UK investment firm lifts profits despite upheaval

British investment management firm Hargreaves Lansdown today shrugged off the turmoil in global markets to post a 58% rise in profits.

The Bristol-based firm’s interim underlying profits for the six months to December 31 – a period which encompassed the impact of last summer’s credit crunch – increased to £27.2m (€36.5m).

Chief executive Peter Hargreaves said he was “delighted” at the growth in revenues and profits during the financial upheaval.

He added: “Although the current conditions are not ideal, this is an opportunity for us to improve our market share and build for the future.”

The company, which floated in May last year, manages £10.9bn (€14.6bn) in funds on behalf of around 350,000 clients.