(Sharecast News) – Financial services firm Hargreaves Lansdown said revenues had grown year-on-year in the three months ended 30 September, even as net new client numbers continued to fall.
Hargreaves Lansdown said revenues were up 12.8% year-on-year at £183.8m. However, on a quarter-on-quarter basis, revenues were down 6.7%.
Net new clients also continued their downward trajectory, falling 52.9% year-on-year and 38.4% on the last quarter. Client retention was at 91.7% and asset retention was 89.0%, both broadly flat, reflecting the “muted macroeconomic backdrop” and the need for “various cohorts of clients” to make cash withdrawals.
The FTSE 100-listed group noted that it had recorded net new business of £600.0m in the period and had closing assets under administration of £134.8bn, down £900.0m and up £800.0m, respectively.
Chief executive Dan Olley said: “We continue to see net client growth and positive net new business despite the macroeconomic backdrop and its ongoing impact on investor confidence and client behaviour.”
As of 0840 BST, Hargreaves Lansdown shares were down 4.49% at 703.72p.
Reporting by Iain Gilbert at Sharecast.com
