Hargreaves Lansdown lifts dividend as profits soar

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Stockbroker Hargreaves Lansdown today unveiled a 31 per cent increase in its full-year dividend as it reported a rise in annual profits.

The firm, which said it has benefited from rules banning the payment of commission to financial advisers from the start of this year, proposed a final dividend of 14.38p a share, along with a special payout of 8.91p, to be paid on 27 September.

Added to the interim dividend 6.3p, that takes the total payout for the year to 29.59p, an increase of 31 per cent.

Chief executive Ian Gorham said: “Investors’ desire for a market-leading, modern and financially robust investing service have enabled us to once again produce record results.”

Pre-tax profits for the year to the end of June rose to £195.2 million, up from £152.8m the previous year, on revenues 22 per cent higher at £292.4m.

Total assets under management grew 38 per cent to £36.4 billion and the firm’s client base rose to 507,000, an increase of 76,000 since June 2012.