Hargreaves Lansdown sees sales stoop as pandemic trading bonanza cools down
Hargreaves Lansdown posted a fall in revenues amid indicators that the pandemic trading frenzy has began to chill.
Revenues at the funding group have been £142.2million for the three months to September 30, down 1 per cent on final year, as share dealing volumes declined.
The pandemic growth in demand for share dealing has levelled off, with a median of 861,000 offers monthly versus 980,000 final year – though nonetheless miles forward of the 479,000 the year earlier than.
Revenues at investing platform Hargreaves Lansdown have been £142.2m for the three months to 30 September, down 1 per cent on final year, as share dealing volumes declined
During lockdown, day trading soared with these caught at residence having extra money and time on their fingers than ever earlier than.
Analysts at knowledge supplier Consumer Intelligence believes 1.8m adults in the UK turned day merchants in the course of the coronavirus pandemic, with many younger individuals saying they did it to avoid wasting for a deposit on a home and to make money quick.
But regardless of the slowdown in trading, Hargreaves Lansdown nonetheless recorded a 2 per cent rise in belongings below administration to £138billion –up from £107billion a year in the past.
Chief government Chris Hill stated: ‘These results are against the backdrop of an easing out of lockdown and ongoing market uncertainty, and highlight the importance of a resilient business and the strength of our proposition.
The normalisation of revenues post pandemic is in line with our expectations and our focus, as always, remains on our clients.’
Hargreaves Lansdown’s stock fell 1.7 per cent, or 25.5p, to 1471p, valuing the company practically £7billion.