Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Hargreaves Lansdown (HL.)

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Thursday 19 April, 2012

Hargreaves Lansdown

Interim Management Statement

RNS Number : 6216B
Hargreaves Lansdown PLC
19 April 2012
 



Interim Management Statement

Hargreaves Lansdown Plc

 

Hargreaves Lansdown Plc ('the Group') publishes today its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency rules. This statement covers the period from 1 January 2012 to 17 April 2012, and includes trading results for the three and nine months ended 31 March 2012.

 

Highlights

 

·     Record level of Assets under Administration ("AUA"), increasing by £2.6 billion in the three months to 31 March 2012 to £26.0 billion.

·     Net inflows of £1.0 billion in the three months to 31 March 2012.

·     Cumulative net inflows of £2.2 billion in the nine months to 31 March 2012.

·     Year-to-date revenue up by 16%

Commenting on the Interim Management Statement, Ian Gorham, Chief Executive, said:

 

The quarter under review remained a difficult period for the retail investment market.  Investor confidence rose slightly but remains comparatively low. There remained a significant lack of innovative product or fund launches which are invariably a fillip to business.

 

Despite these conditions the company has fared exceedingly well.  During the period leading up to the end of the calendar year we indicated the potential for a slowdown of asset gathering given economic conditions.  However, our historically busy time leading up to the end of the tax year has been excellent, with net new business in February and March 2012 matching last year's record equivalent months.  As a result we are particularly pleased to report a record total of assets under administration and management of £26 billion at 31 March 2012.  We have also experienced an encouraging start to April.

 

Markets have yo-yoed in line with the ever changing outlook for Europe. The indebted southern European economies remain a concern and we expect Europe to remain a prime driver of the state of investor confidence.  Market volatility, combined with a better than expected return from our improvements to equity trading functionality and pricing, have driven strong equity trading volumes, up 12% year to date. However, any short term growth in investor confidence or improvement in stock market outlook would be a surprise.

 

There has been much comment about increasing competition but we have not seen any material impact from this.  Indeed we have enjoyed substantial inward transfers of both ISA and pension money into our SIPP for the period, assisting us to achieve our excellent level of net business inflows.  Part withdrawals of money from funds and specifically ISAs remain higher than last year (driven by client personal expenditure requirements in tough times) but we have not experienced the outflows that have been reported by other businesses in the sector. Assets under administration have grown 11% during the period in comparison to the FTSE All Share Index which has risen by 5.1%. We keep a close eye on competitive activity but remain confident that we are competing profitably on all fronts with our dominant business model focusing on "best prices, best service and best information."

 

As always we continue to improve our services to our clients and to build on our scale and unparalleled reputation.   Progress on our various strategic initiatives, including the successful launch of our new Cash ISA in the period, has been excellent and a detailed update on these matters will be given following the year end.

 

 Assets Under Administration (AUA)

 

Total assets under administration can be broken down as follows:

 

 

31 Mar 12

£'billion

31 Dec 11

£'billion

30 June 11

£'billion

31 Mar 11

£'billion

Vantage Assets Under Administration (AUA)

24.4

21.9

23.1

22.1

 

Assets Under Administration and Management (AUM)

 

 




Portfolio Management Services (PMS)

1.6

1.5

1.5

1.5

Multi-Manager Funds held outside of PMS

0.8

0.7

0.8

0.7

AUM Total

2.4

2.2

2.3

2.2

 

Less: Multi-manager funds (AUM) included in Vantage AUA

 

(0.8)

 

(0.7)

 

(0.8)

 

(0.7)

 

Total Assets Under Administration

 

26.0

 

23.4

 

24.6

 

23.6

 

The value of assets held within the Vantage service, the Group's direct‐to‐private investor platform, increased by 11% from £21.9 billion at 31 December 2011 to £24.4 billion at 31 March 2012. During the same period, the UK stock market rose by 5.1%. The increase can be attributed to £974 million net new business inflows and a £1.59 billion positive impact of the market and other growth factors during the period. During the nine months to 31 March 2012, net business inflows to Vantage totalled £2.1 billion compared with £2.4 billion during the nine months to 31 March 2011.

 

The third quarter leading up to the tax year‐end on 5 April is the most important in the financial year from the perspective of gathering assets. In the full tax year ended 5 April 2012, new ISA contributions were £1.08 billion compared with £1.09 billion for the tax year ended 5 April 2011. The Group also continued to attract transfers of assets into its Vantage ISA service. Investments into Self Invested Personal Pensions (SIPPs) including transferred business, new contributions and basic rate tax relief were £1.71 billion in the tax year ended 5 April 2012, compared with £1.65 billion in the previous tax year. There have been further inflows outside tax shelters, namely into the Vantage Fund and Share account.

 

The number of active Vantage clients increased by 17,500 over the third quarter, from 396,000 as at 31 December 2011 to 413,500 as at 31 March 2012.  The number of active accounts held by these clients increased from 608,000 to 631,000 and included an increase of 7,000 SIPP accounts and 12,000 ISA accounts, taking the totals to 140,000 and 331,000 respectively. 

 

The value of assets held in Hargreaves Lansdown's Portfolio Management Service (PMS) and range of multi‐manager funds, increased by 9% from £2.2 billion as at 31 December 2012 to £2.4 billion as at 31 March 2012. This figure includes £0.8 billion (31 December 2011: £0.7 billion) of Hargreaves Lansdown multi‐manager funds administered through Vantage.

 

Operating revenue

 

 

 

 

Operating revenue by division

 

Third Quarter

of Year Ending

30 June 2012 £'million

 

Third Quarter

of Year Ending

30 June 2011 £'million

 

Increase

9 Months

Ended

31 March 2012

£'million

9 Months

Ended

31 March 2011

£'million

Increase

Vantage

48.9

42.6

15%

135.9

116.0

17%

Discretionary

6.9

6.3

10%

20.1

18.0

12%

Third Party & Other

6.3

4.3

47%

19.0

16.3

17%

Total

62.1

53.3

17%

175.0

150.3

16%

 

Note: In addition to the above operating revenue, the Group received £1.5 million of interest on its own cash in the nine month period ended 31 March 2012 compared with £1.0 million for the same period in the previous year. This increase is predominantly attributed to higher interest rates achieved on the Group's own cash balances.

 

Operating revenue for the third quarter is 17% higher than the corresponding quarter last year. Operating revenue for the nine months to 31 March 2012 is £175.0 million, 16% higher than the same period last year (31 March 2011: £150.3 million).  During the nine months ended 31 March 2012, 80% of Group operating revenues were recurring in nature: being renewal income, management fees or interest (year ended 30 June 2011: 77%).  Higher asset values and new business inflows have been the key drivers to the increase in revenue. 

 

Financial position

 

On 11 April 2012 the Group paid an interim dividend totalling £23.6m, as announced in February in the Interim Report. The Group's operations remain highly cash generative. The Group has remained free from debt and maintained a strong cash and balance sheet position, with a high surplus of regulatory capital.

 

For further information please contact:

 

Hargreaves Lansdown +44 (0)117 988 9967

 

For media enquiries:

Ian Gorham, Chief Executive

Peter Hargreaves, Co-founder, Executive Director

Ben Yearsley, Media Relations

For analyst enquiries:

Ian Gorham, Chief Executive

Tracey Taylor, Group Finance Director

James Found, Investor Relations

 

 

Hargreaves Lansdown plc

Registered office: One College Square South, Anchor Road, Bristol BS1 5HL

Registered: Number 02122142, England

19 April 2012

 

 

Forward looking statements

This announcement contains forward-looking statements with respect to the financial condition, results and business of the Group. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depend on circumstances, that will occur in the future. The Group's actual results may differ materially from the results expressed or implied in these forward-looking statements. Nothing in this announcement should be construed as a profit forecast. This announcement is unaudited. This statement should not be seen as a promotion or solicitation to buy Hargreaves Lansdown Plc shares. It should be remembered that the value of shares can fall as well as rise and therefore you could get back less than you invested.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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