Home » Hargreaves Lansdown share price soars amid FY results

Hargreaves Lansdown share price soars amid FY results

Hargreaves Lansdown’s (LON:HL) share price has soared in London in today’s session as the blue-chip group posted a rise in full-year assets under management. The news marks a boost for the company, which has been hit by the recent suspension of Neil Woodford’s flagship investment fund.

As of 09:54 BST, Hargreaves Lansdown’s share price had added 6.93 percent to 1,960.00p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.16 percent higher at 7,209.99 points. The group’s shares have given up about 5.3 percent of their value over the past year, as compared with about a 7.3-percent fall in the Footsie.

Hargreaves Lansdown posts FY results

Hargreaves Lansdown reported an eight-percent rise in assets under administration to £99.3 billion. The group’s net new business inflows, however, fell four percent to £7.3 billion. The company saw its profit before tax rise five percent to £305.8 million, and lifted its total dividend by five percent to 42.0p.

“We are pleased with the underlying strength and resilience of our business and our increase in market share,” the group’s chief executive Chris Hill commented in the statement. “We recognise that there are industry headwinds, but we continue to execute our strategy and remain on track.”

He further noted that he had apologised “to all clients who have been impacted by the recent problems around the Woodford Equity Income Fund, because we all share their disappointment and frustration”. Hill said that he and Hargreaves’ chief financial officer, Philip Johnson, had decided not to take a bonus award for the current year.

Analysts on blue-chip asset manager     

The 12 analysts offering 12-month targets for the Hargreaves Lansdown share price for the Financial Times have a median target of 1,745.00p, with a high estimate of 2,320.00p and a low estimate of 1,269.00p. As of August 7, the consensus forecast amongst 14 polled investment analysts covering the blue-chip group has it that the company will underperform the market.

About the author

Tsveta van Son
Tsveta van Son is part of Invezz’s journalist team. She has a BA degree in European Studies and a MA degree in Nordic Studies from Sofia University and has also attended the University of Iceland. While she covers a variety of investment news, she is particularly interested in developments in the field of renewable energy.

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