Hargreaves Lansdown (HL) Trading Update summary

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.