Hargreaves Lansdown
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Hargreaves Lansdown (HL) investor relations material

Hargreaves Lansdown has been acquired

Hargreaves Lansdown Trading Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Trading Update summary29 Oct, 2024

Trading performance

  • Assets under administration (AUA) reached £157.3bn, up from £155.3bn, driven by £1.5bn positive market movement and £0.5bn net new business.

  • Net client growth was 18,000 for the quarter, with total active clients now at 1,900,000.

  • Client retention rate stood at 92.0% and asset retention at 88.6%, both slightly below medium to long-term targets.

  • Share dealing volumes averaged 738,000 per month, with overseas deals making up 20.2% of total.

  • Client cash balances increased to £12.7bn, mainly due to net selling of investments in September.

Financial results

  • Total revenue for the quarter was £196.5m, up from £183.8m a year earlier.

  • Revenue growth was supported by higher dealing volumes and increased platform revenue from higher AUA.

  • Year-on-year reduction in revenue on cash due to a lower net interest margin was more than offset by other gains.

Strategic and operational highlights

  • Shareholders approved the proposed acquisition of Hargreaves Lansdown; completion expected in Q1 2025, pending regulatory approvals.

  • Focus remains on delivering strong client service, experience, and value while executing strategic initiatives.

  • Management is attentive to upcoming UK Budget changes and prepared to support clients accordingly.

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Frequently asked questions

Hargreaves Lansdown plc provides investment services for individuals and corporates in the United Kingdom and Poland. The company operates through four segments: Stockbroking, Financial Planning, Asset Management and Investments. The Stockbroking segment includes execution services, portfolio management, trading products, and other stockbroking solutions. This segment serves self-invested personal pension plan (SIPP), companies and small enterprises with as few as 100 shares or multiples. The Financial Planning segment offers financial planning, corporate pensions setup and management, protection, mortgages and investments products. The Asset Management segment provides equity income solutions, equity capital growth strategies, equities for growth strategies, fixed interest strategies, joint ventures strategies and balanced portfolios. The Investments segment offers HL Global Opportunities Fund Ltd., a fund established in Luxembourg; investment partnership Hargreaves Lansdown Investment Funds No XVIII registered in the Cayman Islands; and Hargreaves Lansdown Asset Management which is not an acquirer of own shares. The company was incorporated in 1984 and is headquartered in Cheltenham, the United Kingdom.