Update: Hargreaves shares soar 6% despite profits fall

Assets under administration up 18%

Hargreaves Lansdown's shares have jumped over 6% this morning, despite the wealth manager reporting a 5% fall in full-year profits, as investors were encouraged by an 18% rise in assets under administration.

The group said there was strong growth in AUA for the full year to the end of June, up 18% from £46.9bn to £55.2bn, while active clients now stand at 736,000; an increase of 84,000. Its reporting year included the acquisition of up to 7,000 clients and £370m of assets from J. P. Morgan Asset Management. Revenues also rose 1% from £291.9m to £294.2m during the period. Net new business for the year was £6.1bn (2014: £6.4 bn), with market movement and other factors increasing assets at the year end by a further £2.2bn. However, profits before tax fell 5% to £199m for the year, from £2...