Bristol-based Hargreaves Lansdown has announced improved figures and increased total assets under administration.
For the year ended 30 June, 2014, profit before tax was up 7% to £209.8m (£195.2m) on net revenue up 8% to £291.9m (£269.2m).
Total assets under administration were up 29% at £46.9 billion and the number of clients increased by 144,000 to 652,000 since June 2013. Net business inflows were 25% higher at £6.4bn (£5.1bn).
The company describes itself as the UK’s largest direct to investor “investment supermarket”. It provides the investing public with access to a wide choice of investments and attracts high quality earnings derived from the value of investments under administration or management, primarily through its market leading Vantage service.
Chairman Michael Evans commented on the results:
“This year has been dominated by regulation. The introduction of the Retail Distribution Review in April has necessitated significant Board and management attention. Successfully designing, announcing and implementing a completely new charging structure for our clients holding fund investments to the satisfaction of our clients, our shareholders and the regulator was a major achievement. Despite this challenge, we managed to maintain our focus on growing the business organically, enhancing our digital proposition, adding functionality to our stockbroking business whilst continuing to work on improvements to and the long term sustainability of our IT platform.
“We continue to be a financially strong organisation with a simple, strong, debt-free balance sheet retaining a healthy margin over the regulatory capital adequacy requirements.
“Good governance continues to be at the heart of what we do. The majority of the agreed actions from last year’s Board effectiveness review have been implemented, with the introduction of more frequent board meetings and a greater focus on strategy. Much attention has been paid to developing the talent within the business and refreshing the organisational structure to meet the future challenges of the Group.
“As ever, the coming year will be a challenging one with competition intensifying in all areas of our business but we remain well placed to continue to satisfy our clients and thrive in our chosen markets.”