Hargreaves Lansdown Plc, which is set to be acquired by a consortium led by CVC Private Equity Funds, announced on Tuesday that its total revenue for the first quarter increased to £196.5 million, up from £183.8 million in the same period last year.
This improvement was driven by an uptick in trading volumes and higher platform revenue due to increased assets under administration (AUA), which effectively counterbalanced the decline in cash revenue resulting from a reduced net interest margin.
During the quarter, the company attracted 18,000 new clients, a significant rise from the 8,000 new clients in the previous year. The total active client base expanded to 1.9 million, compared to 1.81 million the year prior.
The opening AUA was recorded at £155.3 billion, rising from £134 billion a year earlier, while the closing AUA reached £157.3 billion, compared to £134.8 billion last year.
CEO Dan Olley stated, "Shareholders have approved the proposed acquisition of Hargreaves Lansdown, and it is now pending certain regulatory approvals, with completion anticipated in the first quarter of 2025. We remain particularly attentive to the forthcoming Budget and are prepared to assist and advise our clients in response to any potential modifications."
