StockMarketWire.com - Wealth manager Hargreaves Lansdown reported a slight fall in annual profit, though its underlying performance was boosted by new fund inflows.

For the year ended 30 June 2021, pre-tax profit fell 3% to £366.0 million, thanks to a one-off gain of £38.8 million on the disposal of Funds Library in the previous year.

Revenue increased 15% to £631.0 million and underlying pre-tax profit climbed 8% to £366.0 million.

Assets under administration were up 30% to £135.5 billion as net new business increased 13% to £8.7 billion.

Hargreaves Lansdown upped its annual ordinary dividend by 3% 38.5p, though total dividends fell 8% at 50.5p due to it reducing its special dividend to 12p, down from 17.4p.

Looking ahead, the company said that it expected to see stronger client activity in the coming fiscal year.

'As we have eased out of lockdown and entered the summer months, we have seen a slowdown in dealing volumes and client activity versus the elevated levels this time last year, which is also normal for this time of year and in line with management expectations,' the company said.

'However, given our enlarged client base, we would still expect to see stronger client activity in FY22 versus FY20 (which also included a few months of elevated activity during the peak of the pandemic period) and the breadth of proposition and client focus gives us confidence that as the year progresses, we will continue to win in this growing market; it added.



Story provided by StockMarketWire.com