Hargreaves Lansdown PLC Trading Statement (3497P)
10 Octubre 2019 - 1:00AM
UK Regulatory
TIDMHL.
RNS Number : 3497P
Hargreaves Lansdown PLC
10 October 2019
Trading update
10 October 2019
Hargreaves Lansdown plc ('the Group') today publishes a trading
update in respect of the three month period to 30 September 2019
('the period'). The comparatives are for the period from 1 July
2018 to 30 September 2018 ("2018").
Highlights
-- Net new business of GBP1.7 billion in the period
-- Net new clients of 35,000
-- Assets under administration ("AUA") of GBP101.8 billion as at
30 September 2019, up 3% since 30 June 2019
-- Net revenue for the period of GBP128.1 million (2018: GBP120.8 million), up 6%
Chris Hill, Chief Executive Officer, commented:
"I'm pleased to report a solid start to our financial year for
client, net new business and revenue growth. We continue to focus
on our strategy of delivering excellent service, information and
value during these continued uncertain times for our clients."
Assets under administration and net new business
GBP billion Three months Three months
to 30 September to 30 September
2019 2018
Opening AUA 99.3 91.6
Net new business 1.7 1.3
Market movements 0.8 1.2
----------------- -----------------
Closing AUA 101.8 94.1
----------------- -----------------
Net new business was GBP1.7 billion during the period (2018:
GBP1.3bn). This was driven through a variety of channels including
organic new client growth, ongoing wealth consolidation onto our
platform from existing clients, continued flows into our cash
management service "Active Savings" and direct back book transfers
from J.P. Morgan and Baillie Gifford (GBP0.9bn). We have, however,
seen new business in the period being impacted by weak investor
sentiment arising from continuing Brexit and political uncertainty
in the UK and wider global macro issues such as trade tariffs.
Rising stock markets have led to a positive market movement of
GBP0.8 billion, which combined with net new business has driven AUA
to a record GBP101.8 billion as at 30 September 2019.
We welcomed 35,000 new clients in the period (2018: 29,000),
taking active client numbers to 1,260,000.
Net revenue
Net revenue for the period was GBP128.1 million, up 6% on last
year, benefitting from higher AUA levels due to net new business
and market growth. Having gone through a period of elevated
investment in people, digital marketing and technology in 2017 and
2018 financial years, which has been validated by our net new
business flows, net new clients, retention rates and increased
market share, we have since been deliberately moderating the rate
of investment. Whilst we anticipate that costs will typically be
aligned to client number growth, we are mindful of the external
market environment, and hence remain watchful on costs despite the
client and revenue growth experienced during the period.
Contacts:
Investors Media
Philip Johnson, Chief Financial Danny Cox, Head of Communications
Officer +44(0)117 317 1638
James Found, Head of Investor
Relations
+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
2019 2019 2019 2018 2018
Funds 54.6 53.1 50.2 48.1 52.0
----------------- ------------ ------------- ---------------- -----------------
Shares 34.6 33.3 31.4 29.5 32.0
----------------- ------------ ------------- ---------------- -----------------
Cash 11.1 10.7 10.5 10.2 9.7
----------------- ------------ ------------- ---------------- -----------------
HL Funds 9.3 9.4 9.1 8.9 9.6
----------------- ------------ ------------- ---------------- -----------------
Active Savings 1.2 0.9 0.6 0.3
----------------- ------------ ------------- ---------------- -----------------
Double count(1) (9.2) (9.3) (9.0) (8.9) (9.5)
----------------- ------------ ------------- ---------------- -----------------
Total 101.6 98.1 92.8 88.1 93.8
----------------- ------------ ------------- ---------------- -----------------
AUA (GBPbillion) As at 30 As at 30 As at 30 As at 31 As at 30
September June 2019 April 2019 December September
2019 2018 2018
Funds 54.2 53.8 52.7 46.6 52.0
----------- ----------- ------------ ---------- -----------
Shares 34.9 33.7 33.4 28.5 32.2
----------- ----------- ------------ ---------- -----------
Cash 11.3 10.8 10.9 10.4 9.7
----------- ----------- ------------ ---------- -----------
HL Funds 9.2 9.4 9.4 8.6 9.6
----------- ----------- ------------ ---------- -----------
Active Savings 1.3 1.0 0.8 0.4 0.1
----------- ----------- ------------ ---------- -----------
Double count(1) (9.1) (9.4) (9.4) (8.6) (9.5)
----------- ----------- ------------ ---------- -----------
Total 101.8 99.3 97.8 85.9 94.1
----------- ----------- ------------ ---------- -----------
(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
2019 2019 2019 2018 2018
Opening AUA 99.3 97.8 85.9 94.1 91.6
----------------- ------------ ------------- ---------------- -----------------
Underlying
net new business 1.7 1.9 2.9 1.2 1.3
----------------- ------------ ------------- ---------------- -----------------
Market movements 0.8 (0.4) 9.0 (9.4) 1.2
----------------- ------------ ------------- ---------------- -----------------
Closing AUA 101.8 99.3 97.8 85.9 94.1
----------------- ------------ ------------- ---------------- -----------------
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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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