HL founders reap dividend reward

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THE co-founders of Hargreaves Lansdown toasted a £43.4m pay-out today after the investment funds broker bucked the financial gloom with record results.

The Bristol-based group reported a 21 per cent hike in pre-tax profits to a record £152.8m in the year to June 30, while revenues, assets under administration and client numbers also hit unprecedented levels.

Its “excellent” growth came despite a seven per cent slide in the FTSE All Share index in the period, and the group said it expects to weather changes in regulation that will ban its fund management platform from receiving fees to list its products.

The bumper results triggered a bigger than expected dividend pay-out and means founders Peter Hargreaves and Stephen Lansdown, who are still major shareholders, will receive £26.7m and £16.7m respectively. Mr Lansdown also announced he will step down from the board.