Hargreaves Lansdown’s revenues rose 15% to £104.1m as of September 30 from a year earlier

Hargreaves Lansdown, the online funds supermarket, has signed up 30,000 new customers in the past three months to close the quarter just shy of 1m active clients.

Revenues at the FTSE 100 broker rose 15 per cent to £104.1m as of September 30 compared with the same time last year. Assets under administration ticked up 4 per cent over the three months from 30 June.

Total funds stood at £82bn as of September 30, compared with £67.6bn at the same point in 2016. Hargreaves reported it now had 983,000 active customers.

Chris Hill, chief executive of Hargreaves, described the results as a “solid start to the new financial year for net new business and revenue”.

He added: “We continue to place clients at the centre of what we do, and our relentless focus on the level of service that we provide is enabling both existing and new clients to save and invest with confidence.”

£1.54bn

Net new business over the past 3 months

Hargreaves has also benefited from operational issues with rival platforms. Customers at Smart Investor, Barclays’ DIY investment platform, have been hit by a series of IT problems and delayed dividend payments.

Overall, Hargreaves took £1.54bn in net new business over the three-month period.

Later this year, the broker is set to launch Hargreaves Lansdown Savings in an attempt to tap into the £1.3tn savings market.

“The market is huge and generally clients are not serviced very well,” said Mr Hill. “There is great appeal here for clients in the short term, and we hope to get the new service up and running as quickly as we can.”

However, many in the industry are still betting against the company’s share price. Markit has reported that the broker is one of the most heavily shorted shares on the UK’s main stock market. Stephen Lansdown, co-founder of the group with Peter Hargreaves, sold £188m of shares at the end of September.

“People are taking a view on the market and wondering whether we are at the top of the cycle and whether we will get a leg down,” said Justin Bates, analyst at Liberum. “People are essentially betting against the market and [shorting Hargreaves] is a way to play it in a geared way.”

Mr Bates added that the online funds supermarket had also benefited from positive fund inflows across the industry as stock markets around the world reached record highs.

Hargreaves said it did not comment on movements in its share price.

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