StockMarketWire.com - Wealth manager Hargreaves Lansdown upped its dividend 31% after its annual profit rose by nearly quarter, amid a boost to net assets from new business inflows.

For the year ended 30 June, pre-tax profit rose 24% to £378.3m on-year as revenue climbed 15% to £550.9m.

Total assets under administration increased by 5% to £104bn as at 30 June, up from £99.3bn on-year, driven by £7.7bn net new business, though this was offset by negative market movement of £3bn.

The company declared a final dividend of 26.3p, up from 23.4p last year, taking its total dividend for the year up 31% to 54.9p a share.

On its outlook, Hargreaves Lansdown said the impact on its clients and the wider investment community from Covid-19 was difficult to call.

'Interest rates are at all-time lows, which makes cash savings unappealing, but market uncertainty and volatility can equally deter people from investing and access to liquidity is a key part of building financial resilience,' it said.

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