Hargreaves Lansdown sees 'good momentum' in Q3, new client numbers surge

30th Apr 2024 09:30

(Sharecast News) - Financial services business Hargreaves Lansdown said on Tuesday that it had seen "good momentum" in Q3, with inflows growing and new customers surging almost threefold throughout the period.

Hargreaves Lansdown delivered £1.6bn in net new business during the quarter, well ahead of market expectations of £1.4bn, made up of £900.0m from its investment platform and £700.0m from its Active Savings pots.

The FTSE 100-listed group also secured 34,000 new customers during the quarter, pushing its overall active client number to almost 1.9m.

Assets under administration were at a record £149.7bn at the end of Q3, ahead of the £148.0bn expected by analysts, while revenues improved 6% to £199.7m, also beating estimates for a reading of £186.0m.

Chief executive Dan Alley said: "Our relentless focus on client service, making it easy to save and invest to ensure that we meet our clients' needs has delivered clear results this quarter. We built good momentum into tax year-end, and as a result, have seen year-on-year increases of gross inflows and share dealing volumes in the quarter and net new business on a par with last year."

As of 0925 BST, Hargreaves Lansdown shares were up 5.74% at 830.73p.

Reporting by Iain Gilbert at Sharecast.com