Hargreaves Lansdown profits drop 8% as technology spend soars

Tool to improve efficiency for financial advisers is scrapped

Valeria Martinez
clock • 2 min read

Profits at Hargreaves Lansdown fell in the second half of last year due to higher strategic spend on technology and staff costs while inflows slowed due to lower investor confidence, results show.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

My Care Hub expands to public following strong adviser support

My Care Hub expands to public following strong adviser support

Advice sector has played ‘pivotal role’ in successful rollout of care guidance platform

Jenna Brown
clock 10 September 2025 • 4 min read
CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

Rain Newton-Smith claims ‘the time for tinkering is over’

Isabel Baxter
clock 10 September 2025 • 2 min read
'Fundamentally' different advice profession risks reputational damage from football scandal

'Fundamentally' different advice profession risks reputational damage from football scandal

High profile advice incidents like V11 ‘damaging’

Isabel Baxter
clock 09 September 2025 • 3 min read