Investment services provider Hargreaves Lansdown PLC (LSE: HG) said it expects full-year pretax profit to be slightly ahead of the top end of market expectations, which currently stand at £69 million.
Strong revenue growth in the first nine months of the year to end-June has continued into the final quarter on the back of high stockbroking dealing volumes and the positive impact of the market. Revenues for the eleven months to May 31 2009 are approximately 10 percent ahead of revenues for the same period in the previous year.
The value of assets held within the Vantage service, the group's direct-to-private investor fund supermarket and wrap platform, increased by 15 percent from £9.2 billion as at March 31 2009 to £10.6 billion as at May 31 2009 compared to the FTSE All-Share index increase of 13.5 percent during the same period.
Relating to the Financial Services Authority draft rules for how the retail investment industry will work from December 2012, published last week, Hargreaves Lansdown said it sees no significant threats or costs to the group resulting from the proposals. There will be no retrospective changes to existing business in 2012 resulting from the new rules.www.proactiveinvestors.co.uk
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