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Hargreaves Lansdown profit to beat forecasts

Hargreaves Lansdown said annual profit would beat expectations after clients dealing in US stocks maintained strong dealing volumes.

The investment platform said after strong trading in January it had continued to experience high volumes of share dealing. The period covered frenzied dealing in US shares such as GameStop by retail investors.

As a result, pretax profit for the year to the end of June is expected to be “modestly above” the top of analyst forecasts, the FTSE 100 group said. Analysts’ predictions range from £334m to £360m.

“The group has continued to see elevated volumes of share dealing since the end of January with an increased proportion of these directed towards international equities, driven by interest in US stocks from existing clients,” Hargreaves Lansdown said in an unscheduled update.

The company said it would provide more information with its scheduled trading statement on 13 April.

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