Hargreaves Lansdown profits drop 8% as technology spend soars

Tool to improve efficiency for financial advisers is scrapped

Valeria Martinez
clock • 2 min read

Profits at Hargreaves Lansdown fell in the second half of last year due to higher strategic spend on technology and staff costs while inflows slowed due to lower investor confidence, results show.

In the six months to 31 December 2023, the investment platform's statutory profits fell 8% to £182.5m, while net new business slowed to £1bn during the period, compared to £1.6bn last year as outflows ticked up. Combined with the net inflows, assets under administration (AUA) reached a record of £142.2bn thanks to the rally in markets towards the end of the period, which delivered a positive market movement of £7.2bn.  Total revenue for the period increased 5% to £368.2m, driven by both the growth in AUA across funds, shares and active savings and a continuation of higher net interest...

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