Hargreaves breaks the one million client barrier

Hargreaves breaks the one million client barrier

Hargreaves Lansdown, the investment platform, has reached one million clients, the company said today (17 November), with client numbers more than doubling since June 2012.

The FTSE 100 company said its digital and mobile strategies were key to its success, with younger users signing up on mobile, and over half a million people having downloaded the Hargreaves Lansdown app

“The way people want to manage their money is moving rapidly from the desktop to mobile devices and we have seen significant change over the last five years,” said chief executive Chris Hill.

According to the company three in every five new accounts opened on mobile are by people aged 19 – 35, compared with one in five accounts using traditional desktop computers.

Nearly half of all mobile trades are completed by people aged 44 and under, compared to 25 per cent of desktop trades.

Nearly 60 per cent of visits to the Hargreaves Lansdown website are now via mobile and tablet, compared to less than 20 per cent just five years ago.

In its most recent trading update on 11 October, Hargreaves Lansdown reported assets under administration of £82bn as at 30 September.

Revenue for the year to that date was £104m, up 15 per cent from the same period last year.

For the full year ended 20 June 2017, profit before tax at the company increased 21 per cent to £265.8m.

Hargreaves Lansdown was formed as a stockbroking firm by Peter Hargreaves and Stephen Lansdown in 1981.

The company was first listed on the London Stock Exchange in May 2007, with the company's two founders then holding combined stakes equivalent to 80 per cent in the business.

Ian Gorham replaced Mr Hargreaves as chief executive in 2010, but he remains on the board. Fellow founder Mr Lansdown stepped down from the board and left the company in 2012.