Hargreaves Lansdown Sees Revenue for Q1 FY24 Drop 6.7% QoQ

Hargreaves Lansdown, a UK investment and online trading firm, has released its financial results for the first quarter of FY2024 ended September 30, 2023, disclosing a net client growth and positive net new business despite the macroeconomic backdrop and its on-going impact on investor confidence and client behaviour.

The company generated revenue of £183.8 million in Q1 FY24, a fall of 6.7% from the prior quarter's £197.0 million. The figure, however, grew 12.8% compared to Q1 FY23's £162.9 million.

Hargreaves Lansdown in the quarter has acquired 8,000 new clients, compared to that of the prior quarter at 13,000. Active clients totaled 1,812,000 at the period end, rising from 1,804,000 as of June 30, 2023.

Share dealing volume per month was 634,000, compared to 685,000 in the previous quarter, and 700,000 in the last same period.

Client retention rate dipped slightly from Q4 FY23's 92.0% to 91.7%, with asset retention rate down from 89.7% to 89.0%.

In September, Fazzaco reported that Hargreaves Lansdown saw a significant increase of 26% in revenue on a year-on-year basis for the fiscal year ended June 30, 2023 (FY23​).