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Investor Relations

Key financial data

Our first half results are a reflection of the solid fundamentals of our business; AUA has increased to a record £142.2bn, revenue has increased 5% to £368.2m and our underlying profit before tax at £221.5m is also up 5%.

It is now six months since I took over as CEO and it is clear that the business is built on strong foundations; a proud heritage, with a trusted brand and knowledgeable, client-focused colleagues.

What is also clear is the work to be done to capitalise on those foundations to reposition HL to take advantage of the structural growth opportunities ahead. The detailed and data-led approach we are taking is giving clear insight into client needs which, together with our focus on execution, the strengthened leadership team and improvements in our technology capability, means we are off to a great start.

The four priorities I set out in September are the right ones to drive the business forward and I am pleased with the tangible progress we have made in the first half.

As the largest wealth platform in the UK, looking ahead, ours is a large and growing market with clear client needs. We have the scale needed to succeed and we have the right strategy and ambition to accelerate our growth.

Dan Olley

Dan Olley, CEO

Hargreaves Lansdown in numbers

We are a well-established and trusted brand, providing a high-quality service across a range of products and services.

1,244,000+

ISAs

514,000+

Fund and Share Accounts

553,000+

SIPP accounts including SIPP Income Drawdown

£55 billion+

ISA AUA

£32 billion+

Fund and Share Account AUA

£45 billion+

SIPP AUA

128,000+

Lifetime ISA clients

179,000+

Junior ISAs

176,000+

Corporate scheme members

£2.3 billion+

Portfolio Management Service AUA

£9.2 billion+

HL Fund Manager AUM

£9.1 billion+

Active Savings AUA

518

Corporate schemes

40.7%

Platforum UK D2C market share

The following graphs provide a five year trend of our key financial data:

Assets under administration (£bn)

No. of active clients

Net new business (£bn)

Net new clients

Net revenue (£m)

Profit before tax (£m)

Diluted earnings per share (pence)

Dividend per share (pence)

Year ended
30 June 2019		 Year ended
30 June 2020		 Year ended
30 June 2021		 Year ended
30 June 2022		 Year ended
30 June 2023
£m £m £m £m £m
Revenue 480.5 550.9 631.0 583.0 735.1
Fair value gains on derivatives 2.2 1.7 0.6 - -
Operating costs (179.4) (214.9) (266.0) (313.0) (350.7)
Operating profit 303.3 337.7 365.6 270.0 384.4
Finance income 2.8 2.8 1.4 - 19.0
Finance costs (0.3) (1.0) (1.0) (0.8) (0.7)
Other gains - 38.8 - - -
Profit before tax 305.8 378.3 366.0 269.2 402.7
Tax (58.2) (65.1) (69.7) (53.4) (79.0)
Profit after tax 247.6 313.2 296.3 215.8 323.7
Non-controlling interests 0.2 0.1 (0.4) (0.5) 0.1
Profit for the financial year attributable to owners of the parent company 247.4 313.1 296.7 216.3 323.6

The above figures may be subject to roundings.

At
30 June 2019 		At
30 June 2020 		At
30 June 2021 		At
30 June 2022 		At
30 June 2023
£m £m £m £m £m
Non-current assets
Goodwill 1.3 1.3 1.3 1.3 1.3
Other intangible assets 23.0 28.0 33.6 37.3 50.4
Property, plant and equipment 16.0 33.2 28.6 22.5 17.4
Deferred tax assets 3.8 3.1 3.7 1.9 2.6
37.3 44.1 65.6 67.2 71.7
Current assets
Trade and other receivables 748.6 973.2 869.2 523.5 836.9
Cash and cash equivalents 179.3 235.9 445.3 488.3 373.3
Investments 1.1 0.6 0.9 0.8 0.5
Derivative financial instruments 0.1 0.1 - -
Current tax assets - 0.7 1.5 0.6 3.4
Total assets 973.2 1,276.1 1,384.1 1,076.2 1,285.8
LIABILITIES
Current liabilities
Trade and other payables 485.7 696.7 774.0 488.3 565.5
Derivative financial instruments - 0.1 - - -
Current tax liabilities 27.5 - - - -
513.2 696.8 774.0 448.3 565.5
Net current assets 415.9 513.7 542.9 524.9 648.6
Non-current liabilities
Provisions 0.7 0.8 2.7 2.6 3.0
Non-current financial liabilities - 1.0 - - -
Non-current lease liabilities - 19.9 15.0 11.8 7.6
Total liabilities 513.9 718.5 791.7 502.7 576.1
Net assets 459.3 557.6 592.4 573.5 709.7
EQUITY
Share capital 1.9 1.9 1.9 1.9 1.9
Shares held by Employee Benefit Trust (3.4) (6.3) (4.8) (3.6) (6.4)
EBT reserve 1.5 (1.9) (3.1) (2.4) (1.0)
Retained earnings 457.9 564.6 599.5 579.2 715.2
Total equity attributable to the owners of the parent 457.9 558.3 593.5 575.1 709.7
Non-controlling interest 1.4 (0.7) (1.1) (1.6) -
Total equity 459.3 557.6 592.4 573.5 709.7

The above figures may be subject to roundings.

Year ended
30 June 2019		 Year ended
30 June 2020		 Year ended
30 June 2021		 Year ended
30 June 2022		 Year ended
30 June 2023
£m £m £m £m £m
Net cash generated from operating activities 261.5 265.4 328.6 262.9 215.3
(Increase)/Decrease in term deposits (7.0) (15.0) 170.0 40.0 (110.0)
Proceeds/(purchase) on disposal of investments 0.4 0.5 (0.3) 0.1 0.3
Proceeds/(purchase) on disposal of subsidiary - 38.2 0.2 - -
Purchases of property, plant and equipment (7.6) (5.8) (5.4) (2.8) (3.5)
Cash capitalisation of intangible assets (9.5) (10.1) (12.8) (10.9) (19.2)
Net cash from/(used in) investing activities (9.7) 7.8 151.7 26.4 132.4
Financing activities
Purchases of own shares in EBT (15.0) (14.8) (7.7) (4.2) (5.0)
Proceeds on sale of own shares in EBT 7.7 5.8 4.3 2.8 2.2
Payment of principal in relation to lease liabilities - (4.3) (4.0) (3.9) (4.7)
Dividends paid to owners of the parent (190.5) (103.3) (263.5) (241.0) (190.4)
Net cash (used in) financing activities (197.8) (216.6) (270.9) (246.3) (197.9)
Net increase/(decrease) in cash and cash equivalents 54.0 56.6 209.4 43.0 (115.0)
Cash and cash equivalents at beginning of year 125.3 179.3 235.9 445.3 488.3
Cash and cash equivalents at end of year (including restricted cash) 179.3 235.9 445.3 488.3 373.3

The above figures may be subject to roundings.