Profits fall by £15m at under fire Hargreaves Lansdown

Profits before tax and investment firm Hargreaves Lansdown fell by eight per cents over the last six months.

Profits at the Bristol company fell by £15m to £182m in first half of the financial year,

Hargreaves Lansdown has come under fire from its founder Peter Hargreaves over its falling share price and was also forced into parting company with its chair Deanna Oppenheimer.

But the new chief executive has insisted the company is on the right track and points to a steep rise in total assets under administration.

Total assets under administration rose by 12 per to £142bn while revenue was up five per cent to £368m

Chief executive Dan Olley, Chief Executive Officer said:  “Our first half results are a reflection of the fundamentals of our business; AUA has increased to a record £142.2bn, revenue has increased five per cent to £368.2m and our underlying profit before tax at £221.5m is also up  five per cent.

“It is now six months since I took over as CEO and it is clear that the business is built on strong foundations; a proud heritage, with a trusted brand and knowledgeable, client-focused colleagues.

“What is also clear is the work to be done to capitalise on those foundations to reposition HL to take advantage of the structural growth opportunities ahead. The detailed and data-led approach we are taking is giving clear insight into client needs which, together with our focus on execution, the strengthened leadership team and improvements in our technology capability, means we are off to a great start.”

He added: “The four priorities I set out in September are the right ones to drive the business forward and I am pleased with the tangible progress we have made in the first half.

“As the largest wealth platform in the UK, looking ahead, ours is a large and growing market with clear client needs. We have the scale needed to succeed and we have the right strategy and ambition to accelerate our growth.”