Hargreaves builds on market rise

Published on Tuesday 31 August 2010 22:38

BUOYANT stock markets in 2009 and the first half of 2010 have helped boost underlying full-year profits by 22 per cent to £90.7 million at broker and fund manager Hargreaves Lansdown.

Shareholders benefit with an 18 per cent jump in the total dividend to 11.88p, which includes a recommended final payout of 0.58p and a special dividend of 1.7p.

Hargreaves revealed yesterday that total net business inflows in the year leapt two-thirds to 3.3 billion.

Revenues rose 20 per cent to 159m as the group benefited from a sharp rise in the FTSE All-Share to a high of 2,989 in April compared with 2,172 on 1 July, 2009, the start of the group's financial year.

Hargreaves's assets under management at end-June rose 49 per cent to 17.5bn. The company said its Vantage segment - which includes investments that clients run directly or through tax-efficient vehicles - saw net clients rise 48,000.

Its shares, which have risen 63 per cent in the past year, closed yesterday up 1p at 390p.