The Hargreaves Lansdown share price jumps on ‘good momentum’. Is the worst over?

The Hargreaves Lansdown (LSE: HL) share price is having a rare day in the sun this morning as the market lapped up an encouraging trading update from the battered FTSE 100 financial services company. I think this might be the turning point that patient holders have been waiting for. Hailing “good momentum” as the last tax year came to an end, the £4bn-cap saw revenue climb 6% (to almost £200m) in the three months to 31 March. Share dealing volumes were also up, with more clients looking to invest overseas. And who can really blame them given the rise (and rise) of big tech stocks across the pond? A 48% jump in net new clients in the period compared to last year is another bullish sign. CEO Dan Olley attributed this to the introduction of new products such as ready-made pensions and its innovative Cash ISA. The latter allows savers to spread their £20,000 allowance across a number of banking partners rather than just one. All told, Hargreaves generated £1.6bn net new business in the quarter – the same as that achieved in FY23. It finished with assets under administration of just under £150bn – a record for the company....

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