Hargreaves Lansdown has reported pre-tax profits of £86.3 million in its preliminary results for the year ended 30 June 2009.

Profits increased by 18 per cent from the £73.1 million reported during the prior-year period.

The Bristol-based financial services firm reported that assets under administration grew by 47 per cent to £17.5 billion, up from £11.9 billion year-on-year.

The firm also reported a surge in new clients to its Vantage platform, rocketing to 330,000 from the 48,000 reported during the previous financial year.

Outgoing chief executive Peter Hargreaves said although a rise in stock markets had helped deliver strong performance, it had experienced strong organic growth.

He said, 'Even though we continue to face economic uncertainty, I believe that the company is extremely well placed to build on the momentum that has been generated so far.

'In doing so we will continue to deliver the excellent service that our clients want, which in turn will help maintain profitable growth and generate value for our shareholders.'
 
Hargreaves said the firm was 'ahead of the game' in its preparation for the implementation of retail distribution review proposals that were 'paralysing the rest of the financial services industry'.