New client influx helps Hargreaves to 28% profits boost

The group attributes its success to attracting large numbers of new clients, adding an additional 17,000 investors to its books in the first half of the financial year. Revenues climbed 13% to £65.6m, boosting operating profits to £34.9m. However, assets under administration fell 10.2%, though the firm points out this is far less than the 33% fall in the FTSE All Share index. "The first six months of the current financial year have confirmed the group's potential for profitability even during extremely adverse circumstances," says chief executive Peter Hargreaves. "However, during t...