Self-directed wealth platform Hargreaves Lansdown has posted record half-yearly revenue and profits as the business noted a "general trend" towards DIY investing as a result of changes brought about by the Retail Distribution Review (RDR).
The company posted profits before tax in the six months to 31 December 2012 of more than £93m, up 30% on the £72m achieved in the same period the previous year and a record for the business.
Total revenue was also a record at £140m, up 24% on the same period last year, with the business citing a 16% growth is assets under administration - to £30.4bn - and the "helpful" performance of stock markets as key factors behind the numbers.
The company said it had noted there had been a net decrease in financial adviser numbers of 1,200 in the 18 months leading up to implementation of the RDR rules on 31 December 2012, more than 4% of the entire industry, though it did not name its source for that information.
It said the company continued to believe it was in a good position to benefit from the changes brought about by RDR.
"We remain of the view that a general trend towards DIY investing is likely to be beneficial to our cause, as people discover the value and efficiency to be gained through self-directed activity and a Hargreaves Lansdown account," it said in a statement.
It added that visits to its website had risen 26% in H2 2012 on the comparative period for 2011.
Meanwhile, Hargreaves said net new business generated within its Portfolio Management Service was £99m, while new sales in its Vantage ISA, SIPP and other Vantage nominee accounts was £0.4bn, £0.7bn and £0.4bn respectively.
It said the increase in new business was attributable to an increased number of Vantage clients, which had risen by 5% since June 2012.
Ian Gorham (pictured), CEO, said: "Hargreaves Lansdown's results demonstrate that a reputable company can, even in this climate, add genuine benefit to the UK economy and public, whilst paying its taxes in full.
"Focusing on clients, Hargreaves Lansdown is helping UK retail investors to build their personal wealth. Funds, shares and other investments are a great way to save - more people should be encouraged to buy them."
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