More success at Bristol firm Hargreaves Lansdown

BRISTOL based financial services firm Hargreaves Lansdown has enjoyed another record set of results.

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 Harbousride based company was set up 30 years ago by Peter Hargreaves and Stephen Lansdown and has grown into one of the most successful firms in the South West. The two 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 went up 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.

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A large part of the firms’ incredible success has been built on the performance of its investment packages.

As a result of the strong performance the firm has announced an interim dividend rise of 24 per centt 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 othe 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.