Active client numbers grew 47,000 since 30 June 2015, reaching 783,000. Earning per shares were 18.3p.
Assets under administration increased by 7% since 30 June 2015 to £58.8bn ($84.7bn, €77.6bn), against a backdrop of a fall in the FTSE All Share of 3.5%. Meanwhile, net revenue increased by 10% and profit before tax was up 6% on H1 2015, and the interim dividend is up 7% to 7.8p per share.
The company also saw an improvement in customer retention, it said.
“Against a backdrop of fluctuating stock markets, Hargreaves Lansdown has continued to be the most popular destination for UK retail investors, with excellent new business for the period,” said chief executive Ian Gorham. “In particular the pension freedoms continue to attract huge interest as we prepare for the important tax year-end period,” he added.
Numis had a relatively positive take on the numbers and the company’s prospects.
“The group’s scale benefits are substantial and unmatched providing it with by far the highest operating margin and the buying power to provide the cheapest fund prices in the market,” the brokerage said.
“Real industry growth (around 3% per year) can be expected from market movements. Hargreaves Lansdown dominates a growth industry and its market position does not seem to have been negatively impacted by the RDR changes,” Numis added.
Numis further noted it expects the high marginal margin and industry growth to more than offset the expected ongoing industry price compression.
