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Rising rates on cash boost profits at Hargreaves

Customers are ditching funds and shares in favour of cash
February 15, 2023
  • Profit before tax up by 31 per cent 
  • Customer numbers rising slowly

A quick glance at Hargreaves Lansdown’s (HL.) interim results reveals an excellent six months of trading. Revenue increased by a fifth to £350mn, while profit before tax leapt by 31 per cent to £198mn. 

It is important to locate where the growth is coming from, though. Retail investors don’t like turbulence, and Hargeaves said confidence hit a record low in the period. As a result, customers increased cash levels in their investment accounts.

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