Hargreaves Lansdown Q3 FY24 Revenue Reaches Close to £200 Million

Hargreaves Lansdown, a UK investment and online trading firm, released its latest financial results for the fiscal year ended March 31, 2024 (Q3 FY24), showing an increase in total revenue both on a quarterly and yearly basis.

Financial Overview for Q3 FY24:

• Revenue totaled £199.7 million for the quarter, increasing 8.3% compared to £184.4 million in the prior quarter and increasing 6.2% compared to £188.1 million in the same period of last year.

• Net new business inflows surged 300% from £0.4 billion in the prior quarter to £1.6 billion during the period, remains unchanged compared to the year-ago quarter.

• Closing assets under administration (AUA) reached a record high of £149.7 billion, 5.3% higher than £142.2 billion in the prior quarter and 13.4% higher than £132.0 billion in the year-ago quarter.

• Share dealing volumes per month in the quarter stood at 794,000, up 18.2% compared to 672,000 in the prior quarter and up 3.1% compared to 770,000 in the year-ago quarter.

• The total number of active clients at the end of Q3 FY24 stood at 1,858,000. During the quarter, the company acquired 34,000 new clients, marking a 183.3% increase from the previous quarter's 12,000 and a 47.8% increase from the same period in FY23 (23,000).

• Client retention rate for the three months was 91.4%, slightly lower than the 91.6% in Q2 FY24 and the 92.0% in Q3 FY23.