Hargreaves Lansdown's one of best run companies in the world - Bristol should be proud, says founder Peter Hargreaves
THE founder of financial services firm Hargeaves Lansdown says Bristol should be proud of the firm and its achievements.
Peter Hargreaves, pictured, claimed his firm is one of the best run in the world as another record set of results were published.
The firm, which is one of the city's biggest success stories, saw a 30 per cent increase in profits over the last six months and made almost £94 million in profits.
The Harbourside-based company was set up 30 years ago in a bedroom by Peter Hargreaves and Stephen Lansdown and is now one of the most successful firms in the South West.
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The founders have become two of the richest men in the city as a result of the firm's success.
Over the last six months revenue rose by 24 per cent to £140.3 million and the company now controls £7 billion of its customers' investments – an increase of 30 per cent.
Mr Hargreaves, who stepped down as chief executive last year, but still plays a major part in the business spoke of his pride at the firm's achievements.
He said: "I would say we are not just one of the best run companies in the country we are one of the best run companies in the world. We are continuing to grow all the time and we have taken on about 60 or 70 people this year, there are not many other companies in Bristol that are able to say that at the moment."
He added: "I think we make an incredible contribution to the city but that is not always appreciated in Bristol. We do great things and bring a lot of wealth into Bristol but that is not always recognised."
Mr Hargreaves has been a long time critic of the city council.
He said: "I don't know what they spend all the money on, it certainly doesn't go on improving the traffic and the roads. I am not sure that having a mayor is going to make that much difference, it is just another person looking to spend more of or money. I have always said it, but if it was up to me I would get rid of the lot of them, I think they are all just a complete time of waste and money."
As a result of the strong performance the firm has announced an interim dividend rise of 24 per cent to 6.3 pence per share, up from 5.1p at the end of June.
Chief executive Ian Gorham said: "Hargreaves Lansdown's results demonstrate that a reputable company can, even in this climate, add genuine benefit to the UK economy and public, whilst paying its taxes in full.
"Focusing on clients, Hargreaves Lansdown is helping UK retail investors to build their personal wealth. Funds, shares and other investments are a great way to save – more people should be encouraged to buy them."
The firm now has a 28 per cent share of the market and last year joined the elite FTSE 100.
6 Comments
by Lone_Ranger
Friday, February 08 2013, 12:39PM
“"The founders have become two of the richest men in the city as a result of the firm's success."
Has Mr Lansdown returned from a well-known tax haven?”
by brissleblue
Friday, February 08 2013, 11:56AM
“"The founders have become two of the richest men in the city as a result of the firm's success."
Does this mean that, contrary to many other reports, the 2 founders actually live in the UK. And, like the majority of the staff in the company, pay their full whack of tax?
Is this journalism by the BEP? Or is it a rehash of a Hargreaves Lansdown press release?
As @collegefields says, smug.”
by collegefields
Thursday, February 07 2013, 10:45PM
“smug”
by matic_113
Thursday, February 07 2013, 11:46AM
“One of the Best run companies in the world - about 20 multi-millionaires and the rest of the 600+ staff on sub 20k wages. Best run for major shareholders maybe, not for staff or clients though”
by Brennus
Thursday, February 07 2013, 10:28AM
“I love Hargreaves and the Post - brightens up my day!
Great proof reading:
"...I think they are all just a complete time of waste and money..."
And red-faced buffoon alert!
"I have always said it, but if it was up to me I would get rid of the lot of them"
That's right Peter, sack all the teachers, dinner ladies, road-repair teams, social workers, planners, park rangers, fire prevention officers, lifeguards, gravediggers, sports centre workers, disabled people's support workers, street-lighting workers, home helps etc. etc.
Peter doesn't need them - so why on earth should the rest of us? Surely we're all billionaires, and if not, why not?!
Peter - here's a bit of advice: why don't you utilise the skill and rigour you bring to making money for other people and use it to do a little research - that way you'll find out exactly what your local council does, and therefore you can avoid making inane, stupid and ignorant comments!”
by DownendBlue
Thursday, February 07 2013, 9:08AM
“So Mr Hargreaves would get rid of all the council staff. He seems to have no appreciation of the many services the council runs and he should realise it is not just "traffic and roads".
When he meets the Mayor hopefully he will learn a thing or two”