Hargreaves Lansdown PLC Trading Statement (0236Z)
15 Mayo 2019 - 1:00AM
UK Regulatory
TIDMHL.
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.
END
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