Hargreaves Lansdown PLC Trading Statement

Fecha : 11/10/2018 @ 01:00
Fuente : UK Regulatory (RNS & others)
Emisora : Hargreaves Lansdown Plc (HL.)
Cotización : 1739.0  -37.5 (-2.11%) @ 10:29
Hargreaves Lansdown Cotización de acciones Gráfica

Hargreaves Lansdown PLC Trading Statement

Hargreaves Lansdown (LSE:HL.)
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RNS Number : 6633D

Hargreaves Lansdown PLC

11 October 2018

Trading update

11 October 2018

Hargreaves Lansdown plc ('the Group') today publishes a trading update in respect of the three month period to 30 September 2018 ('the period').

Highlights

   --       Net new business of GBP1.3 billion in the period 
   --       Net new clients of 29,000 

-- Assets under administration ("AUA") of GBP94.1 billion as at 30 September 2018, up 3% since 30 June 2018

   --       Net revenue for the period of GBP120.8 million (2017: GBP104.1 million), up 16% 

Chris Hill, Chief Executive Officer, commented:

"I'm pleased to report a solid start to our financial year for growth in clients, net new business and revenue. The past quarter has seen an uncertain market environment and weak investor sentiment resulting in an industry-wide slowdown in net retail flows. Despite this backdrop, we believe the strength of our business model positions us well for when sentiment improves."

Assets under administration and net new business

 
 GBP billion             Three months 
                      to 30 September 
                                 2018 
 Opening AUA                     91.6 
 Net new business                 1.3 
 Market movements                 1.2 
                    ----------------- 
 Closing AUA                     94.1 
                    ----------------- 
 

Net new business of GBP1.3 billion for the period was driven by continued investment in our digital marketing presence, higher client numbers and ongoing wealth consolidation onto our platform. During the period, we also added three further banks to our cash marketplace service, Active Savings, enabling clients to manage their cash more easily at attractive rates of interest. As a result, we increased the level of marketing and promotional activity in early September and now have over GBP100 million managed by clients in this service. AUA rose to GBP94.1 billion as at 30 September 2018 due to net new business and positive market movements.

We welcomed 29,000 new clients in the period (Q1 18: 30,000), taking active client numbers to 1,120,000.

Net revenue

Net revenue for the period was GBP120.8 million, up 16% on last year, benefitting from higher AUA levels due to net new business and market growth.

Contacts:

 
 Investors                         Media 
 Philip Johnson, Chief Financial   Danny Cox, Head of Communications 
  Officer                           Chris Hill, Chief Executive 
  James Found, Head of Investor     Officer 
  Relations                         +44(0)117 317 1638 
  +44(0)117 988 9898 
 

Forward looking statements

This announcement contains forward-looking statements with respect to the financial condition, results and business of the Group. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depend on circumstances, that will occur in the future. The Group's actual results may differ materially from the results expressed or implied in these forward-looking statements. Nothing in this announcement should be construed as a profit forecast. This announcement is unaudited. This statement should not be seen as a promotion or solicitation to buy Hargreaves Lansdown plc shares. It should be remembered that the value of shares can fall as well as rise and therefore you could get back less than you invested.

LEI Number: 2138008ZCE93ZDSESG90

Assets under administration

 
 Average AUA            3 months        2 months       4 months        3 months           3 months 
  (GBPbillion)       to 30 September    to 30 June    to 30 April    to 31 December    to 30 September 
                          2018             2018          2018             2017              2017 
 Funds                    52.0            50.9           48.5            48.2               46.5 
                   -----------------  ------------  -------------  ----------------  ----------------- 
 Shares                   32.0            30.8           28.6            27.9               26.7 
                   -----------------  ------------  -------------  ----------------  ----------------- 
 Cash                     9.7              9.6           9.0              8.6               8.2 
                   -----------------  ------------  -------------  ----------------  ----------------- 
 HL Funds                 9.6              9.6           9.1              9.1               8.8 
                   -----------------  ------------  -------------  ----------------  ----------------- 
 Double count(1)         (9.5)            (9.5)         (9.0)            (9.0)             (8.7) 
                   -----------------  ------------  -------------  ----------------  ----------------- 
 Total                    93.8            91.4           86.2            84.8               81.5 
                   -----------------  ------------  -------------  ----------------  ----------------- 
 
 
 AUA (GBPbillion)     As at 30     As at 30     As at 30     As at 31     As at 30 
                      September    June 2018    April 2018    December    September 
                        2018                                    2017        2017 
 Funds                  52.0         51.0         49.6         48.9         46.6 
                    -----------  -----------  ------------  ----------  ----------- 
 Shares                 32.2         31.0         29.6         28.5         27.1 
                    -----------  -----------  ------------  ----------  ----------- 
 Cash                   9.8          9.6           9.5          8.6         8.2 
                    -----------  -----------  ------------  ----------  ----------- 
 HL Funds               9.6          9.6           9.4          9.3         8.8 
                    -----------  -----------  ------------  ----------  ----------- 
 Double count(1)       (9.5)        (9.5)         (9.3)        (9.2)       (8.7) 
                    -----------  -----------  ------------  ----------  ----------- 
 Total                  94.1         91.6         88.8         86.1         82.0 
                    -----------  -----------  ------------  ----------  ----------- 
 

(1) All HL Funds are held in Vantage or the Portfolio Management Service (PMS) and are included in the Funds category of the table, with the exception of a small balance held off platform by third parties. To avoid double counting, the amount held in Vantage or PMS has been deducted.

 
 AUA (GBPbillion)           3 months        2 months       4 months        3 months           3 months 
                         to 30 September    to 30 June    to 30 April    to 31 December    to 30 September 
                              2018             2018          2018             2017              2017 
 Opening AUA                  91.6            88.8           86.1            82.0               79.2 
                       -----------------  ------------  -------------  ----------------  ----------------- 
 Underlying 
  net new business            1.3              1.0           3.3              1.8               1.5 
                       -----------------  ------------  -------------  ----------------  ----------------- 
 Market movements             1.2              1.9          (0.6)             3.3               1.3 
                       -----------------  ------------  -------------  ----------------  ----------------- 
 Founder transfer(1)           -              (0.1)           -              (1.0)               - 
                       -----------------  ------------  -------------  ----------------  ----------------- 
 Closing AUA                  94.1            91.6           88.8            86.1               82.0 
                       -----------------  ------------  -------------  ----------------  ----------------- 
 

(1) Underlying net new business excludes the transfer off the Vantage platform of GBP902 million of Hargreaves Lansdown plc shares and the withdrawal of GBP188 million of Hargreaves Lansdown plc placing proceeds during the period that were held by a founder.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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