Hargreaves Lansdown profits drop 8% as technology spend soars

In the six months to 31 December 2023, the investment platform's statutory profits fell 8% to £182.5m, while net new business slowed to £1bn during the period, compared to £1.6bn last year as outflows ticked up. Combined with the net inflows, assets under administration (AUA) reached a record of £142.2bn thanks to the rally in markets towards the end of the period, which delivered a positive market movement of £7.2bn.  Total revenue for the period increased 5% to £368.2m, driven by both the growth in AUA across funds, shares and active savings and a continuation of higher net interest...