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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hargreaves Lansdown Plc | LSE:HL. | London | Ordinary Share | GB00B1VZ0M25 | ORD 0.4P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-15.00 | -1.41% | 1,051.00 | 1,048.00 | 1,049.00 | 1,079.00 | 1,035.50 | 1,079.00 | 2,080,992 | 16:35:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Security Brokers & Dealers | 735.1M | 323.8M | 0.6833 | 15.34 | 4.97B |
TIDMHL.
RNS Number : 5911Q
Hargreaves Lansdown PLC
19 October 2023
Trading update
19 October 2023
Hargreaves Lansdown plc today issues a trading update in respect of its first quarter ended 30 September 2023.
Highlights
-- Net new business of GBP0.6 billion in the period and closing Assets under Administration ("AUA") of GBP134.8 billion.
-- Net new client growth of 8,000 in the period, taking us to 1,812,000 active clients, with client retention rate of 91.7%.
-- Revenue for the period of GBP183.8 million, up 13% (Q1 2023: GBP162.9m).
Dan Olley, Chief Executive Officer, commented:
"We continue to see net client growth and positive net new business despite the macroeconomic backdrop and its on-going impact on investor confidence and client behaviour.
Clients are looking to invest more in cash than risk-based investments, from our Active Savings offer, giving easy access to a range of banking partners, to Money Market Funds and short-dated bonds. Combining this with informative and relevant content provides our clients with a wide range of solutions to meet their saving and investment needs."
Trading performance
-- Net new business of GBP0.6 billion in the quarter (Q1 2023: GBP0.7bn), reflects moderated flows being seen across the market. Active Savings continues to perform well and has been the key driver of net flows as clients favour cash savings over risk based investments.
-- Net client growth of 8,000 in the quarter (Q1 2023: 17,000) primarily driven by net new clients in the SIPP and Active Savings accounts. Client retention at 91.7% (FY2023: 92.2%) and asset retention at 89.0% (FY2023: 90.4%) reflects the muted macroeconomic backdrop and the need for various cohorts of clients to make cash withdrawals.
-- Share dealing volumes averaged 634,000 per month in the quarter (Q1 2023: 700,000) reflecting wider market trends.
-- Client cash balances were GBP12.4 billion at the end of the quarter, 9.2% of total AUA, with heightened levels of cash withdrawals and an increase in movement of cash into Active Savings in July and August before stabilising in September.
-- Total revenue in the quarter of GBP183.8 million (Q1 2023: GBP162.9m) with net interest margin growth more than offsetting the revenue impact of the reduction in share dealing volumes.
Financial calendar
Our Annual General Meeting is scheduled to be held on 8 December 2023 and our interim results will be issued on 22 February 2024.
Contacts:
Investors Media James Found, Head of Investor Danny Cox, Head of Communications Relations +44(0)7989 672071 +44(0)7970 066634 Nick Cosgrove, Brunswick 0207 404 5959
Forward looking statements
This announcement contains forward-looking statements with respect to the financial condition, results and business of the Group. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depend on circumstances, that will occur in the future. The Group's actual results may differ materially from the results expressed or implied in these forward-looking statements. Nothing in this announcement should be construed as a profit forecast. This announcement is unaudited. This statement should not be seen as a promotion or solicitation to buy Hargreaves Lansdown plc shares. It should be remembered that the value of shares can fall as well as rise and therefore you could get back less than you invested.
LEI Number: 2138008ZCE93ZDSESG90
Revenue, clients and share dealing volumes
Key metrics 3 months 3 months 3 months 3 months 3 months to 30 September to 30 June to 31 March to 31 December to 30 September 2023 2023 2023 2022 2022 Revenue (GBPm) 183.8 197.0 188.1 187.1 162.9 ----------------- ------------ ------------- ---------------- ----------------- Net new clients 8,000 13,000 23,000 14,000 17,000 ----------------- ------------ ------------- ---------------- ----------------- Total active clients 1,812,000 1,804,000 1,791,000 1,768,000 1,754,000 ----------------- ------------ ------------- ---------------- ----------------- Client Retention Rate (%) 91.7 92.0 92.0 92.6 92.2 ----------------- ------------ ------------- ---------------- ----------------- Asset Retention Rate (%) 89.0 89.7 89.1 91.1 91.9 ----------------- ------------ ------------- ---------------- ----------------- Share dealing volumes per month 634,000 685,000 770,000 627,000 700,000 ----------------- ------------ ------------- ---------------- -----------------
Assets under administration
AUA (GBPbillion) 3 months 3 months 3 months 3 months 3 months to 30 September to 30 June to 31 March to 31 December to 30 September 2023 2023 2023 2022 2022 Opening AUA 134.0 132.0 127.1 122.7 123.8 ----------------- ------------ ------------- ---------------- ----------------- Net new business - platform (0.1) 0.9 0.9 (0.1) - ----------------- ------------ ------------- ---------------- ----------------- Net new business - Active Savings 0.7 0.8 0.7 1.0 0.7 ----------------- ------------ ------------- ---------------- ----------------- Total net new business 0.6 1.7 1.6 0.9 0.7 ----------------- ------------ ------------- ---------------- ----------------- Market movements and other 0.2 0.3 3.3 3.5 (1.8) ----------------- ------------ ------------- ---------------- ----------------- Closing AUA 134.8 134.0 132.0 127.1 122.7 ----------------- ------------ ------------- ---------------- ----------------- Closing As at 30 As at 30 As at 31 As at 31 As at 30 AUA (GBPbillion) September June 2023 March 2023 December September 2023 2022 2022 Funds 61.9 62.2 61.6 59.6 57.4 ----------- ----------- ------------ ---------- ----------- Shares 51.9 50.8 49.8 47.1 45.2 ----------- ----------- ------------ ---------- ----------- Cash 12.4 13.1 13.5 14.1 14.8 ----------- ----------- ------------ ---------- ----------- HL Funds 8.7 8.7 8.6 8.3 7.8 ----------- ----------- ------------ ---------- ----------- Active Savings 8.5 7.8 7.0 6.3 5.3 ----------- ----------- ------------ ---------- ----------- Double count(1) (8.6) (8.6) (8.5) (8.3) (7.8) ----------- ----------- ------------ ---------- ----------- Total 134.8 134.0 132.0 127.1 122.7 ----------- ----------- ------------ ---------- ----------- Average 3 months 3 months 3 months 3 months 3 months AUA (GBPbillion) to 30 September to 30 June to 31 March to 31 December to 30 September 2023 2023 2023 2022 2022 Funds 62.6 62.1 61.8 59.2 59.8 ----------------- ------------ ------------- ---------------- ----------------- Shares 52.2 50.4 50.1 47.3 47.5 ----------------- ------------ ------------- ---------------- ----------------- Cash 12.5 13.4 13.6 14.3 14.8 ----------------- ------------ ------------- ---------------- ----------------- HL Funds 8.8 8.7 8.6 8.2 8.1 ----------------- ------------ ------------- ---------------- ----------------- Active Savings 8.3 7.5 6.8 6.0 5.1 ----------------- ------------ ------------- ---------------- ----------------- Double count(1) (8.7) (8.6) (8.5) (8.1) (8.1) ----------------- ------------ ------------- ---------------- ----------------- Total 135.7 133.5 132.4 126.9 127.2 ----------------- ------------ ------------- ---------------- -----------------
(1) All HL Funds are held in Vantage or the Portfolio Management Service (PMS) and are included in the Funds category of the table with the exception of a small balance held off platform by third parties. To avoid double counting the amount held in Vantage or PMS has been deducted.
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END
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(END) Dow Jones Newswires
October 19, 2023 02:00 ET (06:00 GMT)
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