HL sees 12% rise in revenue in Q3 despite Covid-19

Hargreaves Lansdown has seen its revenues rise by 12% to £143.7m over the three months to the end of September, despite the continuing market pressures as a result of the Covid-19 pandemic.

During the period, the investment platform also saw net new business of £800m as it added 31,000 net new clients, taking the total number of active clients to 1,443,000.

According to its trading update, flows into its Active Savings accounts were hampered during the quarter by the market leading rates on offer from the government backed NS&I.

However, since NS&I cuts its interest rates in mid-September, HL said it has seen a "marked impact on flows back into Hargreaves Lansdown's Active Savings".

In addition, a positive market movement of £2.1bn combined with net inflows to push assets under administration to £106.9bn as of 30 September, an increase from £101.8bn over 12 months.

Commenting on the results, CEO Chris Hill said: "Today we report a good start to our financial year, with growth in clients, assets and revenue. These results are against the ongoing backdrop of market uncertainty and highlight the resilience of our business model and client proposition.

"We are confident that the strategy we have invested in, with our focus on the needs of UK investors and savers and delivering the highest level of client service, means that we continue to be well positioned to deliver continued attractive long-term growth."