.7 0.3 6.8
Other costs 22.4 20.7 45.9
Staff costs 50.5 49.5 97.2
Operating costs 89.2 85.1 179.4
In the current period operating lease payables include only
short term leases due to the adoption of IFRS 16. See note 5.1 for
further details. Other costs include data costs, dealing costs,
computer maintenance, legal and professional fees, as well as
irrecoverable VAT.
1.4 Finance income
Unaudited Unaudited
6 months 6 months Audited
ended 31 ended 31 Year to
December December 30 June
2019 2018 2019
GBPm GBPm GBPm
Interest on bank deposits 1.6 1.2 2.8
1.6 1.2 2.8
1.5 Tax
Unaudited Unaudited Audited
6 months 6 months Year
ended 31 ended 31 to
December December 30 June
2019 2018 2019
GBPm GBPm GBPm
The tax charge for the period is based on the prevailing
standard rate of tax for the year to 30 June 2020 of
18.5% (30 June 2019: 19.0%).
Current tax - on profits for
the period 32.1 29.1 58.4
Current tax - adjustments
in respect of prior years - - 0.1
Deferred tax (0.3) 0.2 (0.2)
Deferred tax - adjustments
in respect of prior years - - (0.1)
31.8 29.3 58.2
In addition to the amount charged to the income statement,
certain tax amounts have been charged / (credited) directly to
equity as follows:
Unaudited Unaudited
6 months 6 months Audited
ended ended Year to
31 December 31 December 30 June
2019 2018 2019
GBPm GBPm GBPm
Deferred tax relating to share-based
payments 0.1 0.6 0.6
Current tax relating
to share-based payments (0.3) (0.3) (1.0)
(0.2) 0.3 (0.4)
1.6 Earnings per share (EPS)
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares in free issue during the period,
including ordinary shares held in the EBT reserve which have vested
unconditionally with employees.
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding by assuming
the conversion of all dilutive potential ordinary shares.
The weighted average number of anti-dilutive share options and
awards excluded from the calculation of diluted earnings per share
was nil as at 31 December 2019 (nil at 31 December 2018 and nil at
30 June 2019).
Unaudited Unaudited
6 months 6 months Audited
ended 31 ended 31 Year to
December December 30 June
2019 2018 2019
Earnings (all from continuing GBPm GBPm GBPm
operations)
Earnings for the purposes of
basic and diluted EPS being net
profit attributable to equity
holders of the parent Company 139.2 124.0 247.4
Number of shares Number Number Number
Weighted average number of ordinary
shares
Weighted average number of shares
held by HL EBT 474,318,625 474,318,625 474,318,625
(122,231) (145,347) (125,270)
Weighted average number of share
options held by HL EBT which have
vested unconditionally with employees 369,192 289,018 382,065
----------------------------------------- ----------- ----------- -----------
Weighted average number of shares
for the purposes of basic EPS 474,565,586 474,462,296 474,575,420
Weighted average number of dilutive
share options held by HL EBT that
have not vested unconditionally
with employees 1,002,809 1,327,508 1,189,428
Weighted average number of shares
for the purpose of diluted EPS 475,568,395 475,789,804 475,764,848
----------------------------------------- ----------- ----------- -----------
Earnings per share Pence Pence Pence
Basic EPS 29.3 26.1 52.1
Diluted EPS 29.3 26.1 52.0
Section 2: Assets & Liabilities
Condensed Consolidated Statement of Financial Position
for the period ended 31 December 2019
Unaudited Unaudited Audited
at 31 at 31 at 30
December December June
2019 2018 2019
IFRS 16 IAS 17 IAS 17
Note GBPm GBPm GBPm
ASSETS:
Non-current assets
Goodwill 1.3 1.3 1.3
Other intangible assets 2.1 22.9 18.2 23.0
Property, plant and equipment 2.1 34.0 15.4 16.0
Deferred tax assets 3.8 3.3 3.8
62.0 38.2 44.1
Current assets
Trade and other receivables 2.3 795.2 626.0 748.6
Cash and cash equivalents 2.4 184.8 112.5 179.3
Investments 2.2 0.9 0.4 1.1
Derivative financial instruments 0.1 0.2 0.1
Current tax assets - 0.8 -
Assets classified as held for sale 2.5 13.9 - -
994.9 739.9 929.1
Total assets 1,056.9 778.1 973.2
LIABILITIES:
Current liabilities
Trade and other payables 2.6 588.8 363.0 485.7
Derivative financial instruments - 0.1 -
Current tax liabilities 0.1 28.5 27.5
Liabilities associated with assets
classified as held for sale 2.5 2.9 - -
591.8 391.6 513.2
Net current assets 403.1 348.3 415.9
Non-current liabilities
Provisions 0.7 1.0 0.7
Lease liabilities 21.9 - -
Total liabilities 614.4 392.6 513.9
Net assets 442.5 385.5 459.3
EQUITY:
Share capital 3.1 1.9 1.9 1.9
Shares held by Employee Benefit
Trust reserve (5.0) (4.6) (3.4)
EBT reserve (0.1) 5.6 1.5
Retained earnings 444.2 381.3 457.9
Total equity, attributable to the
owners of the parent 441.0 384.2 457.9
Non-controlling interest 1.5 1.3 1.4
Total equity 442.5 385.5 459.3
The principal statements for prior periods have not been
restated upon the adoption of IFRS 16 - see note 5.1 for further
details.
After the end of the period the Group has entered into an
arrangement that impacts the accounting and presentation for the
Groups financial position. See note 2.5 for further details
2.1 Changes in capital expenditure since the last annual balance sheet date
Capital expenditure
During the six months ended 31 December 2019, the Group acquired
fixtures, fittings, plant, equipment and software assets and
internally generated intangibles with a cost of GBP4.7 million (H1
2019: GBP6.5 million, year to 30 June 2019: GBP17.1 million).
The additional increase in fixed assets is due to the adoption
of IFRS 16, which has increased Property, plant and equipment by
GBP20.8m - see note 5.1 for further details.
2.2 Investments
Audited
Unaudited Unaudited at
at 31 December at 31 December 30 June
2019 2018 2019
GBPm GBPm GBPm
At beginning of period 1.1 1.5 1.5
Sales (0.2) (1.1) (0.4)
Purchases - - -
At end of period 0.9 0.4 1.1
Comprising:
Current asset investment - UK
listed securities valued at quoted
market price 0.9 0.4 1.1
GBP0.9 million (31 December 2018: GBP0.4 million, 30 June 2019:
GBP1.1 million) of investments are classified as held at fair value
through profit and loss. These investments are all level 1
financial instruments in line with the fair value hierarchy under
IFRS 7 and there have been no transfers between levels in the
period.
2.3 Trade and other receivables
Unaudited Unaudited Audited
at 31 at 31 at
December December 30 June
2019 2018 2019
GBPm GBPm GBPm
Financial assets:
Trade receivables 578.0 355.2 461.4
Term deposits 135.0 210.0 215.0
Other receivables 4.4 4.9 4.5
717.4 570.1 680.9
Non-financial assets:
Accrued income 69.6 50.5 59.1
Prepayments 8.2 5.4 8.6
795.2 626.0 748.6
Trade and other receivables are measured at initial recognition
at amortised cost in accordance with IFRS 9. Assessment has been
made of the expected credit loss in relation to debtors, as
required under IFRS 9, this measure requires assessment of the past
default experience for debtors, grouped by type and with reference
to available information both historic and forward-looking.
In accordance with market practice, certain balances with
clients, Stock Exchange member firms and other counterparties
totalling GBP529.1 million (31 December 2018: GBP331.3 million, 30
June 2019: GBP429.3 million) are included in trade receivables.
These balances are presented net where there is a legal right of
offset and the ability and intention to settle net. The gross
amount of trade receivables is GBP629.8 million and the gross
amount of offset in the balance sheet with trade payables is
GBP95.8 million. Other than counterparty balances trade receivables
primarily consist of fees and amounts owed by clients. There are no
balances where there is a legal right of offset but not a right of
offset in accordance with accounting standards, and no collateral
has been posted for the balances that have been offset.
2.4 Cash and cash equivalents
Unaudited Unaudited Audited
at 31 at 31 at
December December 30 June
2019 2018 2019
GBPm GBPm GBPm
Group cash and cash equivalent
balances 182.6 111.8 179.0
Restricted cash - balances held
by Hargreaves Lansdown EBT 2.2 0.7 0.3
184.8 112.5 179.3
Cash and cash equivalents comprise cash on hand and demand
deposits held by the Group that are readily convertible to a known
amount of cash. The carrying amount of these assets is
approximately equal to their fair value.
Included within "Assets classified as held for sale" are cash
and cash equivalents totalling GBP11.4m, these are classified in
the same way as the cash and cash equivalents of the Group. See
note 2.5 for further details.
At 31 December 2019 segregated deposit amounts held by the Group
on behalf of clients in accordance with the client money rules of
the Financial Conduct Authority amounted to GBP5,634 million (31
December 2018: GBP10,426 million, 30 June 2019 GBP5,398 million).
In addition there were cash balances held on behalf of clients not
governed by the client money rules of GBP6,600 million (31 December
2018: GBP14.1 million, 30 June 2019: GBP6,075.7 million). The
client retains the beneficial interest in both these deposits and
cash accounts and accordingly they are not included in the balance
sheet of the Group.
2.5 Assets classified as held for sale
After the reporting date the Group entered into an arrangement
to sell FundsLibrary Ltd. As at the reporting date, the Group was
committed to the sale of the subsidiary and as such the assets and
liabilities of FundsLibrary Ltd are classified as held for sale and
are shown separately in the Consolidated Statement of Financial
Position. The assets and liabilities of the subsidiary are shown
below:
Unaudited
at
31 December
2019
GBPm
Assets:
Property, plant and equipment 0.7
Intangible assets 0.1
Deferred tax assets 0.2
Trade and receivables 1.5
Cash and cash equivalents 11.4
Total assets 13.9
Liabilities:
Trade and other payables 2.1
Current tax liabilities 0.5
Non-current lease liabilities 0.3
Total liabilities 2.9
Net assets 11.0
Included in the property, plant and equipment of FundsLibrary
Ltd is a right-of-use asset in relation to the offices of the
company, carried at GBP0.4m. Included in trade and other payables
are current lease liabilities of GBP0.2m.
2.6 Trade and other payables
Unaudited Unaudited Audited
at 31 at 31 at
December December 30 June
2019 2018 2019
GBPm GBPm GBPm
Financial liabilities:
Trade payables 548.8 327.8 433.9
Social security and other taxes 5.2 4.4 7.3
Other payables 23.1 17.9 19.6
577.1 350.1 460.8
Non-financial liabilities:
Accruals 10.6 12.5 23.8
Deferred income 0.2 0.4 1.1
Short term provisions 0.9 - -
588.8 363.0 485.7
In accordance with market practice, certain balances with
clients, Stock Exchange member firms and other counterparties
totalling GBP531.1 million (31 December 2018: GBP327.1 million, 30
June 2019: GBP425.6 million) are included in trade payables. As
stated in note 2.3, where we have a legal right of offset and the
ability and intention to settle net, trade payable balances have
been presented net.
Other payables principally comprise amounts owed to clients as a
loyalty bonus and to staff as a bonus, as well as the current
element of IFRS 16 lease payables. Accruals and deferred income
principally comprise amounts outstanding for trade purchases and
revenue received but not yet earned on workplace pension schemes
administered on behalf of other groups, where an ongoing service is
still being provided.
Section 3: Equity
Condensed Consolidated Statement of Changes in Equity
for the period ended 31 December 2019
Shares
held
Share by EBT EBT Retained Non-controlling Total
capital reserve reserve earnings Total interest equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
At 1 July 2018 1.9 (3.5) 6.2 399.4 404.0 1.2 405.2
Total comprehensive
income - - - 124.0 124.0 0.1 124.1
Employee Benefit Trust:
Shares sold during
the period - 5.0 - - 5.0 - 5.0
Shares acquired in
the period - (6.1) - - (6.1) - (6.1)
Loss on HL EBT share
sale - - (2.7) - (2.7) - (2.7)
Reserve transfer on
exercise of share options - - 2.1 (2.1) - - -
Employee share option
scheme:
Share-based payments
expense - - - 2.0 2.0 - 2.0
Current tax effect
of share-based payments - - - 0.3 0.3 - 0.3
Deferred tax effect
of share-based payments - - - (0.6) (0.6) - (0.6)
Dividend paid (note
3.2) - - - (141.7) (141.7) - (141.7)
---------------------------- --------- --------- --------- ---------- -------- ---------------- --------
At 31 December 2018 1.9 (4.6) 5.6 381.3 384.2 1.3 385.5
At 1 July 2019 1.9 (3.4) 1.5 457.9 457.9 1.4 459.3
Impact of change in
accounting policy (note
5.1) - - - (4.1) (4.1) - (4.1)
Revised balance as
at 1 July 2019 1.9 (3.4) 1.5 453.8 453.8 1.4 455.2
Total comprehensive
income - - - 139.2 139.2 0.1 139.3
Employee Benefit Trust:
Shares sold during
the period - 3.8 - - 3.8 - 3.8
Shares acquired in
the period - (5.4) - - (5.4) - (5.4)
Loss on HL EBT share
sale - - (2.4) - (2.4) - (2.4)
Reserve transfer on
exercise of share options - - 0.8 (0.8) - - -
Employee share option
scheme:
Share-based payments
expense - - - 2.0 2.0 - 2.0
Current tax effect
of share-based payments - - - 0.3 0.3 - 0.3
Deferred tax effect
of share-based payments - - - (0.1) (0.1) - (0.1)
Dividend paid (note
3.2) - - - (150.2) (150.2) - (150.2)
At 31 December 2019 1.9 (5.0) (0.1) 444.2 441.0 1.5 442.5
The share premium account represents the difference between the
issue price and the nominal value of shares issued.
The shares held by the Employee Benefit Trust ("the EBT")
reserve represents the cost of shares in Hargreaves Lansdown plc
purchased in the market and held by the Hargreaves Lansdown plc EBT
to satisfy options under the Group's share option schemes.
The EBT reserve represents the cumulative gain on disposal of
investments held by the Hargreaves Lansdown EBT. The reserve is not
distributable by the Company as the assets and liabilities of the
EBT are subject to management by the Trustees in accordance with
the EBT trust deed.
Non-controlling interests in the net assets of consolidated
subsidiaries are identified separately from the Group's equity
therein. Non-controlling interests consist of the minority's
proportion of the net fair value of the assets and liabilities
acquired at the date of the original business combination and the
non-controlling interest's change in equity since that date. The
non-controlling interest represents a 22% shareholding in Funds
Library Limited and a 7.5% shareholding in Hargreaves Lansdown
Savings Limited, both subsidiaries of the Company.
3.1 Share capital Audited
Unaudited Unaudited at
at 31 December at 31 December 30 June
2019 2018 2019
GBPm GBPm GBPm
Issued and fully paid:
Ordinary shares of 0.4p 1.9 1.9 1.9
Shares Shares Shares
Issued and fully paid:
Number of ordinary shares of 0.4p 474,318,625 474,318,625 474,318,625
The Company has one class of ordinary shares which carry no
right to fixed income.
3.2 Dividends paid
Unaudited Unaudited Audited
at 31 at 31 at
December December 30 June
2019 2018 2019
GBPm GBPm GBPm
Amounts recognised as distributions to equity holders
in the period:
2019 Final dividend of 22.1p
per share (2018 - 20.4p) 110.9 104.7 104.7
2019 Special Dividend of 8.3p
per share (2018 - 7.8p) 39.3 37.0 37.0
2019 First interim dividend of
10.3p per share - - 48.8
Total 150.2 141.7 190.5
The Hargreaves Lansdown Employee Benefit Trust, which held the
following number of ordinary shares in Hargreaves Lansdown plc at
the date shown, has agreed to waive all dividends.
Unaudited Unaudited Audited
at 31 at 31 at
December December 30 June
2019 2018 2019
Number of shares held by the
Hargreaves Lansdown Employee Benefit
Trust 447,134 428,335 387,684
Representing % of called-up share
capital 0.09% 0.09% 0.08%
Section 4
Condensed Consolidated Statement of Cash Flows
as at 31 December 2019
Audited
Unaudited Unaudited at
at 31 at 31 30 June
December December 2019
2019 2018
Note GBPm GBPm GBPm
Net cash from operating activities
Profit for the period after
tax 139.3 124.1 247.6
Adjustments for:
Income tax expense 31.8 29.3 58.2
Depreciation of plant and
equipment 4.2 2.5 5.4
Amortisation of intangible
assets 2.6 2.3 4.6
Share-based payment expense 2.1 2.0 3.9
Increase in provisions - 0.3 -
Operating cash flows before
movements in working capital 180.0 160.5 319.7
(Increase)/decrease in receivables (128.1) (10.8) (128.4)
(Decrease)/increase in payables 104.3 (1.7) 121.0
Cash generated from operations 156.2 148.0 312.3
Income tax paid (58.8) (21.8) (50.8)
Net cash generated from operating
activities 97.4 126.2 261.5
Investing activities
Decrease/(increase) in term
deposits 80.0 12.0 7.0
Proceeds on disposal of investments 0.2 1.1 0.4
Purchase of property, plant
and equipment (2.1) (4.1) (7.6)
Purchase of intangible assets (2.6) (2.4) (9.5)
Net cash from / (used in)
investing activities 75.5 6.6 (9.7)
Financing activities
Purchase of own shares in
EBT (5.4) (6.1) (15.0)
Proceeds on sale of own shares
in EBT 1.4 2.2 7.7
Dividends paid to owners of
the parent (150.2) (141.7) (190.5)
Payments of principal in relation (1.8) - -
to lease liabilities
Net cash used in financing
activities (156.0) (145.6) (197.8)
Net (decrease) in cash and
cash equivalents 16.9 (12.8) 54.0
Cash and cash equivalents
at beginning of period 179.3 125.3 125.3
Cash and cash equivalents
of Group at end of period 196.2 112.5 179.3
Cash held as part of assets (11.4) - -
classified as held for sale
at end of period
------------------------------------- ----- ---------- ---------- ---------
Cash and cash equivalents
at end of period 2.4 184.8 112.5 179.3
The adoption of IFRS 16 and adjustments made in relation to the
adoption of that standard have had no impact on cash flows. As a
result the value of current lease liabilities included in other
payables does not impact the change in payables in the current
period.
Section 5
Other Notes
as at 31 December 2019
5.1 Basis of preparation
The consolidated Interim Financial Statements of Hargreaves
Lansdown plc for the six months to 31 December 2019 have been
prepared using accounting policies in accordance with International
Financial Reporting Standards (IFRSs) as adopted by the European
Union and in accordance with the International Accounting Standard
(IAS) 34 Interim Financial Reporting and the Disclosure Rules and
Transparency Rules of the United Kingdom's Financial Conduct
Authority. The Interim Financial Statements have been prepared on
the historical cost basis, except for the revaluation of certain
financial instruments, and are presented in pounds sterling which
is the currency of the primary economic environment in which the
Group operates.
The financial information contained in these Interim Financial
Statements does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. However, the
information has been reviewed by the company's auditor,
PricewaterhouseCoopers LLP, and their report appears earlier in
this document. The financial information for the year ended 30 June
2019 has been derived from the audited financial statements of
Hargreaves Lansdown plc for that year, which have been reported on
by PricewaterhouseCoopers LLP and delivered to the Registrar of
Companies. Copies are available online at www.hl.co.uk. The
auditor's report on those accounts was not qualified, did not
include a reference to any matters to which the auditor drew
attention by the way of emphasis without qualifying the report and
did not contain statements under section 498 (2) or (3) of the
Companies Act 2006.
Going concern
Throughout the period, the Group was debt free, has continued to
generate significant cash and has considerable financial resources
enabling it to meet its day-to-day working capital
requirements.
The Directors have considered the resilience of the Group,
taking account of its current financial position, the principal
risks facing the business in severe but reasonable scenarios and
the effectiveness of any mitigating actions. As a consequence, the
Directors believe that the Group is well placed to manage its
business risks in the context of the current economic outlook and
have adequate financial resources to continue in operational
existence for a period of at least 12 months from the date of
approval of these interim financial statements. They therefore
continue to adopt the going concern basis in preparing the
consolidated interim financial statements.
Changes in accounting policy
In the period the Group has adopted one new accounting standard,
IFRS 16 "Leases", which became applicable for the accounting period
commencing 1 July 2019. The standard replaces IAS 17 "Leases". It
fundamentally changes the way the Group accounts for leases, as
previously unrecognised operating leases are now recognised on
balance sheet as lease liabilities and right of use assets.
The Group has adopted the modified retrospective approach to
application of the standard and as a result there has been no
restatement of the prior period figures, but opening reserves have
been adjusted. The opening liabilities in relation to these leases
have been calculated as the present value of the future lease
payments, at the point of adoption, discounted at the incremental
borrowing rate as at 1 July 2019. The incremental borrowing rate
for each lease is considered based on the relevant terms of the
lease taking into account factors such as length of lease, the
location and economic factors impacting the asset and the credit
rating of the Group company entering into the lease. The rates
range between 2.5% and 4.4% (2019: 2.5% and 4.4%), with a weighted
average incremental borrowing rate of 2.8%
A reconciliation of the presented minimum lease payments under
operating leases presented in the prior year, under IAS 17, to the
liabilities under IFRS 16 are below:
Audited
at
30 June
2019
GBPm
Operating lease commitments as
at 30 June 2019 23.9
Impact of treatments for VAT 3.8
Effect of discounting at relevant
incremental borrowing rate (2.1)
Short term lease (0.2)
Lease liabilities recognised on
adoption 25.4
On the date of adoption, the Group entered into another lease
for property that has been accounted for under IFRS 16, but which
did not impact the reconciliation upon adoption from operating
lease commitments to the lease liabilities under IFRS 16. The value
of this asset was GBP2.8m, it is included in the opening value of
lease liabilities, but does not form part of the reconciliation to
the operating lease commitments presented at 30 June 2019.
The right-of-use assets recognised in the period were initially
measured on a retrospective basis, as though the standard had
always been applied. The new lease entered into at the start of the
period was measured as the value of the lease liability adjusted
for the amounts of any prepaid or accrued lease payments and any
dilapidation costs that were likely to be incurred.
5.1 Basis of preparation (continued)
All of the leases and the related right-of-use assets recognised
in the period relate to property, being the offices of Group
companies, as a result they have been accounted for as a part of
property, plant and equipment, due to the other assets held under
this classification by the group are complementary in nature. The
total value of assets recognised as at 1 July 2019 was
GBP20.8m.
Upon adoption of the standard, the following adjustments were
made to the Statement of Financial Position as at 1 July 2019
-- Right-of-use assets, presented in Property, Plant and
Equipment of GBP20.8m were recognised;
-- Lease liabilities of GBP28.2m were recognised, recognised in
lease liabilities and other payables for non-current and current
balances respectively;
-- Accruals for lease incentives decreased by GBP3.3m;
-- Opening reserves were adjusted by GBP4.1m.
In the six months to 31 December 2019 the adoption of IFRS 16
has led to a decrease in expenses in the period of GBP0.2m.
The standard affords a number of practical expedients upon
transition to IFRS 16 and the Group has taken advantage of the
following:
-- No reassessment has taken place of contracts previously
identified as leases under IAS 17 and IFRIC 4;
-- Reliance on assessments performed prior to adoption of whether or not a lease is onerous;
-- Accounting for leases with a remaining life of less than 12
months as at the date of transition as short term leases;
-- Exclusion of initial direct costs from the measurement of
right-of-use asset at the date of initial application.
The impact of the adoption of the standard on the accounting
policies of the company are as follows:
i. Property, plant and equipment
Property, plant and equipment now includes both owned and leased
assets. Owned assets are measured initially at cost and
subsequently at cost less accumulated depreciation.
Leased assets are measured initially at the present value of all
future lease payments, less any prepaid or accrued rent or
incentives and any expected dilapidation cost being the initial
value. Subsequently, leased assets are measured at initial value
less accumulated depreciation.
Depreciation is charged in a straight line across the useful
economic life for both owned and leased assets, where the useful
economic life is determined by management upon purchase for owned
assets and is the lease term for all leased assets.
ii. Other payables
Lease liabilities are included within current other payables and
non-current lease liabilities, being initially calculated in line
with IFRS 16. On inception a lease liability is measured as the
present value of future lease payments, discounted at the
incremental borrowing rate implied within the lease. The future
lease payments of the group are fixed, except for those that relate
to leases in a currency other than GBP, which may vary due to
exchange rate movements.
Interest expense is occurred in relation to these leases, which
is recognised as an expense in the period to which payment relates,
on an accruals basis.
The group has other short term leases, which are leases with a
remaining life of less than twelve months upon adoption of IFRS 16.
Expenses in relation to rent are accounted for on a straight line
basis, with expenses recognised in profit or loss.
Assets held for sale
Disposal groups classified as held for sale are measured at the
lower of carrying amount and fair value less costs to sell.
Disposal groups are classified as held for sale if their
carrying amount will be recovered through a sale transaction rather
than through continuing use. This condition is regarded as met only
when the sale is highly probable and the asset (or disposal group)
is available for immediate sale in its present condition. The Group
must be committed to the sale which should be expected to qualify
for recognition as a completed sale within one year from the date
of classification. When the Group is committed to a sale plan
involving loss of control of a subsidiary, all of the assets and
liabilities of that subsidiary are classified as held for sale when
the criteria described above are met, regardless of whether the
Group will retain a non-controlling interest in its former
subsidiary after the sale.
Other than in relation to the adoption of IFRS 16 and assets
held for sale, the same accounting policies, methods of computation
and presentation have been followed in the preparation of the
Interim Financial Statements for the six months ended 31 December
2019 as were applied in the Audited Annual Financial Statements for
the year ended 30 June 2019.
5.1 Basis of preparation (continued)
Seasonality of operations
A high proportion of the Group's revenue is derived from the
value of assets under administration or management on the HL
platform or within HL funds. The values of these assets are
influenced predominantly by new business volumes, the stock market
and client withdrawals.
Revenues are not considered to be seasonal, with approximately
51% of revenues being earned in the second half of the financial
year, based on previous financial years. The Group revenue is,
however, sensitive to the impact of net new business inflows during
a particular period. Given the current uncertainty around the
consequences of the UK's decision to leave the EU, there is a
possibility of a decline in net new business in the second half of
the year, which could have a subsequent impact on revenues over the
following 12 months.
5.2 Material events after interim period-end
After the interim balance sheet date, an ordinary interim
dividend of 11.2 pence per share (H1 2019: interim dividend 10.3p)
amounting to a total dividend of GBP53.1 million (2019: GBP48.8
million) was declared by the plc Directors. These financial
statements do not reflect this dividend payable.
There have been no other material events after the end of the
interim period.
5.3 Principal risks and uncertainties
The principal risks and uncertainties which could impact the
Group for the remainder of the financial year are those detailed on
pages 24 to 31 of the Group's Annual Report and Financial
Statements 2019, a copy of which is available on the Group's
website, www.hl.co.uk. These remain the principal risks and
uncertainties for the second half of this financial year and
beyond; the key ones of which are listed below and they are
regularly considered by the Board.
Operational risks
-- Cybercrime, fraud or security breaches in respect of the
Group's information, data, software or information technology
systems.
-- Business continuity event.
-- Changing markets and increased competition.
Financial risks
-- Risk of a decline in earnings due to a decline in interest
rates or regulatory changes affecting interest income.
-- Fluctuations in the capital markets adversely affecting
trading activity and /or the value of the Group's assets under
administration.
The Group is exposed to interest rate risk, the risk of
sustaining losses from adverse movements in interest bearing
assets. These assets comprise cash, cash equivalents and term
deposits. At 31 December 2019 the value of such assets on the Group
balance sheet was GBP331.2 million (at 31 December 2018: GBP322.5
million). A 50bps (0.5%) move in interest rates, in isolation,
would therefore, not have a material direct impact on the Group
balance sheet or results. This exposure is continually monitored to
ensure that the Group is maximising its interest earning potential
within accepted liquidity and credit constraints. The Group has no
external borrowings and as such is not exposed to interest rate or
refinancing risk on borrowings.
As a source of revenue is based on the value of client cash
under administration, the Group also has an indirect exposure to
interest rate risk on cash balances held for clients. These
balances are disclosed in note 2.4 and are not on the Group
Statement of Financial Position.
5.4 Related party transactions
The Company has a related party relationship with its Directors
and members of the Executive Committee (the "key management
personnel"). There were no material changes to the related party
transactions during the financial period; transactions are
consistent in nature with the disclosure in note 5.6 to the 2019
Annual Report.
5.5 Financial instruments' fair value disclosure
The fair values of the Group's financial assets and liabilities
are not materially different from their carrying values. There have
been no transfers of assets or liabilities between levels of the
fair value hierarchy and there are no non-recurring fair value
measurements.
5.5 Financial instruments' fair value disclosure (continued)
The following table provides an analysis of financial
instruments that are measured subsequent to initial recognition at
fair value, grouped into Levels 1 to 3 based on the degree to which
fair value is observable:
Level Level 2 Level Total
1 Directly 3
Quoted observable Inputs
prices market inputs not based
for similar other than on observable
instruments Level 1 market
inputs data
GBPm GBPm GBPm
Unaudited at 31 December
2019
Financial assets at fair
value through profit or
loss 0.9 - - 0.9
Derivative financial assets - 0.1 - 0.1
Derivative financial liabilities - - - -
---------------------------------- ------------- --------------- --------------- ------
0.9 0.1 - 1.0
---------------------------------- ------------- --------------- --------------- ------
Unaudited at 31 December
2018
Financial assets at fair
value through profit or
loss 0.4 - - 0.4
Derivative financial assets - 0.2 - 0.2
Derivative financial liabilities - (0.1) - (0.1)
---------------------------------- ------------- --------------- --------------- ------
0.4 0.1 - 0.5
---------------------------------- ------------- --------------- --------------- ------
Audited at 30 June 2019
Financial assets at fair
value through profit or
loss 1.1 - - 1.1
Derivative financial assets - 0.1 - 0.1
Derivative financial liabilities - - - -
---------------------------------- ------------- --------------- --------------- ------
1.1 0.1 - 1.2
---------------------------------- ------------- --------------- --------------- ------
The fair value of financial instruments traded in active markets
is based on quoted market prices at the end of the reporting
period. Instruments included in Level 1 comprise primarily equity
investments and fund units entered into on a counter-party basis.
As such there is no recurring valuation of financial instruments
between reporting periods.
The fair value of financial instruments that are not traded in
an active market (for example, over-the-counter derivatives) is
determined by using valuation techniques. These valuation
techniques maximise the use of observable market data, such as
foreign currency exchange rates, where it is available and rely as
little as possible on entity-specific estimates. If all significant
inputs required to fair value an instrument are observable, the
instrument is included in Level 2.
Glossary of Alternative Performance Measures
Within the Interim Report and Condensed Financial Statements
various Alternative Financial Performance Measures are referred to,
which are non-GAAP (Generally Accepted Accounting Practice)
measures. They are used in order to provide a better understanding
of the performance of the Group and the table below states those
which have been used, how they have been calculated and why they
have been used.
Measure Calculation Why we use this measure
Dividend The total dividend per Provides a measure of the level of
pay-out share divided by the earnings profits paid out to shareholders and
ratio per share (EPS) for a financial the level retained in the business.
year.
-------------------------------------- --------------------------------------------
Dividend Total dividend payable Dividend per share is pertinent information
per share relating to a financial to shareholders and investors and provides
(pence year divided by the total them with the ability to assess the
per share) number of shares eligible dividend yield of the Hargreaves Lansdown
to receive a dividend. plc shares.
Note ordinary shares held
in the Hargreaves Lansdown
Employee Benefit Trust
have agreed to waive all
dividends.
-------------------------------------- --------------------------------------------
Operating Profits after deducting Provides a measure of profitability
profit operating costs but before of the core operating activities and
margin the impact of finance income excludes non-core items.
and other gains or losses
divided by revenue.
-------------------------------------- --------------------------------------------
Net new Represents subscriptions, Provides a measure of tracking the
business cash receipts, cash and success of gathering assets on to the
inflows stock transfers in less platform over time.
cash withdrawals, cash
and stock transfers out.
-------------------------------------- --------------------------------------------
Percentage The total value of renewal Provides a measure of the quality of
of recurring commission (after deducting our earnings. We believe recurring
revenue loyalty bonuses), platform revenue provides greater profit resilience
(%) fees, management fees and and hence it is of higher quality than
interest earned on client non-recurring revenue.
money divided by the total
revenue.
-------------------------------------- --------------------------------------------
Revenue Total revenue divided by Provides the most comparable means
margin the average value of assets of tracking, over time, the margin
(bps) under administration which earned on the assets under administration
includes the Portfolio and is used by management to assess
Management Services assets business performance.
under management held in
funds on which a platform
fee is charged.
-------------------------------------- --------------------------------------------
Revenue Revenue from cash (net Provides a means of tracking, over
margin interest earned on the time, the margin earned on cash held
from cash value of client money held by our clients.
(bps) on the platform divided
by the average value of
assets under administration
held as client money).
-------------------------------------- --------------------------------------------
Revenue Revenue derived from funds Provides the most comparable means
margin held by clients (platform of tracking, over time, the margin
from funds fees, initial commission earned on funds held by our clients.
(bps) less loyalty bonus) divided
by the average value of
assets under administration
held as funds, which includes
the Portfolio Management
Services assets under management
held in funds on which
a platform fee is charged.
-------------------------------------- --------------------------------------------
Revenue Management fees derived Provides a means of tracking, over
margin from HL Funds (but excluding time, the margin earned on HL Funds.
from HL the platform fee) divided
Funds (bps) by the average value of
assets held in the HL Funds.
-------------------------------------- --------------------------------------------
Revenue Revenue from shares (stockbroking Provides a means of tracking, over
margin commissions, management time, the margin earned on shares held
from shares fees where shares are held by our clients.
(bps) in a SIPP or ISA, less
the cost of dealing errors)
divided by the average
value of assets under administration
held as shares.
-------------------------------------- --------------------------------------------
Recurring Revenue that is received We believe recurring revenue provides
revenue every month depending on greater profit resilience and hence
the value of assets held is of higher quality than non-recurring
on the platform including revenue.
platform fees, management
fees and interest earned
on client money.
-------------------------------------- --------------------------------------------
Transactional Revenue that is non-recurring Such revenue is not as high quality
revenue in nature and dependent as recurring revenue but helps to show
on a client instruction the diversification of our revenue
such as a deal to buy or streams.
sell shares or take advice.
-------------------------------------- --------------------------------------------
General Information
EXECUTIVE DIRECTORS
Chris Hill
Philip Johnson
NON-EXECUTIVE DIRECTORS
Deanna Oppenheimer
Fiona Clutterbuck
Shirley Garrood
Dan Olley
Roger Perkin
Stephen Robertson
John Troiano (appointed 1 January 2020)
COMPANY Secretary
Alison Zobel
INDEPENDENT AUDITOR
PricewaterhouseCoopers LLP, London
BROKERS
Barclays
Numis Securities Limited
REGISTRARS
Equiniti Limited
Registered Office
One College Square South
Anchor Road
Bristol
BS1 5HL
Registered number
02122142
WEBSITE
www.hl.co.uk
DIVIDEND CALENDAR
First dividend
(interim)
Ex-dividend date* 13 February
2020
Record date** 14 February
2020
Payment date 9 March 2020
* Shares bought on or after the ex-dividend date will not
qualify for the dividend.
** Shareholders must be on the Hargreaves Lansdown plc share
register on this date to receive the dividend.
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
IR LBLLXBFLBBBL
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