Budget build-up benefits Hargreaves Lansdown
Hargreaves Lansdown benefitted from increased trading volumes in the run-up to tomorrow’s Budget, as it maintains momentum ahead of the completion of its own takeover.
The Bristol-headquartered wealth management company is being bought for £5.4bn by a consortium of bidders made up of buyout giant CVC, Copenhagen’s Nordic Capital and Abu Dhabi Investment Authority-owned Platinum Ivy.
The take-private deal, which was approved by Hargreaves Lansdown shareholders earlier this month, is expected to complete in the first quarter of next year.
The financial services company has had a good third quarter, helped by increased activity and an improving market.
Dan Olley, chief executive of Hargreaves Lansdown, said: “We remain as committed as ever to supporting our clients with the very best service, experience and value, and on executing our strategy.
“We are particularly mindful of tomorrow’s Budget, and will be on hand to support and guide our clients following any potential changes that are made.”
Revenue was up 7% to £196.5m, which it said was “from increased dealing volumes and higher platform revenue from higher AUA [Assets Under Administration] levels”.
Overseas share dealing volumes increased by nearly 30% in the period, around double the rise from UK customers.
