Name: Hargreaves Lansdown surges after tax year sees big jump in client flows
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Hargreaves Lansdown surges after tax year sees big jump in client flows

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Hargreaves Lansdown PLC (LSE:HL.) shares jumped almost 8% after the DIY investment and savings platform announced strong third quarter numbers.

The end of the tax year seems to have reignited activity among investors, with&nbsp;net new business of £1.6 billion in the period that was well ahead of the consensus forecast of £1.4 billion.

These flows included £0.9 billion on the investment platform and £0.7 billion on HL's Active Savings pots, showing that clients were more active in the run-up to the tax year-end.

A higher-than-expected 34k new customers joined during the third quarter, taking&nbsp;overall number of active clients close to 1.9 million.

Assets under administration closed the quarter at a record for the company of £149.7 billion and&nbsp;ahead of the £148 billion City consensus, while revenue for the period was up 6% to £199.7 million versus £186 million expected.&nbsp;

Broker Peel Hunt said: "If looking for any small negative, asset/client retention rates weakened very slightly."

Analysts at Panmure Gordon said: "It would be premature to call a lasting turn, cost of living pressures are still a material feature, but this is a good update and certainly a better performance than is discounted in the share price."

Hargreaves Lansdown PLC (LSE:HL.) shares jumped almost 8% after the DIY investment and savings platform announced strong third quarter numbers.

The end of the tax year seems to have reignited activity among investors, with&nbsp;net new business of £1.6 billion in the period that was well ahead of the consensus forecast of £1.4 billion.

These flows included £0.9 billion on the investment platform and £0.7 billion on HL's Active Savings pots, showing that clients were more active in the run-up to the tax year-end.

A higher-than-expected 34k new customers joined during the third quarter,...

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Oliver Haill

proactiveinvestors.co.uk

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Hargreaves Lansdown surges after tax year sees big jump in client flows

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