Hargreaves Lansdown PLC Trading Statement

Fecha : 15/05/2019 @ 01:00
Fuente : UK Regulatory (RNS & others)
Emisora : Hargreaves Lansdown Plc (HL.)
Cotización : 1790.0  -62.5 (-3.37%) @ 10:35
Hargreaves Lansdown Cotización de acciones Gráfica

Hargreaves Lansdown PLC Trading Statement

Hargreaves Lansdown (LSE:HL.)
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RNS Number : 0236Z

Hargreaves Lansdown PLC

15 May 2019

Trading update

15 May 2019

Hargreaves Lansdown plc ("Hargreaves Lansdown" or the "Company" or the "Group") today publishes a trading update in respect of the four month period to 30 April 2019 ("the period").

Highlights

   --       Net new business of GBP2.9 billion in the period 
   --       Year to date net new business of GBP5.4 billion 
   --       Assets under administration ("AUA") of GBP97.8 billion as at 30 April 2019 
   --       1,188,000 active clients, with net new clients of 53,000 in the period 
   --       Year-to-date total net revenue of GBP395.9 million, up 8% 

Chris Hill, Chief Executive Officer, commented:

"We are pleased with the strong tax year end, delivering net new business of GBP2.9 billion and welcoming another 53,000 net new clients despite the market backdrop. It is also pleasing to see the benefit of our investment coming through with Active Savings continuing to gather momentum and the announced transfers of clients and assets from Witan Investment Services, JP Morgan and Baillie Gifford.

Whilst political and macro-economic uncertainty remains, we are confident that our continued focus on the needs of UK investors and savers means that we are well positioned to deliver attractive growth."

Assets under administration and net new business

 
 GBP billion          Four months     Ten months 
                      to 30 April    to 30 April 
                             2019           2019 
 Opening AUA                 85.9           91.6 
 Net new business             2.9            5.4 
 Market movements             9.0            0.8 
 Closing AUA                 97.8           97.8 
 

Net new business was GBP2.9 billion during the period (2018: GBP3.3bn), taking year to date net inflows to GBP5.4 billion (2018: GBP6.6bn). The period started slowly but built momentum, particularly across the tax year-end. New business was driven by organic new clients, ongoing wealth consolidation onto our platform from existing clients, flows into our cash management service "Active Savings" (GBP399m) and a direct back book transfer from Witan Investment Services (GBP267m). In addition, the rebranded Wealth 50 list of funds, the HL Select Global Growth fund launch and the introduction of an "Easy Access" account in Active Savings have all helped to attract new clients and inflows.

Rising stock markets have led to a positive market movement of GBP9.0bn, which combined with net new business has driven AUA to a record GBP97.8 billion as at 30 April 2019.

Transfers from Witan Investment Services are expected to complete before our year-end and while we will start the transfer process of clients from J.P. Morgan and Baillie Gifford, most of the clients and their respective assets are expected to arrive in the early months of the next financial year. We look forward to welcoming these new clients and delivering them an exceptional client experience. Year to date we have added 97,000 net new clients, taking total active client numbers to 1,188,000.

Net revenues

Net revenue for the period was GBP159.5 million (2018: GBP150.6m), benefitting from a greater level of AUA and a higher cash revenue margin, which have more than offset a fall in stock broking revenues driven by reduced dealing volumes as a consequence of low investor confidence and lower charges on overseas dealing. This has resulted in year to date net revenue of GBP395.9 million (2018: GBP366.6m), 8% higher than last year.

Contacts:

 
 Investors                          Media 
 James Found, Head of Investor      Danny Cox, Head of Communications 
  Relations                          Chris Hill, Chief Executive 
  Philip Johnson, Chief Financial    Officer 
  Officer                            +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          4 months        3 months           3 months        2 months       4 months 
  (GBPbillion)       to 30 April    to 31 December    to 30 September    to 30 June    to 30 April 
                        2019             2018              2018             2018          2018 
 Funds                  50.2            48.1               52.0            50.9           48.5 
                   -------------  ----------------  -----------------  ------------  ------------- 
 Shares                 31.4            29.5               32.0            30.8           28.6 
                   -------------  ----------------  -----------------  ------------  ------------- 
 Cash                   10.5            10.2               9.7              9.6           9.0 
                   -------------  ----------------  -----------------  ------------  ------------- 
 HL Funds               9.1              8.9               9.6              9.6           9.1 
                   -------------  ----------------  -----------------  ------------  ------------- 
 Active Savings         0.6              0.3 
                   -------------  ----------------  -----------------  ------------  ------------- 
 Double count(1)       (9.0)            (8.9)             (9.5)            (9.5)         (9.0) 
                   -------------  ----------------  -----------------  ------------  ------------- 
 Total                  92.8            88.1               93.8            91.4           86.2 
                   -------------  ----------------  -----------------  ------------  ------------- 
 
 
 AUA (GBPbillion)     As at 30     As at 31     As at 30     As at 30     As at 30 
                      April 2019    December    September    June 2018    April 2018 
                                      2018        2018 
 Funds                  52.7         46.6         52.0         51.0         49.6 
                    ------------  ----------  -----------  -----------  ------------ 
 Shares                 33.4         28.5         32.2         31.0         29.6 
                    ------------  ----------  -----------  -----------  ------------ 
 Cash                   10.9         10.4         9.7          9.6           9.5 
                    ------------  ----------  -----------  -----------  ------------ 
 HL Funds                9.4          8.6         9.6          9.6           9.4 
                    ------------  ----------  -----------  -----------  ------------ 
 Active Savings          0.8          0.4         0.1           -             - 
                    ------------  ----------  -----------  -----------  ------------ 
 Double count(1)        (9.4)        (8.6)       (9.5)        (9.5)         (9.3) 
                    ------------  ----------  -----------  -----------  ------------ 
 Total                  97.8         85.9         94.1         91.6         88.8 
                    ------------  ----------  -----------  -----------  ------------ 
 
 
 Average AUA         10 months      10 months 
  (GBPbillion)       to 30 April    to 30 April 
                        2019           2018 
 Funds                  50.1           47.8 
                   -------------  ------------- 
 Shares                 31.0           27.8 
                   -------------  ------------- 
 Cash                   10.1           8.6 
                   -------------  ------------- 
 HL Funds               9.2            9.1 
                   -------------  ------------- 
 Active Savings         0.4             - 
                   -------------  ------------- 
 Double count(1)       (9.1)          (9.0) 
                   -------------  ------------- 
 Total                  91.7           84.3 
                   -------------  ------------- 
 

(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)         4 months        3 months           3 months        2 months       4 months 
                         to 30 April    to 31 December    to 30 September    to 30 June    to 30 April 
                            2019             2018              2018             2018          2018 
 Opening AUA                85.9            94.1               91.6            88.8           86.1 
                       -------------  ----------------  -----------------  ------------  ------------- 
 Net new business(1)        2.9              1.2               1.3              1.0           3.3 
                       -------------  ----------------  -----------------  ------------  ------------- 
 Market movements           9.0             (9.4)              1.2              1.9          (0.6) 
                       -------------  ----------------  -----------------  ------------  ------------- 
 Founder transfer(2)         -                -                 -              (0.1)           - 
                       -------------  ----------------  -----------------  ------------  ------------- 
 Closing AUA                97.8            85.9               94.1            91.6           88.8 
                       -------------  ----------------  -----------------  ------------  ------------- 
 

(1) Net new business in the 4 months to 30 April 2019 includes GBP267m of flows acquired from Witan Investment Services.

(2) Net new business excludes the withdrawal of GBP110 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.

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