# Hargreaves Lansdown Full Year 2024 Results Show Solid Progress

- Link: https://www.directorstalkinterviews.com/hargreaves-lansdown-full-year-2024-results-show-solid-progress/4121167948
- Published: 2024-08-09T07:25:10+01:00
- Author: Ethan Davis

**[Hargreaves Lansdown plc](https://www.directorstalkinterviews.com/ftse-company/hargreaves-lansdown-plc-lon/hl.l)**(
LON:HL.) have published today unaudited preliminary results for the year ended 30
June 2024.

**Highlights:**

**·    ** Net new business of £4.2 billion

**·    ** Assets Under Administration, up 16% to £155.3 billion driven by net new
business and positive market movement

**·    ** 1,882,000 active clients, an increase of 78,000 in the year

**·    ** Profit before tax decrease of 2% to £396.3 million

**·    ** Underlying profit before tax increase of 4% to £456.0 million

**·    ** Total Ordinary dividend up 4.0% at 43.2 pence per share

|  | **Year ended****30 June 2024** | Year ended30 June 2023 | **Change %** | 
| **Net new business\* inflows** | **£4.2bn** | £4.8bn | **-13%** | 
| **Total assets under administration\*** | **£155.3bn** | £134.0bn | **+16%** | 
| **Revenue** | **£764.9m** | £735.1m | **+4%** | 
| **Profit before tax** | **£396.3m** | £402.7m | **-2%** | 
| **Underlying profit before tax\*** | **£456.0m** | £438.8m | **+4%** | 
| **Diluted earnings per share** | **61.7p** | 68.2p | **-10%** | 
| **Underlying diluted earnings per share\*** | **71.0p** | 74.3p | **-4%** | 
| **Total dividend per share** | **43.2p** | 41.5p | **+4%** | 
| *Net New Business, Assets Under Administration, Underlying profit before tax and underlying diluted EPS are Alternative Performance Measures which exclude the impact of strategic investment costs, intangible impairment and restructuring costs. See the Glossary of Alternative Performance Measures on page 27 for the full definitions.  |

**Dan Olley, Chief Executive Officer, commented:**

“It has been an eventful first 12 months, not least with the approach from the consortium[
1] which has today resulted in a firm and final[2] offer for HL, with the Independent
Board of HL[3] intending to unanimously recommend the cash offer to shareholders.

As I made clear on joining, we need to help more people across the UK save and invest
to secure their financial future, so for us this is more than a mission, it’s an
obligation. I have therefore been reassured during process that the consortium are
aligned with our mission.

This year a key priority has been getting back to the fundamentals: continually 
striving for great client service, providing a great client experience and great
client value. That means putting our clients at the heart of the organisation and
serving them well, with the humility, expertise and passion that makes HL the company
it is.

I’m pleased to see our strategy and focus on our priorities beginning to deliver
results, with record assets under administration (AuA) of £155.3bn, up 16% on last
year and 78,000 net new active clients joining the platform this year, underlining
HL’s position as the UK’s largest and most trusted Investment Platform. Net new 
business for FY24 was down on FY23 at £4.2bn, with a slow H1 reflecting the long-
term historic trend. However, in H2 we started to see the year-on-year trend level
off from the historic slow decline as our work on client service levels, digital
experience improvements and proposition enhancements started to come through.

This year also saw us start to accelerate our use of data to drive decision making
and client insights. This led us to launch the UK’s only multi-bank cash ISA, allowing
clients to maximise their FSCS coverage on a single platform, a life-styled Ready
Made Pension fund and the recently launched Managed and Multi-Index Funds which 
accounted for 80% of our HL funds growth in Q4.

We delivered revenue of £764.9m up 4% vs. FY23. Our increased focus on cost discipline
through the year has allowed us to slow cost growth, especially in H2, delivering
an underlying profit of £456m, again up 4% YoY.  

Looking forward, while we made solid progress last year, my business wide review
has clearly shown that there is much more we have to do to deliver on our ambition
to constantly delight our clients into the future, and through this accelerate our
growth. Success requires navigating a complex and broad programme of change and 
there is no doubt that delivery of benefits will not be linear, but we know what
needs to be done and are determined to achieve it by delivering steadily and surely
keeping our focus on our clients and meeting our medium to longer-term objectives.

With the momentum we are building I’m very positive about the future for HL, but
even more positive about the impact we can have on people across the UK as we support
them on their investing journeys and help them secure their financial future.”

**Chief Executive’s Review**

**Overview**

It has been an eventful first 12 months in role, not least with the approach from
the consortium which has today resulted in a firm and final offer for HL, with the
Independent Board intending to unanimously recommend the cash offer to shareholders.
The offer is expected to complete in Q1 2025 subject to certain conditions, including
shareholder and other regulatory approvals.

At HL, we have been helping people to save and invest for a better future for over
40 years. This year our focus has been on getting back to basics: continually striving
for great client service, providing a great client experience and great client value.
That means putting our clients at the heart of the organisation and serving them
well, with the humility, expertise and passion that makes HL the company it is. 
We need to help more people across the UK save and invest to secure their future,
so this is more than a mission, it’s an obligation and our sole focus.

When I joined the business as CEO in August 2023, it was clear that HL is a great
business with a passion for serving its clients, but we had work to do in areas 
to serve our clients better. For example, it was clear our client service in H2 
2023 had fallen below the level we and our clients expect and that our website and
app functionality could be significantly improved.

Based on these initial observations, I laid out four clear priorities (Delight clients,
Increase pace, Save to invest and Focus on Our People) to align the organisation
and increase the pace of execution, whilst undertaking a thorough business wide 
review. The output of this review, coupled with our analysis of client needs, has
enabled us to evolve the strategy and create clear financial and operating plans
to achieve our objectives.

I am pleased with the progress we have made against these initial four priorities,
and importantly these changes are starting to have a positive impact on our clients,
for example the significant improvements in Client Service the teams delivered through
Tax Year End in March and April of this year.

The combination of great value, great service, relevant research and a broad proposition
helped us welcome another net 78,000 active clients to the platform, taking assets
under administration (AuA) to £155.3 billion and underlining HL’s position as the
UK’s largest and most trusted Investment Platform. Our Net New Business (NNB) for
FY24 was £4.2bn, with a stronger performance in the second half. This has delivered
revenue of £764.9m up 4% vs. FY23. Our increased focus on cost discipline across
the organisation through the year has allowed us to slow cost growth, especially
in H2, delivering an underlying profit of £456m, again up 4% YoY.

I would like to thank every HL colleague for helping deliver this year’s improved
performance and for embracing the changes we are making to make HL an even stronger
organisation. Guided by our purpose to “make it easy to save and invest for a better
future”, I am proud of what we have achieved together and excited about the road
ahead.

## Getting back to basics, led by our clients.

In September 2023, I set out four immediate priorities to increase momentum across
the organisation while we commenced a more comprehensive business-wide review. I
am pleased to see the progress that has been made and the early positive impact 
this is having for both our clients and our results.

**Delighting Clients, Drive Growth**

Putting clients first has always been at the heart of Hargreaves Lansdown, so this
was a very natural first priority to set. 2023 had seen a decline in our usually
high levels of client service, and we had clear client feedback that there were 
opportunities in both our digital experience and proposition, all of which we needed
to, and have, acted upon.

·      **Service** – We have been focused on returning our Service standards to 
the levels we and our clients expect. We have invested in our colleagues and technology
to reduce call answering times, improve call quality and increase the number of 
client calls fully resolved at first point of contact. As a result, we were able
to handle over 190,000 calls in the 5 weeks up to tax year end (up 21%), with ~58%
answered in under 20 seconds and NPS peaking at over +50. We will never be satisfied,
and we will keep working to continue to enhance and extend our service offerings,
but I would like to thank all HL colleagues for their efforts to make the improvement.

·      **Proposition** – This year, we completed the launch of two new “Ready-Made”
HL fund ranges designed to give our clients a simple way to invest. The “Managed
by Experts” range seeks to leverage the best of active funds from across the market
and the “Track the Markets” range is a simple way to invest in a range of passive
tracker funds. We have also launched a Ready-Made Pension Fund, which uses a life
stage strategy to adjust risk based on a client’s age. Since launch, the new “Ready-
Made” suite of funds have seen net inflows of circa £300 million. January 2024 saw
the launch of the UK’s only multi-bank cash ISA, allowing clients to spread their
ISA savings across multiple banks and maximise their FSCS protection. By June 2024,
over 33,000 clients had taken advantage of this new offering, with AuA of £533 million.

·      **Digital Experience** – Another key priority this year was initiating plans
to remove all unnecessary friction from our digital journeys and extend our App 
functionality. Client feedback is very favourable towards our digital experience,
so we are evolving our App and Website incrementally to meet client needs even more
effectively. 2024 saw the introduction of our new “Easy Bank Transfer” option allowing
clients to quickly and easily top up accounts in a few clicks. In 2024 this new 
top up option enabled clients to add £2.4 billion into their accounts whilst also
reducing our costs to process top-ups by £1.9 million. Our new News section was 
launched, allowing HL’s teams to get our clients the latest investment news and 
research faster than ever before and proving the new technology that we will use
to power much of the Website as we migrate over the coming months. There is still
much we can do, but we have started to make progress.

**Increase Pace**

We work in a fast-paced industry, and we are accelerating our pace of innovation
to deliver for our clients. In 2024 we evolved our ways of working to leverage the
best thinking from leading high performing digital innovators. This has seen an 
acceleration of both the in-year continual improvement work, evidenced in the progress
in digital experience above, and a step change in delivery pace of our larger strategic
initiatives, further increasing our confidence that we will deliver our strategic
change programme within the original financial parameters.

**Save to Invest**

We have been constantly looking for thoughtful ways to simplify, automate and standardise
to drive efficiency so that we can reinvest in our business and our clients. We 
have made good progress across several areas, including leveraging Robotic Process
Automation (RPA) across a number of processes, freeing up colleagues and funding
to allow us to invest more in improving our service ahead of tax year end. We have
launched automation tools such as Salesforce and Amazon connect that help colleagues
be more efficient and provide even better client service and have evolved our ways
of working that have significantly reduced the dependence on contractors and 3^(
rd) party consultancies. Overall, our FY24 underlying costs were £338.5m, below 
guidance expectations with the growth rate down to 5% in H2.

**Focus on our People**

We welcomed several new highly experienced colleagues to the HL leadership team 
as we strengthened experience and capability in key areas such as Technology, Operations
and Digital Product Management. Key was strengthening experience in executing digital
transformation at pace, innovating with data and technology to drive client value
and driving operational efficiency and cloud-based resilience at scale. While still
early days, I’m pleased to see the positive impact these new colleagues are already
having across the organisation as they couple their experiences with the extensive
experience we already have in the organisation.

On a personal note, I have also had the pleasure to welcome Alison Platt to the 
organisation as Chair. Alison brings a wealth of experience and a thoughtful, supportive
and engaging approach that has landed exceptionally well across HL.

## Findings from the comprehensive Business Wide Review.

In parallel with executing on our initial 2024 priorities, we have undertaken a 
thorough review of all aspects of the business, from our client proposition to our
operations and support functions. This review has further strengthened my belief
that HL is a great business, built on a strong heritage and with an important role
to help more people across the UK secure their and their families financial future.
However, it is has also shown that we have not always kept pace with the competitive
environment, the way customers consume marketing, the increasingly sophisticated
and demanding requirements of digital customer journeys and the service levels clients
expect. This has caused our rate of growth to slow over the past few years, but 
also creates clear opportunities that, if captured, will only accelerate the number
of clients we can help, and through this drive the growth of the organisation. The
key findings are:

1.        **Client Engagement & Retention** – Our proposition and digital experience
have only changed modestly in the last few years. This has resulted in Net new business
growth reducing from £8.7 billion in FY 2021 to £4.2 billion in FY 2024, reflecting
declining client and asset retention rates, which have fallen from 92.1 per cent
to 91.4 per cent and from 91.4 per cent to 88.5 per cent respectively over the same
time period. Advances in technology, changing market dynamics and evolving client
needs mean there is a significant opportunity to now take the savings we are making
across the business and invest to evolve all aspects of the proposition for our 
clients.

There is no single silver bullet – the already announced strategic spend alongside
revenue investment to support long term client and asset retention is important 
and it will take a combination of continued focus on service, significantly enhancing
the digital experience and client journeys, and targeted revenue investment to be
successful. This revenue investment, were it to be implemented, would be expected
to be largely mitigated through a combination of asset growth, and both lower cost
growth and a return to pre-Covid platform asset retention levels over the medium
term.

2.        **Client Acquisition** – HL was built on providing clients great research
and content and helping them build their confidence to invest. This need is still
there today, and we know we can help a lot more people start their investing journey.
What has changed radically is how we need to reach and engage potential clients 
through multiple channels, and while we continue to attract new and younger clients,
the level of gross new inflows we are able to attract to the platform from new clients
each year has dropped by 35% since FY21. We need to leverage our brand strength 
and data to much more effectively get our messages to target clients wherever they
are. We also offer great value, that both clients and non-clients alike are not 
aware of, such as our fund discounts and the deal prices we achieve for our clients
when trading. We need to get better at telling this story through our platform, 
marketing and to the press.

3.        **Client Service** -We have made good progress on our Client Service from
where it was at the end of 2022 and early 2023 when our monthly NPS declined to 
a low of +33 during the 2023 tax year end due to challenges with Helpdesk capacity
and call volumes. We have significantly improved since then and as I mentioned earlier,
I am proud of what our teams achieved this year given the starting point, and our
NPS improved to +48 during tax year end period. However, our review has shown there
is so much more we can do to really delight every client.

4.        **Operational transformation & Cost Efficiency**– The review has highlighted
a significant opportunity to streamline and automate our middle and back-office 
processes, making them more resilient, less prone to human error and freeing up 
colleagues and spend to invest back into serving our clients. We will seek to address
the disproportionate cost growth as client numbers expanded over the last few years,
with our cost to serve increasing from 22.3bp in FY21 to 23.7bp in FY24.

5.        **Colleague Engagement** – My review of the organisation has also involved
honest and open conversations with colleagues at all levels of the organisation.
HL colleagues are passionate about our clients. It’s in the DNA from when the company
was founded. Colleagues’ feedback identified lack of clear priorities, slow pace
of change, siloed working and manual processes as key sources of frustration.

6.        **Investment Spend**– HL is now two years into its original capital markets
day investment programme, and while some progress has been made in certain areas,
such as the launch of the new HL funds, progress has been less tangible in key areas
such as operational automation and digital platform automation. As we have strengthened
the HL Leadership team and changed ways of working in parallel with the review, 
we remain confident that the investment plans can still be delivered within the 
financial envelope originally set, though full completion of some activities will
extend into FY27.

Many of these changes and programmes are already underway, facilitated by the initial
priorities we laid out at the start of FY24, and we have made considerable progress.
While we remain confident that we have identified the opportunities we need to capture,
and we can deliver over the medium to longer term, I also want to be clear that 
the delivery of our core priorities involves significant change across large parts
of the business, coupled with on-going investment over the medium term as set out
above. Any transformation programme of this breadth and complexity carries significant
execution uncertainty, and there is no doubt that delivery of benefits will not 
be linear. An ever more competitive environment only adds to the need to execute
flawlessly. 

## Evolving our strategy

HL has a clear and refreshed strategy, which the Board is confident will deliver
over the longer term, with good progress already made against the initial priorities
identified in FY 2024. The refreshed strategy comprises five strategic priorities
intended to address the findings from the review, as set out at HL’s interim results
in February 2024:

**(1)      Transform the investing experience:** Removing jargon, terminology and
complexity and making it easy for its clients to set their financial goals and work
towards achieving them with minimum effort and fuss. A key focus will be improving
HL’s digital experience and proposition as well as evolving its marketing capability.

**(2)      Combine the best of colleague and digital capability:** Bringing together
the deep experience of HL’s colleagues with advances in AI and other digital technologies
to serve clients on their terms. HL will continue to invest in its colleagues and
technology to deliver a service continuum from DIY investing to full financial advice.

**(3)      Leverage economies of scale to drive client value:** Decoupling cost 
from growth through the successful implementation of HL’s transformation programme
enabling greater process simplification, automation and standardisation, alongside
agile ways of working to enhance efficiency and increase delivery pace. Through 
HL’s ‘Save to Invest’ philosophy, cost benefits realised are intended to moderate
future cost growth and fund the capability for continuous and ongoing investment
in the client proposition. 

**(4)      Responsible and resilient business:** Continuing to invest to provide
the robust, resilient and available services expected from the UK’s largest retail
investment platform enabled by the migration of HL’s data centre to the cloud and
the transition off core legacy systems to modern architecture. HL intends to ensure
its operating model is resilient and compliant by design, with risk and compliance
requirements assessed during development and embedded into systems and processes.

**(5)      Great people, great culture:** Attracting top talent to drive focus, 
pace and performance, building on a strong set of values centred around putting 
clients first. HL is focused on enhancing its performance culture to align the organisation
to the refreshed strategy and its successful implementation.

## Outlook and Guidance

We operate in a large and growing market within a context of continued macro-economic
uncertainty and market volatility. Therefore, our purpose, “to make it easy to save
and invest for a better future” has never been more relevant. So we welcome the 
new government’s early focus on growth and encouraging more people to engage with
their finances.

We have work to do in order to deliver on our refreshed strategy and reinvigorate
growth in the business but we have laid the foundations, identified our key priorities
and aligned our operating model and people to ensure we can deliver.

As we look forward, we will continue to focus on our key priorities, to serve our
clients and our communities and to start to deliver against our strategic goals.

Our priorities build on the work we have already done, positively impacting all 
aspects of our client value proposition, through both our strategic transformation
programme and continued investment in our client value proposition to give our existing
clients the experience, service and value that HL is uniquely placed to deliver.
We will also strive to welcome even more new clients to the platform by improving
marketing, enhancing our proposition for low confidence investors as we help them
start their investing journey, and improving our onboarding and consolidation journeys.

We will continue to focus on driving efficiency and further reducing risk through
standardisation, automation and simplification. We will innovate with the latest
generation of technologies which, coupled with our rich data, will enable us to 
create new levels of automation whilst retaining and increasing client personalisation.
We will be relentless in our focus to capture the tangible benefits of the work 
through our Save to Invest programme, and as we do, we will invest back into our
business to further improve the experience and value for our clients.

While our clients are at the centre of all we do, at our heart we are a people business
built on amazing colleagues. Focus and performance are the key people priorities
for the year ahead as we better align the organisation to the things that really
matter to our clients.

To unlock the opportunity for our clients we need to undertake a significant transformation
of this business which will not be linear in its delivery and will take some time.
The cost of delivering that programme is what we have announced before (£175m +£
50m dual running) although certain business automation and efficiency programmes
will now complete in FY27 not in FY26 as had been anticipated.

What we are keen to ensure is that we strengthen our market leadership position 
and in doing so we will beyond FY27, through our Save To Invest programme, generate
capacity to continue to invest in the proposition.

**Financial Review**

**Assets Under Administration (AUA) and Net New Business (NNB)**

|  | **Year ended****30 June 2024****£bn** | Year ended30 June 2023£bn | 
| Opening AUA* | **134.0** | 123.8 | 
| Platform growth* | **1.5** | 1.6 | 
| Active Savings growth* | **2.7** | 3.2 | 
| Total Net New Business* | **4.2** | 4.8 | 
| Market growth and other | **17.1** | 5.4 | 
| Closing AUA* | **155.3** | 134.0 |

* AUA, Net New Business, Platform growth and Active Savings Growth are alternative
Performance Measures. See the Glossary of Alternative Performance Measures on page
27 for the full definition.

2024 has been a year of significant change for HL; we welcomed Dan Olley as our 
new CEO and Alison Platt as our new Chair; both of whom have brought rigorous challenge
and scrutiny to where we are as a business, with Dan leading a business wide review
during the course of the year, the conclusions and findings of which are set out
in his CEO review on page 3.

Many of the programmes and changes identified are already well underway and have
impacted our financial results this year, both in terms of increased strategic investment
spend incurred and in the shape of our Underlying Operating costs, where we are 
starting to see the benefit in a different shape to our headcount growth particularly
in the second half of the year as explained on page 9.

Overall we have delivered a good performance in the year, with strength in UK and
US markets combined with modest levels of Net New Business and a step up in trading
volumes together driving increased revenue and the highest level of AUA seen on 
the platform. Whilst Underlying operating costs have increased again during the 
year, this is as expected and we are pleased to report a much lower level of cost
growth in the second half of the year. 

As we look forward, we expect the actions already being taken as a result of the
review to improve the competitiveness of our service proposition, enabling improvements
to client and asset retention and to decouple cost from growth, through delivering
scale efficiencies which will lead to sustained lower cost growth in the medium 
term.

The year has continued the trend seen in the prior year of a challenging economic
backdrop and geo-political issues impacting investor confidence. Despite this, we
have seen an encouraging trend in the year, with the second half of the year seeing
clients and asset growth on the platform particularly buoyed around tax year-end
and that trend continuing through to the end of the financial year.

Total AUA increased by 16% to £155.3 billion at the year end (2023 £134.0bn). Total
net new business for the year was £4.2 billion (2023: £4.8 bn). Platform growth 
was £1.5 billion (2023: £1.6bn) with £0.7 billion (2023: £0.7bn) of net movement
into Active Savings, where we also saw a £2.7 billion (2023: £3.2bn) of new money
in the year, bringing net new business to £4.2 billion total growth.

Net new business has been seen mainly in the second half of the year, as clients
took advantage of tax year end to top up their ISAs and SIPPs, as inflation declined
and interest rates stabilised. We have seen more contributions into our SIPP products
in the year than ever before with record pension savings. The launch of our new 
multi-bank cash ISA product within Active Savings in the second half of the year
has had a positive impact on the Savings product and there is now over £10 billion
of client cash in the service.

In addition to the net new business we have also seen market movements of £17.1 
billion (2023: £5.4bn), which was seen predominantly in the second half of the year
as markets increased significantly compared to the previous year.

In the year we introduced 78,000 net new clients to our services (2023: 67,000),
growing our active client base by 4% to 1,882,000.During the year we reached a milestone
with 300,000 clients now having had an Active Savings accounts (2023: 175,000) representing
a significant increase over the prior year, buoyed by the rates available and the
new multi-bank cash ISA.

Client retention been impacted through the year as we have not consistently delivered
the high standards of client service and digital experience that our clients have
come to expect. Whilst still high at 91.4% (2023 92.2%) we believe we should do 
better and addressing this is one of the key priorities for the year ahead.

Asset retention reduced to 88.5% (2023: 90.4%) for the year, as we again saw high
cash withdrawals, consistent with the stable rate environment and the preference
of many clients for cash ISAs, while funds allocated for investment have in many
cases been utilised to cover increased living costs. Active Savings has a lower 
asset retention rate than the core platform as clients often use it in the short
term to manage their specific cash needs, saving for a certain event and then withdrawing
the cash (e.g. the payment of a tax bill in January). Asset retention excluding 
Active Savings would be 1.7% higher at 90.2% (FY23: 91.5%).

An active client is defined as one who holds an account containing £100 or more 
with us.

**Income Statement**

|  | **Year ended****30 June 2024****£m** | Year ended30 June 2023£m | 
| Revenue | **764.9** | 735.1 | 
| Operating costs | **(398.2)** | (350.7) | 
| Finance and other income | **30.2** | 19.0 | 
| Finance costs | **(0.6)** | (0.7) | 
| Profit before tax | **396.3** | 402.7 | 
| Tax | **(103.1)** | (79.0) | 
| Profit after tax | **293.2** | 323.7 | 
|  | ** ** |  | 
| Profit before tax | **396.3** | 402.7 | 
| Adjusted for: | ** ** |  | 
| –           Strategic investment costs | **39.9** | 36.1 | 
| –           Intangible impairment | **14.4** | – | 
| –           Restructuring costs | **5.4** | – | 
| –           Underlying profit before tax* | **456.0** | 438.8 | 
| –           Tax on underlying profit* | **(118.5)** | (86.1) | 
| Underlying profit after tax* | **337.5** | 352.7 |

* Underlying profit before tax, Tax on Underlying profit, and Underlying profit
after tax for the period exclude £39.9 million of strategic investment costs, intangible
impairment of £14.4 million and restructuring costs of £5.4 million. See the Glossary
of Alternative Performance Measures on page 27 for the full definition.

**Revenue**

Total revenue for the period increased 4% to £764.9 million (2023: £735.1m), with
key revenue lines increasing compared to the prior year and the first half of the
year in the second half of 2024, the exceptions being cash and HL Funds. This has
been driven by a return to growth in asset classes, excluding cash, as asset levels
benefitted from positive market movements and net new business. In the case of cash
we have seen a decline in the value of cash held on the platform and an increase
in the pass through to clients, which has been offset by an increased margin throughout
the full period, as interest rates stabilised following high growth in the prior
year.

The table below breaks down revenue, average AUA and margins earned during the period:

|  | **Year ended 30 June 2024** | Year ended 30 June 2023 | 
|  | **Revenue £m** | **Average AUA £bn** | **Revenue margin bps** | Revenue £m | Average AUA £bn | Revenue margin bps | 
| Funds^(1) | 249.3 | 65.4^(8) | 38 | 236.4 | 60.7^(8) | 39 | 
| Shares^(2) | 165.7 | 55.4 | 30 | 147.7 | 48.8 | 30 | 
| Cash^(3) | 260.7 | 12.4 | 210 | 268.7 | 14.0 | 192 | 
| HL Funds^(4) | 53.2 | 9.3^(8) | 57 | 54.3 | 8.4^(8) | 65 | 
| Active Savings^(5) | 19.9 | 9.3⁶ | 21 | 8.7 | 6.4⁶ | 14 | 
| Other^(7) | 16.1 | – | – | 19.3 | – | – | 
| Double-count^(8) | – | (9.2)^(8) | – | – | (8.3)^(8) | – | 
| Total | 764.9 | 142.6^(8) | – | 735.1 | 130.0^(8) | – |

Revenue margin is an alternative performance measure, see the Alternative Performance
Measures glossary on page 27 for the full definition.

1    Platform fees.

2    Stockbroking commission and equity holding charges.

3    Net interest earned on cash held in investment accounts.

4    Annual management charge on HL Funds, i.e. excluding the platform fee, which
is included in revenue on Funds.

5    Revenue from Active Savings earned as fees from partner banks.

6    Average cash held via Active Savings.

7    Advisory fees and ancillary services (e.g. annuity broking, distribution of
VCTs and HL Currency Services).

8    HL Funds AUM included in Funds AUA for platform fee and in HL Funds for annual
management charge. Total average AUA excludes HL Fund AUM to avoid double-counting.

**Funds**

Funds continue to be the largest asset class on the platform at 46% of average AUA
for the year and 46% of closing AUA (2023: 47%) reflecting the significant range
of investment solutions available to meet a broad range of client needs.

Revenue on Funds increased by 6% to £249.3 million (2023: £236.4m) reflecting the
increase in average AUA, with this revenue line returning to growth in the second
half of the year. Revenue margin on funds at 38bps was in line with our guidance
from the prior year.

The decline in the margin in the year reflects the full year impact of the reduction
in platform fees of the Lifetime ISA (LISA) in the prior year, as well as the impact
of the removal of fees for the Junior ISA, both changes were made in the second 
half of the previous financial year.

In addition, our Workplace Solutions business, where most of the assets are held
in funds, continues to grow, albeit at a slightly lower margin.

**Shares**

Revenue on Shares increased by 12% to £165.7 million (2023: £147.7m) and the revenue
margin of 30bps (2023: 30bps) was in the middle of our expected range. This was 
as a result of a return to higher deal volumes in the second half of the year, particularly
in respect of overseas trades, where we also earn a margin on foreign exchange fees,
as investor confidence increased, inflation declined and markets improved, with 
a peak in March and April around tax year-end.

During May and June, we ran a promotional campaign to drive awareness of the breadth
of the trading proposition offered on our platform, to both new and existing clients.
This includes extensive research, as well as a wide range of investment choices 
from UK and international shares, funds, ETFs and investment trusts; with clients
benefitting from a £100 rebate against any cost of trading during that period. We
were pleased to see over 128,000 clients benefit from the offer.

Average deals per trading day in the first half of the year were 31,000 and rose
in the second half of the year to 38,000 per day. Total deal volumes, including 
automated deals such as dividend reinvestment, increased by 6% to 8.8 million (2023:
8.3m) and were in line with our expectation of deals per trading day. Dealing peaked
in April and June at 41,000 deals per trading day, in each of those months propelled
by news of growth in UK, US and European markets, tax year end and the news of the
UK election. This compared with a low in September of 27,000. Overseas dealing volumes
increased and represented 25% of our total client driven deals (2023: 21%).

We continue to improve our overall proposition in relation to share trading. As 
investor confidence improves we believe we are still well placed to see a return
to higher trading volumes as demonstrated in the second half of the year. Shares
AUA, at the end of the year, was £61.4 billion (2023: £50.8bn).

**Cash**

Revenue on cash (NIM) reduced in the period to £260.7 million (2023: £268.7m) reflecting
the expected ongoing reduction in client cash held on the platform, offset by an
increased margin resulting from a higher, more stable base rate throughout the year.
Cash held in Investment accounts was £12.4 billion as at the year end (9% closing
AUA), a reduction of £1.6 billion in the year as clients either invested, chose 
to save via our Active Savings offering or withdrew cash from the platform.

The year saw an increase in base rate from 5.00% to 5.25%, compared to the changes
in the previous year, which saw seven increases from 125bps to 500bps as at 30 June
2023.

As of 30 June 2024, we pass through the following interest rates to our clients:

| Fund & Share Account | 2.25% – 2.90% | 
| Stocks & Shares ISA, JISA, and LISA | 3.00% – 3.70% | 
| SIPP | 3.45% – 4.20% | 
| SIPP Drawdown | 3.65% – 4.55% |

**HL Funds**

During the year we have launched a further five funds including our Global Corporate
Bond fund and the four funds in our multi-index range (the range that provides a
passive and lower cost alternative to our flagship active range). These represent
the continued evolution of our fund range that is underpinned by our risk managed
multi-asset (‘ready-made’) funds, supported by our series of more specialist fund
solutions. The fund range now includes solutions using active and passive funds,
as well as our income focused strategies.

Net flows into the new funds (launched over the past 2 years) helped drive inflows
of c. £0.5 billion, with market moves supporting AUM growth, which totaled £10.3
billion at the end of 2024. The average AUM over the year in our own funds was £
9.3 billion (2023: £8.4bn) and revenues, as expected, were down 2% from £54.3m to
£53.2m. This has predominantly been driven by the growth of new fund ranges that
have lower charges and therefore reduced margin. This transition is expected and
the margin on HL Funds has reduced to 57bps (2023: 65bps) accordingly.

HL funds are a key part of our strategy, and we continue to evolve the range and
competitiveness of our own investment funds, serving client needs and generating
increased asset flow.

**Active Savings**

Revenue from Active Savings has grown significantly in the year to £19.9 million(
2023: £8.7m) driven by strong net flows across the period of £2.7 billion (2023:
£3.2bn) and strengthening margin. Margin on Active Savings is generated through 
a combination of product margin, payable by the partner banks whose products we 
offer on the platform and a share of interest earned on cash held in the client 
hub account. The average margin throughout the year was 21bps (2023: 14bps).

As at 30 June 2024 the AUA was £10.6 billion (2023: £7.8bn) and over 300,000 clients
now have an Active Savings account.

In the second half of the year we launched our new multi-bank cash ISA, which provides
clients with the full suite of Cash ISA products (fixed-term, easy access and limited
access) from multiple banks, additional functionality and incremental partner bank
relationships.

**Other**

Other revenues comprise advisory fees and ancillary services, such as annuity broking
and HL’s Workplace Solutions for Corporate employers. The amount has declined year-
on-year, with the largest movements seen in distribution income in respect of third
party services.

|  | **Year ended****30 June 2024****£m** | Year ended 30 June 2023£m | 
| Ongoing revenue* | **622.5** | 612.6 | 
| Transactional revenue* | **142.4** | 122.5 | 
| Total revenue | **764.9** | 735.1 |

*Definitions are shown in the Glossary of Alternative Financial Performance measures
on page 27.

The Group’s revenues are largely ongoing in nature, as shown in the table above.
The proportion of ongoing revenues remained high at 81% in the period (2023: 83%)
as the transactional stockbroking commission increased versus last year and the 
net interest income decline have offset one another. Ongoing revenue is primarily
comprised of platform fees on funds and equities, fund management fees, net interest
income and ongoing advisory fees. This increased by 2% to £622.5 million (2023: 
£612.6m) driven by higher AUA.

Transactional revenue primarily comprises stockbroking commission and advisory event-
driven fees. This increased by 16% to £142.4 million (2023: £122.5m) reflecting 
the increase in client-driven equity dealing volumes.

Underlying operating costs

|  | **Year ended****30 June 2024****£m** | Year ended 30 June 2023 £m |  | 
|  | **Underlying cost** | Underlying cost |  | 
|  | 
| People costs* | **179.9** | 167.9 |  | 
| Activity costs* | **53.6** | 45.5 |  | 
| Technology costs* | **48.2** | 38.8 |  | 
| Support costs* | **51.8** | 56.3 |  | 
| Underlying costs (pre-FSCS) | **333.5** | 308.5 |  | 
| Total FSCS levy | **5.0** | 6.1 |  | 
| Underlying operating costs** | ** 338.5** |  314.6 |  |

* Definitions are shown in the Glossary of Alternative Financial Performance Measures
on page 27.

** Underlying operating costs for the period exclude £39.9 million of strategic 
investment costs, intangible impairment of £14.4 million and restructuring costs
of £5.4 million. See the Glossary of Alternative Performance Measures on page 27
for the full definition.

**Underlying operating costs**

Underlying operating costs increased by 8% to £338.5 million (2023: £314.6m) reflecting
wage and cost inflation, annualisation of headcount growth, increased technology
spend and higher volume driven Activity costs, offset by a reduction in support 
costs and a lower Financial Services Compensation Scheme (FSCS) levy.

**People costs**

People costs increased 7% to £179.9 million (2023: £167.9m) as we invested to support
our colleagues through the course of the year. Our pay award for the year was an
average of 5% across all of our junior role levels. We have also seen the annualisation
of headcount growth from the prior year.

Our headcount increased during the first half of the year, with 2,480 FTE in place
at 31 December and then peaking in January in the run up to tax year end. Staff 
numbers have declined in relation to permanent staff and we have significantly reduced
the number and subsequently the cost of contractors in the second half of the year,
closing out the year at 2,409 FTE.

Staff costs in the second half of the year were lower than in the first half of 
the year as a result.

**Activity**

Activity costs comprise marketing costs, dealing-related costs, and payment costs
for client cash transferred onto the platform. Overall activity costs have increased
by £8.1 million during the period reflecting higher dealing volumes, offset by reduced
debit card charges for clients moving money onto the platform.

The primary driver has been dealing costs, which have increased by 29% and specifically
in relation to overseas dealing we have incurred an additional £4.5m. This is driven
by the increased stockbroking deals, as noted previously.

Offsetting these increased costs are reduced costs in relation to payment costs,
after the introduction of our “Easy Bank Transfer” option in the prior year. This
has led to a cost saving of £1.9m over prior year. Marketing costs have remained
consistent year on year, but our mix of spend has changed, with increased spend 
on direct client acquisition offsetting reduced brand spend.

**Technology**

Technology costs increased to £48.2 million (2022: £38.8m) driven by software support
fees and service subscriptions as we build out our digital capability and transfer
our systems to the Cloud. We continue to improve the security of our IT environment.
As previously explained, this requires the use of more third-party software, leading
to an increase in licence and subscription costs throughout the year as we invest
in our overall capability.

**Support**

Support costs, which include legal and professional fees, office running costs, 
depreciation and amortisation decreased to £51.8 million (2023: £56.3m). This largely
relates to the one off increase in the dilapidations provision and increases in 
relation to office running costs in the prior year, which have not been repeated.
Insurance costs and professional fees have decreased in the year, but this has been
offset by an increase in costs relating to client compensation.

The Financial Services Compensation Scheme (FSCS) levy run by the FCA decreased 
to £5.0 million (2023: £6.1m). The FSCS is the compensation scheme of last resort
for customers of authorised financial services firms.

**Adjustments to underlying profit**

Total strategic spend, including impairment of intangible assets and restructuring
costs in the year was £64.0 million, of which £59.7 million has been expensed, as
shown in the income statement above and £4.3 million has been capitalised in line
with our accounting policy. As planned our level of strategic spend increased in
the year as we are now running multiple scale programmes concurrently as part of
the transformation. Spend primarily comprises staff (including contractor) costs
and associated professional fees, associated compliance, infrastructure and support
costs. These costs incurred in the period are in addition to the business as usual,
or underlying, costs of the business.

As set out in our interim results, we have recognised an impairment charge of £14.4
million against intangible assets previously capitalised in the first half of the
year.

£5.4 million has been incurred in the period in relation to the reset of the Executive
Leadership and the Digital Leadership teams.

**Profit and earnings**

During the year, £30.2 million of Finance Income resulted from a higher level of
corporate cash combined with more stable interest rates throughout the full year.
Finance costs comprise the undrawn cost of the Group’s Revolving Credit Facility
and the interest incurred on the Group’s leases.

On an underlying basis, profit before tax increased by 4% to £456.0 million (2023:
£438.8m). On a statutory basis profit before tax decreased by 2% to £396.3 million(
2023: £402.7m).

**Tax**

The effective tax rate for the period was 26.0% (2023: 19.7%). This is due to the
increase in the corporation tax rate in April 2023, which has now been in place 
for a full year.

The Group’s tax strategy is published on our website at http://www.hl.co.uk

**Earnings per share**

|  | **Year ended****30 June 2024**** £m** | Year ended30 June 2023 £m | 
| Operating profit | **366.7** | 384.4 | 
| Finance and other income | **30.2** | 19.0 | 
| Finance costs | **(0.6)** | (0.7) | 
| Profit before tax | **396.3** | 402.7 | 
| Tax | **(103.1)** | (79.0) | 
| Profit after tax | **293.2** | 323.7 | 
|  | ** ** |  | 
| Underlying profit before tax* | **456.0** | 438.8 | 
| Tax on underlying profit* | **(118.5)** | (86.1) | 
| Underlying profit after tax* | **337.5** | 352.7 | 
| Weighted average number of shares for the calculation of diluted EPS | **475.2** | 474.9 | 
| Diluted EPS (pence per share) | **61.7** | 68.2 | 
| Underlying diluted EPS (pence per share)* | **71.0** | 74.3 |

* Underlying profit before tax, Tax on underlying profit before tax, Underlying 
profit after tax and Underlying diluted EPS for the period exclude £39.9 million
of strategic investment costs, intangible impairment of £14.4 million and restructuring
costs of £5.4 million. See the Glossary of Alternative Performance Measures on page
27 for the full definition.

Diluted EPS decreased by 10% from 68.2 pence to 61.7 pence, this highlights the 
impact of the increase in the tax rate that has been in effect for the full year.
The Group’s basic EPS was 61.9 pence, compared with 68.3 pence in 2023.

Underlying diluted EPS decreased by 4% from 74.3 pence to 71.0 pence. (See Glossary
of Alternative Performance Measures on page 27 for the full definition). The Group’s
underlying basic EPS was 71.2 pence, compared with 74.4 pence in 2023.

Capital and liquidity management

Hargreaves Lansdown looks to create long-term value for shareholders by balancing
delivery of profit growth, capital appreciation and an attractive dividend stream
to shareholders with the need to invest in the business to maintain a broad savings
and investment offering and high service standards for our clients.

The Group seeks to maintain a strong net cash position and a robust balance sheet
with sufficient capital and liquidity to fund ongoing trading and future growth.
The Group’s net cash position at 30 June 2024 was £636.6 million (2023: £503.3m).
Cash generated from operations more than offset the payments of the 2023 final ordinary
dividend and the 2024 interim dividend. This includes cash on longer-term deposit
and is before funding the 2024 final dividend of £142.2 million.

The Group has a Revolving Credit Facility agreement with Barclays Bank to provide
access to a further £75 million of liquidity. This is undrawn and was put in place
to further strengthen the Group’s liquidity position and increase our cash management
flexibility. The Group also funds a share purchase programme to manage the impact
of dilution from operating our share-based compensation schemes.

The healthy net cash position provides both a source of competitive advantage and
support to our client offering. It provides security to our clients and allows us
to provide them with an excellent service, for example through using available liquidity
to allow same day switching between products that have mismatched settlement dates.

**Capital**

As set out in our Interim results for the six months ended 31 December 2023, the
Board has reviewed and agreed the capital management framework for HL. This framework
takes into account, in priority order, appropriate levels of capital above the Regulatory
Requirement, the level of organic investment required to support the business plans
for growth and efficiency, and the importance of delivering sustainable and attractive
shareholder returns.

The framework comprises four elements in priority order:

1.        Maintaining a Robust Balance Sheet

Our priority continues to be maintaining robust financial health; holding a management
buffer above the regulatory minimum to support the businesses’ regulatory capital
and liquidity requirements. The FCA’s Investment Firm Prudential Regime (IFPR) applies
to the Group and HL completes this assessment through the Group Internal Capital
Adequacy and Risk Assessment (ICARA) processes. The Regulatory Requirement is driven
by factors set out in the ICARA framework with the main drivers of material movement
being the level of AUA managed by HL and our internal assessment of the level of
risk presented within the business.

2.        Investing for Growth and Efficiency

We will deploy capital for investment in the business to maintain and enhance our
platform capabilities through investment in people capability, technology and innovation.
Where appropriate, the Board may choose to selectively deploy capital for inorganic
growth to accelerate delivery of the strategy.

3.        Ordinary Dividend Policy

Recognising the importance of shareholder returns, cash distributions to shareholders
will be primarily driven through our progressive ordinary dividend. We will continue
to give specific dividend guidance on an annual basis whilst we are investing in
the business through the Strategic Spend programme through to FY26.

4.        Other Capital Returns

Where the Board assesses there to be surplus capital available for distribution 
after the above considerations have been taken into account, this will be returned
to shareholders as part of our full year annual cycle over time. The specific mechanism
for a return of surplus capital will be determined should an additional return be
deemed appropriate.

|  | **Year ended****30 June 2024****£m** | Year ended30 June 2023£m | 
| Shareholder funds | **815.1** | 709.7 | 
| Less: goodwill, intangibles and other deductions | **(42.0)** | (54.7) | 
| Tangible capital | **773.1** | 655.0 | 
| Less: provision for dividend | **(142.2)** | (136.6) | 
| Qualifying regulatory capital | **630.9** | 518.4 | 
| Less: estimated capital requirement | **(282.2)** | (248.3) | 
| Capital held above regulatory minimum before management buffer | **348.7** | 270.1 |

Total attributable shareholders’ equity, as at 30 June 2024, made up of share capital,
share premium, retained earnings and other reserves increased to £815.1 million (
2023: £709.7m) due to profit in the year exceeding the dividends paid.

HL plc has four subsidiary companies authorised and regulated by the FCA. The FCA’s
Investment Firm Prudential Regime (IFPR) applies to the Group and HL completes this
assessment through the Group Internal Capital Adequacy and Risk Assessment (ICARA)
processes. Our assessment of HL’s capital requirements takes account of the regulatory
requirements.

Consistent with the IFPR requirements, HLAM is specifically required to disclose
regulatory capital information; this is available on the Group’s website at [https://www.hl.co.uk/investor-relations](https://www.hl.co.uk/investor-relations).

**Dividend (pence per share)**

|  | **2024** | 2023 | 
| Interim dividend paid | **13.20p** | 12.70p | 
| Final dividend proposed | **30.00p** | 28.80p | 
| Total dividend | **43.20p** | 41.50p |

In line with guidance, the Board has proposed an increased dividend of 30.0 pence
per share (2023: 28.8 pence per share) payable on 1 November 2024 to shareholders
on the register on 4 October 2024. This takes the total ordinary dividend per share
for the year to 43.2p (2023: 41.5p).

**Amy Stirling**

Chief Financial Officer

9 August 2024

**SECTION 1: RESULTS FOR THE YEAR**

**Consolidated Income Statement for the year ended 30 June 2024**

|  |  |  | ** ** |  | 
|  |  |  | **Year ended****30 June 2024****(unaudited)** | Year ended30 June 2023 | 
|  | Note |  | **£m** | £m | 
| **Revenue** |  |  | **764.9** | 735.1 | 
| Operating costs | 1.3 |  | **(398.2)** | (350.7) | 
|  |  |  | ** ** |  | 
| **Operating profit** |  |  | **366.7** | 384.4 | 
| Finance and other income | 1.5 |  | **30.2** | 19.0 | 
| Finance costs | 1.6 |  | **(0.6)** | (0.7) | 
|  |  |  | ** ** |  | 
| **Profit before tax** |  |  | **396.3** | 402.7 | 
| Tax | 1.7 |  | **(103.1)** | (79.0) | 
|  |  |  | ** ** |  | 
| **Profit for the financial year** |  |  | **293.2** | 323.7 | 
|  |  |  | ** ** |  | 
| **Attributable to:** |  |  | ** ** |  | 
| Owners of the parent |  |  | **293.2** | 323.8 | 
| Non-controlling interest |  |  | **–** | (0.1) | 
|  |  |  | ** ** |  | 
|  |  |  | **293.2** | 323.7 | 
|  |  |  | ** ** |  | 
| **Earnings per share**  |  |  | ** ** |  | 
| Basic earnings per share (pence) | 1.8 |  | **61.9** | 68.3 | 
| Diluted earnings per share (pence) | 1.8 |  | **61.7** | 68.2 | 
|  |  |  | ** ** |  | 
|  |  |  |  |  |  |  |  |

The results relate entirely to continuing operations.

**Consolidated Statement of Comprehensive Income for the year ended 30 June 2024**

| ** **** ** | ** ** | 
| ** ** | **Year ended****30 June 2024** **(Unaudited)** | Year ended30 June 2023 | 
| ** ** | **£m** | **£m** | 
| **Profit for the financial year** | **293.2** | 323.7 | 
| ** ** | ** ** |  | 
| **Total comprehensive income for the financial year** | **293.2** | 323.7 | 
| ** ** | ** ** |  | 
| **Attributable to:** | ** ** |  | 
| Owners of the parent | **293.2** | 323.8 | 
| Non-controlling interest | **–** | (0.1) | 
| ** ** | ** ** |  | 
| ** ** | **293.2** | 323.7 |

The results relate entirely to continuing operations.

**1.1  Revenue**

Revenue represents fees receivable from financial services provided to clients, 
net interest income on client money and management fees charged to clients. It relates
to services provided in the UK and is stated net of value added tax.

|  | **Year ended****30 June 2024****(Unaudited)** | RestatedYear ended30 June 2023 | 
|  | **£m** | £m | 
| **Revenue:** | ** ** |  | 
| **Ongoing revenue** |  |  | 
| Platform fees* | **278.4** | 268.4 | 
| Fund management fees | **53.2** | 54.3 | 
| Ongoing advice charges | **7.1** | 7.4 | 
| Active Savings revenue | **19.9** | 8.7 | 
| Net interest income | **260.7** | 268.7 | 
| Renewal commission | **3.2** | 3.0 | 
| **Transactional revenue** | ** ** |  | 
| Fees on stockbroking transactions | **133.9** | 116.9 | 
| Initial advice charges | **4.5** | 4.7 | 
| Other transactional income* | **4.0** | 3.0 | 
| **_ _** | ** ** |  | 
| Total Revenue | **764.9** | 735.1 | 
|  | ** ** |  |

^(* For the year ended 30 June 2023, we had previously offset £2.1m in relation 
to discounts provided to clients on platform fees against other transactional income.
These are now considered to be more appropriately classified against platform fees,
as the discounts only relate to platform fees.)

**1.2  Segmental reporting**

Under IFRS 8, operating segments are required to be determined based upon the way
the Group generates revenue and incurs expenses and the primary way in which the
Chief Operating Decision Maker (CODM) is provided with financial information. In
the case of the Group, the CODM is considered to be the Executive Committee.

It is the view of the Board and of the Executive Committee that there is only one
segment, being the direct wealth management service administering investments in
ISA, SIPP and Fund & Share accounts, and providing cash management services for 
individuals and corporates in the United Kingdom. Given that only one segment exists,
no additional information is presented in relation to it, as it is disclosed throughout
these financial statements.

The Group does not rely on any individual customer and so no additional customer
information is reported.

**1.3  Operating costs**

| Operating profit has been arrived at after charging: | **Year ended****30 June 2024****(****Unaudited)** | Year ended30 June 2023 | 
|  | **£m** | £m | 
|  | ** ** |  | 
| Depreciation of owned plant and equipment and right-of-use assets | **8.3** | 8.5 | 
| Amortisation of other intangible assets  | **6.3** | 6.8 | 
| Impairment of intangible assets | **14.4** | – | 
| Operating lease rentals payable – property | **–** | – | 
| FSCS costs | **5.0** | 6.1 | 
| Activity costs | ** ** |  | 
| –           Marketing costs | **26.2** | 20.7 | 
| –           Dealing & financial services costs | **27.4** | 23.4 | 
| Technology costs | **48.9** | 40.4 | 
| Support costs | ** ** |  | 
| –           Legal and professional costs | **34.0** | 40.9 | 
| –           Office running costs | **6.4** | 8.4 | 
| –           Other operating costs | **18.3** | 16.2 | 
| Staff (including contractors) costs (note 1.4) | **203.0** | 179.3 | 
| Operating costs | **398.2** | 350.7 |

**1.4  Staff costs**

| ** **  | **Year ended****30 June 2024****(****Unaudited)** | Year ended30 June 2023 | 
| **The average monthly number of employees of the Group (including executive Directors and contractors) was:** | **No.** | No. | 
| Operating and support functions | **1,668** | 1,558 | 
| Administrative functions | **879** | 661 | 
|  | ** ** |  | 
|  | **2,547** | 2,219 | 
|  | ** ** |  | 
| **Their aggregate remuneration comprised:** | **£m** | £m | 
| Wages and salaries | **163.0** | 149.9 | 
| Social security costs | **17.2** | 14.4 | 
| Share-based payment expenses | **9.2** | 8.2 | 
| Other pension costs | **21.1** | 16.0 | 
| Total costs paid for staffing | **210.5** | 188.5 | 
| Capitalised in the year | **(7.5)** | (9.2) | 
|  | ** ** |  | 
| Staff (including contractors) costs as a deduction to operating profit | **203.0** | 179.3 |

Included in the above figures are 86 (2023: 143) contractors with a total cost of
£14.3 million (2023: £17.7m).

**1.5  Finance and other income**

|  | **Year ended****30 June 2024****(****Unaudited)** | Year ended30 June 2023 | 
|  | **£m** | £m | 
| Interest on bank deposits | **29.9** | 15.8 | 
| Other income | **0.3** | 3.2 | 
|  | ** ** |  | 
|  | **30.2** | 19.0 | 
|  | ** ** |  | 
|  |  |  |  |  |

**1.6  Finance costs**

|  | **Year ended**** 30 June 2024** | Year ended30 June 2023 | 
|  | **£m** | £m | 
| Commitment fees | **0.3** | 0.3 | 
| Interest incurred on lease payables | **0.3** | 0.4 | 
|  | ** ** |  | 
| Finance costs | **0.6** | 0.7 | 
|  | ** ** |  |

**1.7  Tax**

|  | **Year ended****30 June 2024****(****Unaudited)** | Year ended30 June 2023 | 
|  | **£m** | £m | 
| Current tax: on profits for the year | **103.1** | 80.0 | 
| Current tax: adjustments in respect of prior years | **(2.9)** | (0.2) | 
| Deferred tax (note 2.3) | **(1.0)** | (0.8) | 
| Deferred tax: adjustments in respect of prior years (note 2.3) | **3.9**** ** | –  | 
|  | **103.1** | 79.0 | 
|  | ** ** |  |

Corporation tax is calculated at 25% of the estimated assessable profit for the 
year to 30 June 2024 (2023: 20.5%).

In addition to the amount charged to the Consolidated Income Statement, certain 
tax amounts have been charged or (credited) directly to equity as follows:

|  | **Year ended****30 June 2024 (****Unaudited)** | Year ended30 June 2023 | 
|  | **£m** | £m | 
| Deferred tax relating to share-based payments | **2.0** | (0.2) | 
| Current tax relating to share-based payments | **(0.1)** | (0.1) | 
|  | **1.9** | (0.3) |

**Factors affecting tax charge for the year**

It is expected that the ongoing effective tax rate will remain at a rate approximating
to the standard UK corporation tax rate in the medium term, except for the impact
of deferred tax arising from the timing of exercising of share options which is 
not under our control. The Group’s taxable profits for this accounting year are 
taxed at 25%. Deferred tax has been recognized at 25% as that is the rate expected
to be in force at the time of the reversal of the temporary difference.

**Factors affecting future tax charge**

Any increase or decrease to the share price of Hargreaves Lansdown plc will impact
the amount of tax deduction available in future years on the value of shares acquired
by staff under share incentive schemes.

The charge for the year can be reconciled to the profit per the Income Statement
as follows:

|  | **Year ended****30 June 2024 (****Unaudited)** | Year ended30 June 2023 | 
|  | **£m** | £m | 
| Profit before tax | **396.3** | 402.7 | 
| Tax at the standard UK corporate tax rate of 25.0% (2023: 20.5%) | **99.1** | 82.6 | 
| Non-taxable income | **  –** | (5.7) | 
| Items not allowable for tax | **3.0** | 2.3 | 
| Additional deduction for tax purposes | **–** | (0.2) | 
| Adjustments in respect of prior years | **1.0** | 0.1 | 
| Foreign tax suffered | **–** | 0.1 | 
| Impact of the change in tax rate | **–** | (0.2) | 
| Tax expense for the year | **103.1** | 79.0 | 
|  |  |  | 
| Effective tax rate | **26.0%** | 19.7% |

The additional deduction for tax purposes only arises from enhanced capital allowances
available from the super deduction on qualifying plant and machinery purchased within
the financial year ended 30 June 2024.

**1.8  Earnings per share (EPS)**

Basic earnings per share is calculated by dividing the profit attributable to equity
holders of the Company by the weighted average number of ordinary shares in free
issue during the year, including ordinary shares held in the Hargreaves Lansdown
Employee Benefit Trust (EBT) and Hargreaves Lansdown SIP Trust (SIP) reserve which
have vested unconditionally with employees.

Diluted earnings per share is calculated adjusting the weighted average number of
ordinary shares outstanding to assume conversion of all potentially dilutive ordinary
shares.

The weighted average number of anti-dilutive share options and awards excluded from
the calculation of diluted earnings per share was 640,804 at 30 June 2024 (2023:
1,285,599).

|  | **Year ended****30 June 2024 (****Unaudited)** | Year ended30 June 2023 | 
|  | **£m** | £m | 
| **Earnings** | ** ** |  | 
| Earnings for the purposes of basic and diluted EPS – net profit attributable to equity holders of the parent company | **293.2** | 323.8 | 
|  | ** ** |  | 
|  | ** ** |  | 
| **Number of shares** | ** ** |  | 
| Weighted average number of ordinary shares | **474,318,625** | 474,318,625 | 
| Weighted average number of shares held by HL EBT and SIP | **(454,269)** | (242,404) | 
| Weighted average number of shares held by HL EBT and SIP that have vested unconditionally with employees | **150,645** | 89,116 | 
| **Weighted average number of ordinary shares for the purposes of basic EPS** | **474,015,001** | **474,165,337** | 
| Weighted average number of dilutive share options held by HL EBT and SIP that have not vested unconditionally with employees | **1,220,895** | 686,256 | 
| **Weighted average number of ordinary shares for the purposes of diluted EPS** | **475,235,895** | 474,851,593 | 
|  | ** ** |  | 
|  | ** ** |  | 
| **Earnings per share** | **Pence** | Pence | 
| Basic EPS | **61.9** | 68.3 | 
| Diluted EPS | **61.7** | 68.2 |

**SECTION 2: ASSETS & LIABILITIES**

**Consolidated Statement of Financial Position as at 30 June 2024**

| ** ** |  | ** ** |  | **Year ended****30 June 2024 (****Unaudited)** |  Year ended 30 June 2023 | 
| ** ** |  | Note |  | **£m** | £m | 
| **ASSETS** |  | ** ** |  | ** ** |  | 
| **Non-current assets** |  | ** ** |  |  |  | 
| Goodwill |  |  |  | **1.3** | 1.3 | 
| Other intangible assets |  |  |  | **39.3** | 50.4 | 
| Property, plant and equipment |  |  |  | **12.5** | 17.4 | 
| Deferred tax |  | 2.3 |  | **0.5** | 2.6 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | **53.6** | 71.7 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **Current assets** |  | ** ** |  | ** ** |  | 
| Investments |  | ** ** |  | **1.2** | 0.5 | 
| Trade and other receivables |  | 2.1 |  | **824.6** | 836.9 | 
| Cash and cash equivalents |  | 2.2 |  | **616.6** | 373.3 | 
| Current tax assets |  |  |  | **3.2** | 3.4 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | **1,445.6** | 1,214.1 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **Total assets** |  | ** ** | ** ** | **1,499.2** | 1,285.8 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **LIABILITIES** |  | ** ** |  | ** ** |  | 
| **Current liabilities** |  | ** ** |  |  |  | 
| Trade and other payables |  | 2.4 |  | **671.9** | 565.5 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | **671.9** | 565.5 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **Net current assets** |  | ** ** |  | **773.7** | 648.6 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **Non-current liabilities** |  | ** ** |  | ** ** |  | 
| Provisions |  |  |  | **8.0** | 3.0 | 
| Non-current lease liabilities |  | 2.5 |  | **4.2** | 7.6 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **Total liabilities** |  | ** ** |  | **684.1** | 576.1 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **Net assets** |  | ** ** |  | **815.1** | 709.7 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **EQUITY** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| Share capital |  | 3.1 |  | **1.9** | 1.9 | 
| Shares held by EBT |  | ** ** |  | **   (1.4)** | (6.4) | 
| EBT reserve |  | ** ** |  | **2.9** | (1.0) | 
| Retained earnings |  | ** ** |  | **811.7** | 715.2 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **Total equity, attributable to the owners of the parent ** |  | ** ** |  | **815.1** | 709.7 | 
| ** ** |  | ** ** |  | ** ** |  | 
| Non-controlling interest |  | ** ** |  | **–** | – | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
| **Total equity** |  | ** ** |  | **815.1** | 709.7 | 
| ** ** |  | ** ** |  | ** ** |  | 
| ** ** |  | ** ** |  | ** ** |  | 
|  |  | ** ** |  | ** ** |  |

**2.1  Trade and other receivables**

|  | ** ** |  | **Year ended****30 June 2024 (****Unaudited)** | Year ended30 June 2023 | 
|  | ** ** |  | **£m** | £m | 
| **Financial assets** |  |  | ** ** |  | 
| Trade receivables | ** ** |  | **619.2** | 510.3 | 
| Term deposits | ** ** |  | **20.0** | 130.0 | 
| Accrued income | ** ** |  | **158.5** | 169.0 | 
| Other receivables | ** ** |  | **8.4** | 7.6 | 
|  | ** ** |  | **806.1** | 816.9 | 
| **Non-financial assets** | ** ** |  | ** ** |  | 
| Prepayments | ** ** |  | **18.5** | 20.0 | 
|  | ** ** |  | **824.6** | 836.9 |

In accordance with market practice, certain balances with clients, Stock Exchange
member firms and other counterparties totalling £595.2 million (2023: £486.0m) are
included in trade receivables. These balances are presented net where there is a
legal right of offset and the ability and intention to settle net. The gross amount
of trade receivables is £747.2 million (2023: £659.7m) and the gross amount offset
in the Statement of Financial Position with trade payables is £169.7 million (2023:
£186.6m). Other than counterparty balances, trade receivables primarily consist 
of fees and amounts owed by clients and renewal commission owed by fund management
groups. There are no balances where there is a legal right of offset but not a right
of offset in accordance with accounting standards, and no collateral has been posted
for the balances that have been offset.

Given the short-term nature of the Group’s receivables and the expectation of the
Group in relation to its counterparties, there has been no material expected credit
loss recognised in the period.

The Group does not have any contract assets in respect of its revenue contracts 
with customers (2023: £nil).

**2.2  Cash and cash equivalents**

| ** ** | ** ** |  | **Year ended****30 June 2024 (****Unaudited)** | Year ended30 June 2023 | 
|  | ** ** |  | **£m** | £m | 
| **Cash and cash equivalents** | ** ** |  | ** ** |  | 
| Group cash and cash equivalent balances | ** ** |  | **616.3** | 368.0 | 
| Restricted cash – balances held by HL EBT | ** ** |  | **0.3** | 5.3 | 
|  | ** ** |  | **616.6** | 373.3 |

At 30 June 2024, segregated deposit amounts held by the Group on behalf of clients
in accordance with the client money rules of the Financial Conduct Authority amounted
to £6,517 million (2023: £7,214m). In addition, there were pension trust and Active
Savings cash accounts held on behalf of clients not governed by the client money
rules of £6,322 million (2023: £6,224m). The client retains the ownership in both
these deposits and cash accounts, and accordingly, they are not included in the 
Statement of Financial Position of the Group.

Restricted cash balances relate to the balances held within the HL Employee Benefit
Trust. These are strictly held for the purpose of purchasing shares to satisfy options
under the Group’s share option schemes.

**2.3  Deferred tax**

Deferred tax assets/(liabilities) arise because of temporary differences only. The
following are the major deferred tax assets/(liabilities) recognised and movements
thereon during the current and prior reporting years. Deferred tax has been recognised
at 25% as that is the rate expected to be in force at the time of the reversal of
the temporary difference. A deferred tax asset in respect of future share option
deductions has been recognised based on the Company’s share price as at 30 June 
2024.

| ** ** | **Fixed assets tax relief** | **Share-based payments** | **Other deductible temporary differences** | **Total** | 
| ** ** | **£m** | **£m** | **£m** | **£m** | 
| At 1 July 2022 | (0.5) | 1.5 | 0.9 | **1.9** | 
| (Charge)/credit to income | (0.2) | 1.0 | – | **0.8** | 
| Charge to equity | – | – | (0.1) | **(0.1)** | 
|  |  |  |  | ** ** | 
| At 30 June 2023 | (0.7) | 2.5 | 0.8 | **2.6** | 
| (Charge)/credit to income | (3.0) | 0.2 | (0.1) | **  (2.9)** | 
| Credit/(Charge) to equity | – | 0.9 | (0.1) | **0.8** | 
|  |  |  |  | ** ** | 
| **At 30 June 2024** | (3.7) | 3.6 | 0.6 | **0.5** | 
|  | 
| Deferred tax expected to be recovered or settled: | 
| Within 1 year after reporting date | (1.3) | 0.5 | 0.3 | **  (0.5)** | 
| > 1 year after reporting date | (2.4) | 3.1 | 0.3 | **1.0** | 
|  | (3.7) | 3.6 | 0.6 | **0.5** |

**2.4  Trade and other payables**

| ** ** | ** ** |  | **Year ended****30 June 2024 (****Unaudited)** | Year ended30 June 2023 | 
|  | ** ** |  | **£m** | £m | 
| **Financial liabilities** | ** ** |  |  |  | 
| Trade payables | ** ** |  | **597.7** | 487.4 | 
| Current lease liabilities | ** ** |  | **4.4** | 4.6 | 
| Other payables | ** ** |  | **31.7** | 38.0 | 
|  | ** ** |  | ** ** |  | 
|  | ** ** |  | **633.8** | 530.0 | 
| **Non-financial liabilities** | ** ** |  | ** ** |  | 
| Deferred income | ** ** |  | **0.3** | 0.3 | 
| Accruals | ** ** |  | **27.0** | 26.5 | 
| Social security and other taxes | ** ** |  | **10.8** | 8.7 | 
|  | ** ** |  | ** ** |  | 
|  | ** ** |  | **671.9** | 565.5 | 
|  | ** ** |  |  |  |

In accordance with market practice, certain balances with clients, Stock Exchange
member firms and other counterparties totalling £593.4 million (2023: £483.5m) are
included in trade payables, similar to the treatment of trade receivables. As stated
in note 2.1 above, where we have a legal right of offset and the ability and intention
to settle net, trade payable balances have been presented net.

Other payables principally comprise amounts owed to staff as a bonus and rebates
due to the regulated funds operated by the Group. Accruals and deferred income principally
comprise amounts outstanding for trade purchases and receipts from clients, where
cash is received in advance for certain services.

All balances classified as deferred income in the prior year have been recognised
in revenue in the current year.

**2.5  Long-term liabilities**

| ** ** | ** ** |  | **Year ended****30 June 2024 (****Unaudited)** | Year ended30 June 2023 | 
|  | ** ** |  | **£m** | £m | 
| Lease liabilities greater than 12 months | ** ** |  | **4.2** | 7.6 |

**SECTION 3: EQUITY**

**Consolidated Statement of Changes in Equity for the year ended 30 June 2024 (Unaudited)**

|  |  |  |  |  |  |     | ** **  | 
| ** ** | ** ** |  | ** ** | 
| ** ** | **Attributable to the owners of the Parent** |  | ** ** | 
| ** ** | Share capital | Shares held by EBT | EBT reserve | Retained earnings | **Total** | Non-controllinginterest | **Total****equity** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| ** ** | £m | £m | £m | £m | **£m** | £m | **£m** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| **At 1 July 2022** | 1.9 | (3.6) | (2.4) | 579.2 | **575.1** | (1.6) | **573.5** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| **Total comprehensive income^(1)** | – | – | – | 323.8 | **323.8** | (0.1) | **323.7** | 
| **Change in ownership** | – | – | – | (1.7) | **(1.7)** | 1.7 | **–** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| **Employee Benefit Trust** |  |  |  |  | ** ** |  | ** ** | 
| Shares sold in the year | – | 2.2 | – | – | **2.2** | – | **2.2** | 
| Shares acquired in the year | – | (5.0) | – | – | **(5.0)** | – | **(5.0)** | 
| HL EBT share sale | – | – | (2.2) | – | **(2.2)** | – | **(2.2)** | 
| Reserve transfer on exercise of share options | – | – | 3.6 | (3.6) | **–** | – | **–** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| **Employee share option scheme** |  |  |  |  | ** ** |  | ** ** | 
| Share-based payments expense  (note 1.4) | – | – | – | 8.2 | **8.2** | – | **8.2** | 
| Current tax effect of share-based payments (note 1.7) | – | – | – | 0.1 | **0.1** |  | **0.1** | 
| Deferred tax effect of share-based payments (note 1.7) | – | – | – | (0.2) | **(0.2)** | – | **(0.2)** | 
| **Dividend paid (note 3.2)** | – | – | – | (190.4) | **(190.4)** | – | **(190.4)** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| **At 30 June 2023** | 1.9 | (6.4) | (1.0) | 715.2 | **709.7** | – | **709.7** | 
| **Total comprehensive income^(1)** | – | – | – | 293.2 | **293.2** | – | **293.2** | 
| **Employee Benefit Trust** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | 
| Shares sold in the year | – | 5.0 | – | – | **5.0** | – | **5.0** | 
| HL EBT share sale | – | – | (4.7) | – | **(4.7)** | – | **(4.7)** | 
| Reserve transfer on exercise of share options | – | – | 8.6 | (8.6) | **–** | – | **–** | 
|  |  |  |  |  | ** ** |  | ** ** | 
| **Employee share option scheme** |  |  |  |  | ** ** |  | ** ** | 
| Share-based payments expense (note 1.4) | – | – | – | 9.2 | **9.2** | – | **9.2** | 
| Current tax effect of share-based payments (note 1.7) | – | – | – | (0.1) | **(0.1)** | – | **(0.1)** | 
| Deferred tax effect of share-based payments (note 1.7) | – | – | – | 2.0 | **2.0** | – | **2.0** | 
|  |  |  |  |  | ** ** |  | ** ** | 
| **Dividend paid (note 3.2)** | – | – | – | (199.2) | **(199.2)** | – | **(199.2)** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| ** ** |  |  |  |  | ** ** |  | ** ** | 
| **At 30 June 2024** | 1.9 | (1.4) | 2.9 | 811.7 | **815.1** | – | **815.1** | 
| ** ** |  |  |  |  | ** ** |  | ** ** |

^(1) Total comprehensive income includes Profit for the year and the total comprehensive
income presented is equal to Profit in both years presented.

**3.1** **Share capital**

|  | **Year ended****30 June 2024****(Unaudited)** | Year ended30 June 2023 | 
|  | **£m** | £m | 
| **Authorised:** 525,000,000 (2023: 525,000,000) ordinary shares of 0.4p each | **2.1** | 2.1 | 
| **Issued and fully paid:** ordinary shares of 0.4p each | **1.9** | 1.9 | 
|  | ** ** |  | 
| ** ** | **Shares** | Shares | 
| **Issued and fully paid:** number of ordinary shares of 0.4p each | **474,318,625** | 474,318,625 | 
| ** ** | ** ** |  |

The Company has one class of ordinary shares which carry no right to fixed income.

The shares held by the EBT represents the cost of shares in Hargreaves Lansdown 
plc purchased in the market and held by the Hargreaves Lansdown EBT to satisfy options
under the Group’s share option schemes.

The EBT reserve represents the cumulative gain on disposal of investments held by
the HL EBT. The reserve is not distributable by the Company as the assets and liabilities
of the EBT are subject to management by the Trustees in accordance with the EBT 
trust deed.

**3.2** **Dividends**

Amounts recognised as distributions to equity holders in the year:

|  | **Year ended****30 June 2024****(Unaudited)** | Year ended30 June 2023 | 
|  | **£m** | £m | 
| 2023 final dividend of 28.8p (final dividend 2022: 27.44p) per share | **136.6** | 130.2 | 
| 2024 interim dividend of 13.20p (2023: 12.70p) per share | **62.6** | 60.2 | 
| Total dividends paid during the year | **199.2** | 190.4 |

After the end of the reporting period, the Directors proposed a final ordinary dividend
of 30.0p pence per share payable on 1 November 2024 to shareholders on the register
on 4 October 2024. Dividends are required to be recognised in the financial statements
when paid, and accordingly the declared dividend amounts are not recognised in these
financial statements, but will be included in the 2024 financial statements as follows:

|  | ** ** | **£m** | 
| 2024 final dividend of 30.00p (2023 final dividend: 28.80p) per share | ** ** | **142.2** | 
|  | ** ** | ** ** | 
| Total dividends | ** ** | **142.2** |

The payment of these dividends will not have any tax consequences for the Group.

Under an arrangement dated 30 June 1997 the Hargreaves Lansdown Employee Benefit
Trust, which held the following number of ordinary shares in Hargreaves Lansdown
plc at the date shown, has agreed to waive all dividends.

|  | **Year ended****30 June 2024****(Unaudited)** | Year ended30 June 2023 | 
|  | **No. of shares** | No. of shares | 
| Number of shares held by the Hargreaves Lansdown Employee Benefit Trust | **163,348** | 779,080 | 
| Representing percentage of called-up share capital | **0.03%** | 0.16% |

**SECTION 4: CONSOLIDATED STATEMENT OF CASH** **FLOWS**

**Consolidated Statement of Cash Flows for the year ended 30 June 2024**

| ** ** |  | ** ** |  | ** ** |  |  | 
| ** ** |  | ** ** |  | **Year ended****30 June 2024****(Unaudited)** |  | RestatedYear ended 30 June 2023 | 
| ** ** |  | Note |  | **£m**** ** |  | £m  | 
| ** ** |  | ** ** |  | ** ** |  |  | 
| **Net cash from operating activities** |  | ** ** |  | ** ** |  |  | 
|  |  |  |  | ** ** |  |  | 
| Profit for the year after tax |  |  |  | **293.2** | ** ** | 323.7 | 
| Adjustments for: |  |  |  | ** ** | ** ** |  | 
| Income tax expense |  | 1.7 |  | **103.1** | ** ** | 79.0 | 
| Depreciation of plant and equipment |  | 1.3 |  | **8.3** | ** ** | 8.5 | 
| Amortisation of intangible assets |  | 1.3 |  | **6.3** | ** ** | 6.8 | 
| Impairment of intangible assets |  | 1.3 |  | **14.4** | ** ** | – | 
| Interest Income* |  |  |  | **(30.2)** | ** ** | (15.8) | 
| Share-based payment expense |  | 1.4 |  | **9.2** | ** ** | 8.2 | 
| Interest on lease liabilities |  | 1.6 |  | **0.3** | ** ** | 0.4 | 
| Increase in provisions |  |  |  | **5.0** | ** ** | 0.4 | 
|  |  |  |  | ** ** | ** ** |  | 
| Operating cash flows before movements in working capital |  |  |  | **409.6** | ** ** | 411.2 | 
| Increase in receivables |  |  |  | **(97.6)** | ** ** | (203.4) | 
| Increase in payables |  |  |  | **101.4** | ** ** | 72.2 | 
|  |  |  |  |  |  |  | 
| **Cash generated from operations** |  |  |  | **413.4** |  | 280.0 | 
|  |  |  |  | ** ** |  |  | 
| Income tax paid |  | ** ** |  | **(101.4)** |  | (80.5) | 
| Interest received* |  | ** ** |  | **33.5** |  | 15.8 | 
|  |  | ** ** |  | ** ** |  |  | 
|  |  | ** ** |  | ** ** |  |  | 
| **Net cash generated from operating activities** |  | ** ** |  | **345.5** |  | 215.3 | 
|  |  | ** ** |  | ** ** |  |  | 
|  |  | ** ** |  | ** ** |  |  | 
| **Investing activities** |  | ** ** |  | ** ** |  |  | 
| Decrease/(increase) in term deposits |  | ** ** |  | **110.0** |  | (110.0) | 
| Purchase of property, plant and equipment |  | ** ** |  | **(3.4)** |  | (3.5) | 
| Cash capitalisation of intangible assets |  | ** ** |  | **(9.6)** |  | (19.2) | 
| (Purchase)/proceeds on disposal of investments |  | ** ** |  | **(0.8)** |  | 0.3 | 
|  |  | ** ** |  | ** ** |  |  | 
|  |  | ** ** |  | ** ** |  |  | 
| **Net cash generated from/(used in) investing activities** |  | ** ** |  | **96.2** |  | (132.4) | 
|  |  | ** ** |  | ** ** |  |  | 
|  |  | ** ** |  | ** ** |  |  | 
| **Financing activities** |  | ** ** |  | ** ** |  |  | 
| Purchase of own shares in EBT |  | ** ** |  | **–** |  | (5.0) | 
| Proceeds on sale of own shares in EBT |  | ** ** |  | **4.7** |  | 2.2 | 
| Payment of principal in relation to lease liabilities |  |  |  | **(3.9)** |  | (4.7) | 
| Dividends paid to owners of the parent |  | 3.2 |  | **(199.2)** |  | (190.4) | 
|  |  | ** ** |  | ** ** |  |  | 
|  |  | ** ** |  | ** ** |  |  | 
| **Net cash used in financing activities** |  | ** ** |  | **(198.4)** |  | (197.9) | 
|  |  | ** ** |  | ** ** |  |  | 
|  |  | ** ** |  | ** ** |  |  | 
| **Net increase/(decrease) in cash and cash equivalents** |  | 2.2 |  | **243.3** |  | (115.0) | 
| **Cash and cash equivalents at beginning of year** |   | 2.3 |   | **373.3** |   | 488.3 | 
|  |  | ** ** |  | ** ** |  |  | 
|  |  | ** ** |  | ** ** |  |  | 
| **Cash and cash equivalents at end of year (including****restricted cash)** |  | 2.2 |  | **616.6** |  | 373.3 | 
|  |  | ** ** |  |  |  |  | 
|  |  | ** ** |  |  |  |  |

* For the year ended 30 June 2023, interest income and interest received were not
shown separately. In the prior year there was no difference between the total income
and cash amount. The prior year presentation has been updated and as per IAS 7 now
show interest income and interest received separately on the Consolidated Statement
of Cash Flows.

**Section 5: OTHER NOTES**

**5.1** **General information**

Hargreaves Lansdown plc (the Company and ultimate parent of the Group) is a company
incorporated and domiciled in the United Kingdom under the Companies Act 2006 whose
shares are publicly traded on the London Stock Exchange. The address of the registered
office is One College Square South, Anchor Road, Bristol, BS1 5HL, United Kingdom.
The nature of the Group’s operations and its principal activities are set out in
the Operating and Financial Review.

The financial information in this preliminary announcement is presented in millions
of pounds sterling (£m) which is the currency of the primary economic environment
in which the Group operates.

**Basis of preparation**

The financial information in this preliminary announcement has been prepared in 
accordance with UK-adopted international accounting standards(“UK-adopted IAS”).
Whilst the information included in this preliminary announcement has been prepared
in accordance with UK-adopted IAS, the financial information for the years ended
30 June 2024 and 30 June 2023 does not itself contain sufficient information to 
comply with UK-adopted IAS, nor does it comprise statutory financial statements 
within the meaning of section 434 of the Companies Act 2006 or comply with the requirements
of the Companies Act 2006 as applicable to companies reporting under those standards.
The financial information is prepared on a going concern basis as discussed below.

These results do not represent the audited financial statements of the Group.

**Going concern **

The financial information in this preliminary announcement has been prepared on 
a going concern basis and in assessing this the Board has considered the Group’s
ability to continue as a going concern for at least 12 months from the date of signing
of the preliminary announcement.

The Board expects the Group to remain profitable and has no intention or expectation
of liquidating the Group or ceasing trading. In all scenarios and testing of future
cash flows, including the most extreme, the Group maintains sufficient liquidity
and capital to continue in business, within the timeframes outlined above.

**Material uncertainty in relation to going concern**

The Board has received a firm offer for the purchase of the company, subject to 
shareholder and other approvals including regulatory approval, which it intends 
to recommend to shareholders. As a result the Directors do not have certainty on
the future plans for the business, including whether the offer will be approved 
by shareholders and gain regulatory approval, the potential timing for transfer 
to the potential new owners or their future plans; including any financing arrangements.

These conditions indicate the existence of a material uncertainty which may cast
significant doubt about the Group’s and Company’s ability to continue as a going
concern. The financial information does not include the adjustments that would result
if the Group and Company were no longer considered to be or able to continue as 
a going concern.

Notwithstanding this uncertainty, the Directors are satisfied that the going concern
basis remains appropriate for the preparation of this financial information.

**5.2 Contingencies**

The Group operates in a highly regulated environment and, in the ordinary course
of business, provides information to various regulators and authorities as part 
of informal and formal requests and enquiries. In addition, the Group receives complaints
or claims in relation to its services from time to time brought by clients, investors
or other third parties. These may be notified to the Group or directly to third 
parties, such as the Financial Ombudsman Service in the case of client and investor
complaints investigated and not upheld by the Group. These include enquiries, complaints
and a threatened claim relating to the LF Equity Income Fund (formerly the Woodford
Equity Income Fund).

The Company received a letter purporting to be a pre-action letter from a law firm
in March 2021. In June 2021, the Company rejected all the claims made for lack of
a substantive basis of claim. The Company is aware that the law firm has since filed
a claim form with the court against both Link Fund Solutions Limited and Hargreaves
Lansdown Asset Management Limited (“HLAM”) for an unspecified amount in October 
2022. As at the date of issuing this preliminary announcement, the law firm has 
not yet confirmed that it has secured sufficient funding to progress the claim, 
HLAM has not been served with the claim form and no timetable has been set for the
conduct of any claim.

All such matters are periodically reassessed, with the assistance of external professional
advisers where appropriate, to determine the likelihood of the Group incurring a
liability. There are inherent uncertainties in the outcome of such matters and it
is not practicable to reliably estimate the financial impact, if any, on the Group’s
results or net assets at the period end.

These matters have been re-assessed throughout the financial year and the above 
statement is accurate as at the reporting date and up to the date of issue of this
announcement.

**5.3** **Non-statutory accounts**

The consolidated financial information as noted in this document does not constitute
the Group’s statutory financial statements for the years ended 30 June 2024. Accordingly,
the financial information for the year ended 30 June 2024 is presented unaudited
in the preliminary announcement. Please see note 5.1 in relation to the basis of
preparation – it is anticipated that the Auditors’ report will be modified to include
an emphasis of matter paragraph in respect of the material uncertainty around the
Group and Company’s ability to continue as a going concern.

The information contained within this preliminary announcement in respect of the
year ended 30 June 2023 does not constitute the statutory accounts as delivered 
to the Registrar of Companies, but is derived from them. A copy of the statutory
accounts for that year has been delivered to the Registrar of Companies. The Auditors’
report thereon was (i) unqualified, (ii) did not include a reference to any matters
to which the auditors drew attention by way of emphasis without qualifying their
report and (iii) did not contain a statement under section 498 of the Companies 
Act 2006.

**5.4** **Subsequent events**

Please refer to the CEO Statement paragraph on page 1 and Note 3.2 of this announcement
for details of events that have taken place after the reporting date.

**Section 6: Directors**

**Executive Directors**

Dan Olley

Amy Stirling

**Non-Executive Directors**

Andrea Blance

Adrian Collins

Penny James

Moni Mannings

Michael Morley

Alison Platt

Darren Pope

John Troiano

**Section 7: PRINCIPAL RISKS AND UNCERTAINTIES**

Managing the risks to Hargreaves Lansdown is fundamental to delivering the incredible
levels of service our clients expect and generating returns for shareholders. The
Board has performed a robust assessment of the principal risks facing the Group 
through a process of continual review, including those that would threaten its business
model, future performance, solvency and liquidity. In making such an assessment 
the Board considers the likelihood of each risk materialising in the short and longer
term.

The principal risks and uncertainties faced by the Group are detailed below.

| **Risk** | **Associated Business Risk** | 
| Geopolitical instability | Business environment | 
| Macroeconomic deterioration | Business environment;Strategic execution; Capital adequacy | 
| Capital and liquidity strength | Capital adequacy; Corporateliquidity; Regulatory compliance | 
| Cyber security | Information security;Technology; Operational resilience; Datamanagement; Regulatory compliance | 
| Technology failure | Information security;Technology; Operational resilience | 
| Change delivery | Strategic execution;Change delivery; Regulatory compliance;Administration; Conduct | 
| Data management | Data management; Informationsecurity; Regulatory compliance | 
| Climate change | Environmental, Social andGovernance (ESG) | 
| Administration processes | Administration; Outsourcing,procurement & supplier management;Employee relations | 
| Regulatory and political instability | Regulatory compliance |

[1] a newly formed company to be indirectly owned by CVC Private Equity Funds, Nordic
Capital XI Delta, SCSp (acting through its general partner, Nordic Capital XI Delta
GP SARL) and Platinum Ivy B 2018 RSC Limited

[2] The financial terms of the Offer are final and will not be increased or improved,
except that BidCo reserves the right to increase and improve the financial terms
of the Offer if there is an announcement of an offer or a possible offer for HL 
by a third-party offeror or potential offeror

[3]Comprising HL’s full Board excluding Peter Hargreaves’ shareholder representative,
Adrian Collins, who is a non-independent non-executive director.

Share on: