Q1 Revenue Up 13% At Hargreaves Lansdown PLC

Hargreaves Lansdown PLC (LON:HL) reports a record level of assets under administration.

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The share price of Hargreaves Lansdown (LSE: HL) —  the Bristol-based financial services company — has edged up just over 1% this morning, following the release of an interim management statement for Q1 2014 (ie, the three months from 1 July to 1 October 2013).

The company reported that it has a record £39.3bn of assets under administration, up 8% from Q1 2013’s £36.4bn. It said that the increase was driven by by factors such as strong net new business of £1.26bn (up 129% on Q1 2013), improved investor confidence and stronger stock markets.  New client numbers for the quarter were 20,000, up 186% on the same quarter last year, bringing the total number of active clients to 528,000.

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Operating revenue for the quarter was £77.9m, up 13% on Q1 2013. The growth was attributed to a combination of the higher level of assets under administration and increased commission from higher dealing volumes.

Hargreaves Lansdown also commented on the immense public interest in the flotation of Royal Mail. While unable to disclose precise figures, and acknowledging that some people will be short-term profit takers, the company said it expects to retain most participants as new investors, and that the number of net new clients will be reported next quarter.

Looking ahead, the company has said that it will announce its new pricing structure for fund-holding clients in the coming quarter, and that it will be launching a iPad app and “a number of other major new initiatives” in the coming months.

At the time of writing Hargreaves Lansdown’s share price is 1,020p. That’s up 50% so far in 2103, and almost 500% over the past five years.

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> Jon doesn't own shares in Hargreaves Lansdown.

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