Hargreaves Lansdown has reported a 7% rise in revenues and 5% increase in profit before tax, in a year that has been dominated by the Woodford gating scandal, which has forced the CEO Chris Hill and CFO Philip Johnson to waive their bonuses.
Revenues rose to £480.5m from £447.5m for the previous year, while profit before tax was £305.8m, an increase from £292.4m. Diluted earnings per share also rose to 52p from 49.6p. Net new business over the year was strong £7.3bn, but came in 4% lower than last year's £7.6bn. The firm now has a record number of clients at 1,224,000 and assets under administration have hit the £100bn mark. CEO Chris Hill said: "The second half of the financial year was particularly strong, supported by our best ever tax year end with clients continuing to use their ISA and SIPP allowances. "Our Acti...
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