Hargreaves Lansdown co-founder Stephen Lansdown quits amidst rising profits

Written on:September 5, 2012
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Hargreaves Lansdown posts profits despite prevailing recessionary conditions

Investment services provider Hargreaves Lansdown co-founder Stephen Lansdown has decided to quit from the company’s board at the annual general meeting to be held on November 23, while the company posted 15% increase in revenues to £238.7 million in its preliminary results ending June 30, 2012.

Stephen Lansdown said, “I believe this is the right time for me to step down. The group continues to perform strongly and I have every confidence in the strong management team and the well diversified board to look after my interests in the group. I will of course remain in close touch as a major shareholder.”

Stephen Lansdown founded the company along with Peter Hargreaves in 1981 and was chairman of the group before becoming a non-executive director in 2010.

The company defied the recessionary gloom and posted a 21% increase in profit before tax to £152.8 million and a 15% increase in revenue to £238.7 million, in its preliminary results ending June 30, 2012. Hargreaves Lansdown reported 7% increase in total assets under administration at £26.3 billion.

Following Lansdown’s decision to step down, Peter Hargreaves, Lansdown’s partner said that he wishes to continue in his role. “I’m 66, I haven’t got the energy I had. I suppose I’m looking to wind down [but] I don’t know how long it will take me. I have a couple of interesting roles here which I enjoy. Whilst I’m still wanted in the roles, I will carry on. And while I still enjoy it, [which] I do”, he said.

Hargreaves Lansdown has declared a final dividend of 10.65p per share along with a special payout of 6.84p per share. The payments will be made on 28 September 28 to shareholders of record on September 14.

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