Hargreaves Lansdown posted a fall in revenues amid signs that the pandemic trading frenzy has started to cool.
Revenues at the investment group were £142.2million for the three months to September 30, down 1 per cent on last year, as share dealing volumes declined.
The pandemic boom in demand for share dealing has levelled off, with an average of 861,000 deals per month versus 980,000 last year – although still miles ahead of the 479,000 the year before.
Revenues at investing platform Hargreaves Lansdown were £142.2m for the three months to 30 September, down 1 per cent on last year, as share dealing volumes declined
During lockdown, day trading soared with those stuck at home having more money and time on their hands than ever before.
Analysts at data provider Consumer Intelligence believes 1.8m adults in the UK became day traders during the coronavirus pandemic, with many young people saying they did it to save for a deposit on a house and to make money fast.
But despite the slowdown in trading, Hargreaves Lansdown still recorded a 2 per cent rise in assets under management to £138billion –up from £107billion a year ago.
Chief executive Chris Hill said: ‘These results are against the backdrop of an easing out of lockdown and ongoing market uncertainty, and highlight the importance of a resilient business and the strength of our proposition.
The normalisation of revenues post pandemic is in line with our expectations and our focus, as always, remains on our clients.’
Hargreaves Lansdown’s stock fell 1.7 per cent, or 25.5p, to 1471p, valuing the company nearly £7billion.
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