HL reports strong year but senior executives waive bonuses on Woodford scandal

Remain commited to Wealth 50

Hargreaves Lansdown has reported a 7% rise in revenues and 5% increase in profit before tax, in a year that has been dominated by the Woodford gating scandal, which has forced CEO Chris Hill, CFO Philip Johnson, Mark Dampier and Lee Gardhouse to waive their bonuses.

Revenues rose to £480.5m from £447.5m for the previous year, while profit before tax was £305.8m, an increase from £292.4m. Diluted earnings per share also rose to 52p from 49.6p. Net new business over the year was strong £7.3bn, but came in 4% lower than last year's £7.6bn. The firm now has a record number of clients at 1,224,000 and assets under administration have hit the £100bn mark. CEO Chris Hill said: "The second half of the financial year was particularly strong, supported by our best ever tax year end with clients continuing to use their ISA and SIPP allowances.  "Our Acti...