Hargreaves Lansdown hikes dividend as profits rise on no need for extra cash
ReutersLONDON -- Hargreaves Lansdown PLC unveiled a 31 percent increase in its full-year dividend after the investment manager decided it had no need for extra cash to fund future expansion by acquisition.
September 5, 2013, 12:23 am TWN
In an earnings statement for its full year to the end of June published on Wednesday, the firm said it would hike the second interim and special dividends to bring the total for the year to 29.59 pence a share, up from 22.59 pence a year earlier.
Hargreaves Lansdown, which is the UK's largest distributor of mutual fund products to retail investors, has benefited from a regulatory shake-up of how financial products are sold, banning commission-based selling.
The firm said net business inflows were up 59 percent to 5.1 billion pounds over the year and the total assets it administers for its clients rose 38 percent to 36.4 billion pounds.