• Revenue declined 8% to £583 million from £631 million a year ago.
• Profit before tax tumbled 26% to £269.2 million
• Its share price surged 4.38% on Friday.

Hargreaves Lansdown reported its final results for the year ended 30 June, which saw both revenue and profits tumble.

The investment platform saw a fall in assets under management to £123.8 billion as investors became more cautious amid Britain’s inflation issues. The company expects uncertain economic conditions to continue for the full year.

I hope they’re wrong on that one.

Furthermore, revenue declined 8% to £583 million from £631 million a year ago. Meanwhile, its profit before tax tumbled 26% to £269.2 million.

In addition, the company reported 1,737,000 active clients, which was an increase of 92,000 in the year.

“Against a macroeconomic and geopolitical climate not seen in a generation with subdued flows and lower activity across wealth management, we have delivered £5.5 billion of net new business through the year and the quality of our service attracted a further 92,000 net new clients,” said CEO Chris Hill.

Finally, the wealth management firm is optimistic on outlook. Hargreaves Lansdown expects a revenue margin of between 44 and 47 basis points for FY23. Meanwhile, shareholders can expect 3% ordinary dividend growth for the coming year.

Hargreaves Lansdown shares have grown a significant 4.43% following its results. Not bad for a Friday.