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

London's millionaire exodus: Advisers will 'undeniably' see wealthy clients move abroad

London's millionaire exodus: Advisers will 'undeniably' see wealthy clients move abroad

Labour's budget ‘main reason' for latest UK exits

Isabel Baxter
clock 17 April 2025 • 6 min read
UK inflation drops to 2.6% in March amid warnings of further price rises

UK inflation drops to 2.6% in March amid warnings of further price rises

Down two percentage points

Sorin Dojan
clock 16 April 2025 • 2 min read
Rewriting the rules of engagement: Innovating for the future of wealth and financial advice

Rewriting the rules of engagement: Innovating for the future of wealth and financial advice

‘Hyper-personalisation and fintech disruptors are reshaping financial advice’

Sneha Shah
clock 15 April 2025 • 3 min read