Hargreaves Lansdown HL. Annual Financial Report

  Hargreaves Lansdown (HL.) - Annual Financial Report

RNS Number : 3684P
Hargreaves Lansdown PLC
24 October 2012

Hargreaves Lansdown plc

Annual Financial Report For The Year Ended 30 June 2012


The company has now approved its Annual Report and Accounts for 2012.

This Annual Financial Report announcement contains the information required to
comply with the Disclosure and Transparency Rules, and extracts of the
Directors' Report forming part of the full financial statements.

The financial information set out below does not constitute the Company's
statutory accounts for the year ended 30 June 2012. The Annual Report and
Accounts will be available from 24 October 2012 on the Company's website
www.hl.co.uk/investor-relations. Copies of the audited financial statements
are also available from the registered office at One College Square South,
Anchor Road, Bristol, BS1 5HL.

A copy of the Company's statutory accounts for the year ended 30 June 2012 has
been submitted to the National Storage Mechanism and will shortly be available
for inspection at www.hemscott.com/nsm.do.


Extract from Chief Executive's Review

We present our results for the year ended 30 June 2012. In summary Hargreaves
Lansdown has  again delivered  good growth,  with record  revenues (+15%)  and 
operating profits (+21%). In addition new, innovative services have furthered
growth in assets and client numbers.

We remain committed to an asset  gathering strategy. Our motivated staff  and 
strong business  model  deliver value,  efficiency  and excellent  service  to 
retail investors. 95%  of clients  rate our services  as good,  very good  or 
excellent, and  client  recommendation  remains  one of  the  key  sources  of 
recruiting new clients.

We are focused on our clients and  three areas of major potential growth:  the 
private and  occupational pensions  market;  our investment  supermarket;  and 
digital media and the  internet. Within this framework  we have invested  and 
continue to invest in a wide portfolio of new initiatives.

Review of the economic background

Last year's report commented that the political environment was turbulent  and 
uncertain and noted that much of Western society was heavily indebted, both at
a sovereign and personal level. These statements remain equally valid for the
year under review, indicative  of the fact we  are in a drawn-out  recession. 
Concerns about  the economy,  the future  of  the euro  and debt  exposure  of 
countries, banks and individuals are consistent themes.

In our previous financial year to 30  June 2011 we benefited from a 21%  stock 
market rise. This year, the succour  of a stock market rise disappeared,  with 
the FTSE All Share reversing by 7% in the year to 30 June 2012, leaving it  at 
our year-end at the level it achieved 14 years ago in February 1998.

All in all  it is  not surprising that  the general  retail investment  market 
fared badly. The  Investment Management  Association (IMA)  net retail  sales 
figures for funds showed a fall of 58%  for the year to 30 June 2012  compared 
to the comparative period last year.

As investor confidence  is heavily  influenced by stock  market momentum,  our 
continued strong growth  is a  testament to the  diligence of  our company  in 
focusing on clients and investing in new and innovative services.

Hargreaves Lansdown's 2012 results

We are delighted to report  a record profit before  tax of £152.8 million,  up 
21% on last year's  £126.0 million. The key  contributors to these  excellent 
results have been the success of  new services, careful husbandry of  existing 
resources and cost control.

Bearing in mind the headwind of a  market fall of 7%, we report a  commendable 
7% increase in client assets under administration from £24.6 billion to  £26.3 
billion. Adjusting for the effects of markets, net new client investments for
the year were £3.2 billion and 45,000 investors became new clients during  the 

Our Corporate Vantage service continues to expand, with 47 schemes live or  in 
implementation, a 74% increase in schemes which has been accompanied by a 182%
increase in Corporate Vantage assets. Although still in its early stages, this
project remains long-term, but we are  delighted with the success to date  and 
it is clearly on the path to becoming a material part of Hargreaves Lansdown's
business. 2013 sees  the first  phase of  pension auto-enrolment  in the  UK, 
which is advantageous to this division.

Our mission is  to retain  our position as  the best  place in the  UK to  buy 
investments. During the year  we improved our  stockbroking services both  in 
pricing and scope including  Investment Trusts, passive  funds and ETFs.  Our 
share of the UK stockbroking  market rose to 14.3%  for the second quarter  of 
2012. We also introduced  our Junior ISA  and have gained a  15% share of  the 
entire UK Junior ISA market.

Digital media offers a new means  of communication. We continue to invest  in 
advanced online  technology  and  expertise.  Our  iPhone  app  has  now  been 
downloaded over 60,000 times  and 2012 will see  us launch complementary  iPad 
applications. Mobile investing will be a key part of the future of Hargreaves

None of this success would be possible without the support of our clients.  We 
continue to  work hard  to  retain client  loyalty  and deliver  high  service 
levels. In  2012  Hargreaves Lansdown  has  been  a shining  example  that  a 
reputable company focusing on clients can delight the UK public.

2012 market outlook

It is difficult to see  the economic storm clouds  dissipating in the next  12 
months. We believe austerity will continue despite the political clamour  for 
countries to  focus on  growth. In  time a  more positive  environment  might 
develop, but we do not expect short term improvement.

We shall have  to work  hard to promote  the benefits  of investing.  Reduced 
state support for the public means saving and investing is more important than
ever. There is little prospect of higher  interest rates on cash in the  near 
future so equities  and bonds  remain good alternatives  for potential  higher 
income. The depressed levels of  equity markets also offer patient  investors 
the opportunity for future capital growth.

Company outlook

Hargreaves Lansdown's position is strong. We  are estimated to have 28.6%  of 
the direct investing market in the UK (Source: The Direct Platform Guide Issue
2 February 2012),  a position  built through  delivering exceptional  service, 
information and value. As  a profitable company with  no debt we present  the 
financial strength  to  give  investors  comfort  over  the  safety  of  their 
investments, to reinvest in our business and respond to competitive activity.

In  2013  we  shall  continue  to  enhance  our  services.  Many  of   these 
improvements will  be  revealed  in  due  course  but  include  improved  SIPP 
incentives  and  an  online  transfer  service.  An  iPad  app  and  improved 
functionality to allow clients  to more easily  control their entire  family's 
assets  will  augment  the  reasons  to  consolidate  assets  with  Hargreaves 

As we  continue  to improve  our  business we  share  the benefits  of  scale, 
technology and success with our clients in a virtuous circle. Returning  value 
to clients has  been key  to the success  of Hargreaves  Lansdown. Costs  and 
charges for retail  investors will continue  to reduce over  time. This  will 
affect our revenue margins but we expect the market and our clients to  reward 
us by increased business. The  internet, dislocation of the financial  advice 
market and initiatives such as auto-enrolment should aid further growth.

Since the  year-end, there  has been  nothing  to change  our outlook  on  the 
economic backdrop that we  operate in, but given  our strength of service  and 
offering we  are confident  that we  will  continue to  enhance the  brand  of 
Hargreaves Lansdown subsequently rewarding both clients and shareholders.

The impact of regulation

A by-product of perceived public  and political disenchantment with  financial 
services is the likelihood of more regulation. Whilst Hargreaves Lansdown has
delivered excellent  service  and is  an  example  of what  a  good  financial 
services company should represent,  there is no  carve-out from regulation  in 
our country  for those  with a  good record.  We therefore  expect  regulatory 
change to continue.

Additional regulation  presents  challenge  and cost,  but  also  opportunity. 
Hargreaves Lansdown has  the scale,  resources and innovative  skills to  cope 
with additional  regulation.  It is  an  effective  barrier to  entry  to  new 

The Retail Distribution Review (RDR) reforms  remain a major theme. It  seems 
that as far  as Hargreaves  Lansdown is concerned  the RDR  reforms will  take 
place in two phases.

"RDR Phase 1" commences  on 31 December 2012  and relates mainly to  financial 
advice. Hargreaves Lansdown is entirely  compliant with this regulation  well 
in advance  of its  commencement. Our  financial advisers  are qualified  well 
beyond the  requisite  levels  and  we  charge a  fee  for  any  advice.  This 
regulatory change also presents  some opportunity, in particular  improvements 
in portability of  client investments  which may  assist clients  who wish  to 
transfer their assets to Hargreaves Lansdown.

Although the proposals are  still in consultation, it  seems "RDR Phase 2"  is 
likely to take place on 31 December  2013. It is likely the reforms then  will 
require the unbundling of pricing on investment products. Fees for investment
management and distribution  and custodianship must  be charged separately  to 
clients. Whilst the detail remains to be confirmed, we remain confident about
these proposals. Provided they are applied fairly to all participants in  the 
market and well communicated,  our proposition of a  strong service and  value 
offering to a loyal client  base should help us  weather the change well.  We 
have undertaken a range of modelling  and preparatory activities and have  had 
dialogue with the FSA.

The coming year will see two  new regulators, the Financial Conduct  Authority 
(FCA) and Prudential Regulatory Authority (PRA). Hargreaves Lansdown will  be 
regulated by the FCA. As a  reputable firm we continue to consider  ourselves 
to have a  constructive relationship with  regulators and do  not foresee  any 
disruption from the changing regulatory structure.

Costs for contributions to the  Financial Services Compensation Scheme  (FSCS) 
continue to rise. Whilst we are highly supportive of a safety net for  retail 
investors, we remain critical  of the conduct  of the FSCS and  the way it  is 
funded. Recent proposals suggesting instigators  of frauds should be  allowed 
to  claim  compensation  for  their  own  misdemeanours  and  that  checks  on 
eligibility could be waived have done nothing to soften our view. We  continue 
to campaign for a rational, sensible compensation scheme.

Whilst Hargreaves Lansdown has had great  success in promoting Junior ISAs  to 
the public, the  fact that  many children cannot  take part  because they  are 
locked into the Child Trust Fund (CTF) regime is a matter of concern on  which 
we continue to lobby the Government. We support improved portability of client
assets allowing retail investors to move easily from old, obsolete  investment 
plans to better  value modern  products such  as those  offered by  Hargreaves 
Lansdown. We remain the friend of  the retail investor, and continue to  work 
tirelessly to try and improve their lot.


I would again  like to thank  our clients, shareholders,  staff and my  fellow 
directors. Their continued  support, good humour  and efforts have  delivered 
exceptional results. We shall continue  to seek to be  a role model for  how 
financial services companies can deliver a great service, reputable  behaviour 
and profitability in harmony with the UK public.

Ian Gorham 

Chief Executive  

5 September 2012

Extract from Financial Review

Despite tough economic and market conditions, it has been another record  year 
for the  Group in  terms of  revenue and  profits. Despite  a fall  in  stock 
markets during the year to 30 June 2012, significant levels of organic  growth 
from new business  and new  clients meant  that we  finished the  year with  a 
record £26.3bn of AUA.

                                   2012 £'million 2011 £'million
Revenue                                      238.7           207.9
Administrative expenses                     (83.3)          (79.8)
Total FSCS levy costs                        (4.8)           (3.7)
Operating profit                             150.6           124.4
Non-operating income                           2.2             1.6
Profit before taxation                       152.8           126.0
Taxation                                    (39.5)          (34.1)
Profit after taxation                        113.3            91.9
Basic earnings per share (pence)              24.2            19.8
Diluted earnings per share (pence)            24.1            19.6

These record results are  testament to our business  model and the trust  that 
our clients place in us to deliver the services they require.

Total revenue increased by 15% to £238.7 million. The Vantage division revenue
increased by 16%. The key drivers  have been the recurring revenue streams  of 
renewal income, interest and management fees, which combined accounted for  an 
increase of £31.4 million. This was offset slightly by a fall in revenue  from 
stockbroking resulting from the  introduction of lower  tariffs from 1  August 

The Group's  operating profit  increased  by 21%  to  £150.6 million  in  2012 
compared to £124.4 million for 2011.

The operating profit  margin increased  from 59.8%  to 63.1%.  There was  15% 
revenue growth, whereas the  increase to operating  expenses was contained  to 

Statutory profit before tax increased by 21% to £152.8 million compared to
£126.0 million in the previous year. The effective tax rate for the Group
this year was 25.9%, resulting in a reported profit after tax for the year of
£113.3 million (2011: £91.9 million).

Total assets under administration can be
broken down as follows:
                                             At 30 June 2012 At 30 June 2011
                                                    £'billion        £'billion
Vantage Assets Under Administration (AUA)                24.6             23.1
Assets Under Administration and Management
- Portfolio Management Service (PMS)         1.6              1.5
- Multi-manager funds outside PMS            0.8              0.8
AUM Total                                                 2.4              2.3
Less: Multi-manager funds included in both              (0.8)            (0.8)
Total Assets Under Administration                        26.3             24.6

Figures in the table have been rounded

Total Assets under administration (AUA) have increased by 7%. Vantage AUA  are 
up by  6% and  the assets  in PMS  and our  Multi-manager funds  by 4%.  These 
increases have helped to deliver revenue growth.

Divisional performance

The Group  is organised  into  three core  operating divisions,  based  around 
products and services:

 - Vantage

 - Discretionary and Managed

 - Third Party and Other services

Revenue                        Year Ended 30 June 2012 Year Ended 30 June 2011
                                             £'million               £'million
Vantage                                          185.7                   160.5
Discretionary                                     27.3                    24.7
Third Party and Other services                    25.7                    22.7
                                                 238.7                   207.9


The Vantage division  increased its  revenues by  £25.2 million  or 16%,  from 
£160.5 million  to £185.7  million. This  was driven  primarily by  growth  in 
Assets Under Administration (AUA)  by 6% from £23.1  billion to £24.6  billion 
and the impact of a full year's income on assets gathered during the  previous 

The £1.5 billion (2011:  £6.8 billion) increase in  Vantage assets from  £23.1 
billion to £24.6 billion  can be attributed primarily  to £3.1 billion of  net 
new business inflows  (2011: £3.4 billion).  This was moderated  by the  stock 
market decline which had  a negative effect of  £1.5 billion (net of  interest 
credited to clients on  cash balances) on assets  compared to £3.2 billion  of 
market growth in 2011. Despite the volatile financial markets and low investor
confidence, the growth  in AUA  resulting from  net new  business inflows,  or 
'organic growth', has in this climate been commendable at 13% (2011: 21%).

The growth in AUA derived from stock  market and other growth factors was  -6% 
(2011: +21%). Stock  market declines had  the biggest impact  on the Fund  and 
Share account where  there is a  bias towards equities  rather than bonds  and 
cash as compared with the SIPP and ISA. Markets caused a 7.8% fall in the Fund
and Share AUA compared to declines of 5.9%  and 5.6% in the SIPP and ISA.  The 
combined impact of  organic growth and  market declines resulted  in SIPP  AUA 
growing by 15%, ISA by 6% and  the Fund and Share account (traditionally  most 
sensitive to markets) by 1%. Included within  the Fund and Share account is  a 
significant holding in Hargreaves Lansdown shares which decreased in value  by 
12% during the year. Removing this, the  growth in Fund and Share AUA was  5%. 
As at 30 June 2012, the value of  the Vantage ISA was £10.0 billion, (30  June 
2011: £9.5 billion),  the Vantage SIPP  was £7.6 billion  (30 June 2011:  £6.6 
billion) and the  Vantage Fund  and Share Account  was £7.1  billion (30  June 
2011: £7.0 billion).

The ISA allowance has been increased from  £10,680 to £11,280 in the tax  year 
ending 5 April 2013 and as usual  we saw increased activity levels around  the 
tax year-end as clients  ensured they did not  miss last year's allowance  and 
also sought to utilise the current  year's allowance as soon as possible.  The 
adult ISA has now  been complemented with the  introduction of the new  Junior 
ISA as from 1 November 2011. The annual allowance is £3,200 and as at 30  June 
2012 almost  9,000 such  accounts had  been opened  totalling £26  million.  A 
competitive cash ISA was launched on 9 March 2012 which gives clients a  fixed 
rate of interest for  either one or two  years. Upon maturity new  competitive 
offers will  be available  unlike the  derisory level  in so  many  competitor 
offerings. As at 30  June 2012 there  were just over  3,000 cash ISA  accounts 
totalling £24 million. The introduction of the Junior ISA helps to broaden the
eligible client base of Vantage and enables  us to build a valuable and  loyal 
relationship with clients  of the  future. The  introduction of  the cash  ISA 
affords us the opportunity  to win a  share of the  c£200 billion invested  in 
cash ISAs.

The welcomed  simplification  of the  pension  tax relief  rules  means  that, 
subject to earnings, clients can now  contribute and receive tax relief on  up 
to a £50,000 pension contribution each year in addition to any unused  £50,000 
allowance from the previous three tax years. This has led to an 18%  increase 
in the average value of contributions in the SIPP (2011: -17%). An  increased 
number of clients made  contributions of new monies  into their SIPP  accounts 
this year (SIPP +18%) but fewer  contributed to their ISAs (-2%) with  average 
contributions into the ISA also reducing by 2% due to investors having reduced
spare monies for investment and the effect  of the Junior and Cash ISAs  where 
subscription limits are lower. This resulted  in an overall increase in  value 
of new contributions in these accounts of £0.1 billion.

Clients continued to transfer SIPP and  ISA investments held by third  parties 
into our Vantage service. Although the value of transfers decreased by 6%, net
inflows of new  business have been  achieved across all  the Vantage  services 
with the  SIPP achieving  £1.4  billion (2011:  £1.4  billion), the  ISA  £1.1 
billion (2011:  £1.3 billion)  and the  Fund and  Share account  £0.6  billion 
(2011: £0.7 billion).

During the year the  number of active Vantage  clients increased by 45,000  to 
425,000. Some of these clients hold more than one type of account with us, and
hence when we  look at the  increase in accounts  aggregated across the  three 
main Vantage services  the increase  in accounts  was higher  at 63,000;  SIPP 
accounts increased by 24,000, ISA by 26,000 and Fund and Share by 13,000.  The 
number of  SIPP accounts  was then  reduced by  circa 22,000  accounts as  the 
protected rights account was merged in with the other SIPP accounts.

A number of  our clients make  regular contributions into  their ISA, SIPP  or 
Fund and  Share  account.  The  'Regular Savers'  service  has  been  growing 
steadily since being introduced nine years ago, and as at 30 June 2012 we  had 
53,000 clients (2011: 47,000) saving a total of £19 million each month by  way 
of direct debit instruction. Our  Corporate Vantage service has the  potential 
to make  a significant  increase  to the  value  of regular  monthly  savings, 
currently circa £2.4 million each month.

Vantage clients increased their cash weightings during the period as worldwide
stock markets remained  volatile and investor  confidence was relatively  low. 
The composition  of assets  across the  whole of  Vantage changed  during  the 
period: as at  30 June  2012, Vantage  assets were  31% in  direct stocks  and 
shares (30 June 2011: 30%), 57% in funds  (30 June 2011: 60%) and 12% in  cash 
(30 June 2011: 10%).

Vantage clients increased by 12%  over the year and  the volume of fund  deals 
increased by 5%, reflecting low investor confidence and the switch to  holding 
cash. Share deals  fared better, showing  a 16% increase  in volume thanks  to 
lower dealing  charges and  improved functionality  launched in  August  2011. 
Vantage clients transacted 4.1 million fund deals (2011: 3.9 million) and  1.5 
million share deals in the year (2011: 1.3 million). No charge is made to  our 
clients for dealing in  investment funds and therefore  fund dealing does  not 
impact revenues.  Although the  share dealing  charge was  lowered,  increased 
volumes resulted in a reduction to stockbroking commission of only £2.3m.

The overall average gross revenue  margin within Vantage increased from  78bps 
to 81bps.  The  improvement  was  driven by  slightly  higher  interest  rates 
achieved on client money held, which more than offset the reduction in  margin 
relating to equities as a result of the lower dealing tariffs. The margin made
on funds held by  clients remained consistent with  last year. Throughout  the 
year we have again  faced all-time historically low  interest rates, with  the 
Bank of England base rate being just 0.5%. The improved margin on cash we have
achieved has enabled us  to offer more fixed  interest fixed term deposits  to 
our clients, helping them to achieve better returns on their cash.

Discretionary and Managed

The Discretionary division  earns recurring income  on underlying  investments 
held in the Group's Portfolio Management Service (PMS), and on investments  in 
the Group's  multi-manager  funds.  Revenues in  the  Discretionary  division 
increased by 11% from £24.7 million to £27.3 million. Increased renewal income
and management fees resulting from the increase in AUA were the key drivers of
the increased revenue.

The value of assets  managed by Hargreaves Lansdown  through its own range  of 
multi-manager funds and PMS increased by  £0.1 billion to £2.4 billion as  at 
30 June  2012 (2011:  £2.3 billion).  Of these,  £0.8 billion  of the  Group's 
multi-manager funds were held  within Vantage as at  30 June 2012 (2011:  £0.8 
billion). The growth  in assets is  due to  net new business  of £0.2  billion 
combined with a market decline of £0.1 billion.

This division  earns  initial  advice  fees  and  management  fees  on  assets 
introduced into PMS. £113m of net new business was introduced into PMS  during 
the year (2011:  £109m). Distribution of  PMS is through  the Group's team  of 
advisers. The number of advisers as at 30  June 2012 was 68, the same as  last 
year-end. The  proportion  of  PMS  assets  invested  in  Hargreaves  Lansdown 
multi-manager funds as at 30 June 2012 was 90% (2011: 91%).

Third Party and Other Services

The division as a whole saw an increase in revenues of 13%, from £22.7 million
to £25.7 million.

Although the Group continues to write  some third party pension business,  the 
focus has shifted towards the Corporate Vantage service and hence third  party 
business will see a gradual  decline. Other services, however, are  delivering 
growth. Revenue  from our  Funds Library  service increased  by £1.2  million, 
driven by a  general improvement on  all revenues and  in particular the  user 
licence fees as we  have made additional data  services available to a  larger 
client base.

The total revenues from Hargreaves Lansdown markets (CFDs, spread betting  and 
currency services) were up £0.7m on last year as increased numbers of  clients 
utilise these additional  services that  we offer  thus driving  transactional 
volumes higher.

Stockbroking services

Stockbroking has transacted a record 1.5 million deals, up 15%. From 1  August 
2011 the stockbroking tariff was improved.  For online deals, clients pay  as 
little as  £5.95 and  a maximum  of  £11.95. We  expected the  average  online 
dealing charge to reduce  from the £16.90 to  c£10.40; in reality the  average 
dealing charge has only fallen to £10.65  or to £12.73 if we include  currency 
commission for online  overseas deals.  The functionality of  our service  was 
improved with the launch of our i-Phone and Android apps, stop loss and  limit 
order service, and online overseas share dealing. Our initiatives have  driven 
increased dealing  volumes  and  substantial  online  overseas  dealing  which 
attracts a foreign  currency commission margin.  The increased volumes  helped 
offset the loss in revenue from the drop in the average dealing charge.

Operating expenses

                             Year Ended 30 Year Ended 30
                                                 June                     June

                                                 2012                     2011
                                            £'million                £'million
Staff costs                                      43.5                     40.1
Commission payable                               16.4                     15.7
Marketing and distribution                        9.4                      9.2
Office running costs                              4.5                      4.1
Depreciation, amortisation                        2.6                      2.6
and financial costs
Other costs                                       6.9                      8.1
Total administrative                             83.3                     79.8
Total FSCS levy costs                             4.8                      3.7
Total operating expenses                         88.1                     83.5

Administrative expenses  under  our  control  have  been  contained  to  a  4% 
increase. FSCS costs, beyond our control, have increased by 30%. This resulted
in a net increase in operating expenses of 6%.

Taken in  the context  of a  15% increase  in revenue  and a  21% increase  in 
operating profit  year on  year, the  4% increase  in administration  expenses 
demonstrates a strong focus on cost control, efficiencies and the  scalability 
of our business model.

Staff costs remain our largest cost and  increased by 2% points to 52%  (2011: 
50%), as a percentage of administrative expenses.

The number  of staff  on a  full-time equivalent  basis (including  directors) 
employed at 30 June 2012 was 658,  and the average number of staff during  the 
year was 657, an increase of 2% against an average of 643 for the  comparative 
year. The increase in numbers resulted mainly from an increased investment  in 
information technology development staff. 

We operate  a defined  contribution pension  scheme with  staff and  directors 
participating on equal terms. Pension costs are recognised as an expense  when 
the contribution is payable.

Commission payable  includes  the share  of  renewal income  which  the  Group 
receives on investment funds held in  Vantage, which is rebated to clients  in 
our ISA and Fund and  Share accounts as a loyalty  bonus. It increased by  4%, 
from £15.7 million to  £16.4 million, in  line with the rise  in value of  the 
related client assets. On average 16%  of renewal income earned in Vantage  is 
returned to clients.

Group marketing and distribution spend increased  by 2%, from £9.2 million  to 
£9.4 million and includes  the costs of printing  and sending information  and 
newsletters to  existing  and  potential clients,  media  advertising,  online 
marketing and client incentives.  There has been an  overall increase in  the 
level of client communication  and direct marketing  activity compared to  the 
previous financial year but an increased proportion of marketing is  conducted 
electronically at a cheaper  cost and an increased  number of clients opt  for 
our online  or paperless  services. Offering  incentives to  existing and  new 
clients for transferring business to our platform has been a successful method
of gathering assets, although the related costs have increased this year. From
1 January 2013 we have decided to offer additional incentives to SIPP clients.
These are estimated to cost  £3 million in the  financial year ending 30  June 
2013 and £6 million per annum thereafter.

Office costs  include  rent,  rates,  utility  and  security  costs  and  have 
increased by £0.4  million, primarily  relating to  the rental  of a  disaster 
recovery site. 

Other costs include dealing costs, irrecoverable VAT, compensation, insurance,
legal  and   professional   services,  computer   maintenance   and   external 
administration charges. These collectively decreased by 15% from £8.1 million
to £6.9  million.  As  the  company  grows  certain  costs  such  as  computer 
maintenance and irrecoverable  VAT inevitably grow  too. More than  offsetting 
such increases this  year, however, has  been a VAT  recovery of £2.2  million 
following a successful challenge of the  VAT treatment of certain services  in 
prior years.

FSCS levy

Unlike administrative expenses where  we have a degree  of control over  them, 
costs relating  to the  Financial Services  Compensation Scheme  ("FSCS")  are 
beyond our control.

The FSCS is the compensation fund  of last resort for customers of  authorised 
financial services firms. All authorised firms are required to contribute  to 
the  running  of  the   scheme  and  the   cost  of  compensation   payments. 
Contributions to the scheme are proportional to the amount of eligible  income 
that falls  within  each  activity  class  of  the  scheme.  The  majority  of 
Hargreaves  Lansdown's  income  is  classified  as  falling  into  either  the 
Investment  Intermediary,  Life  and   Pensions  or  Fund  Management   class. 
Unfortunately many failures such as Arch Cru, Keydata and Wills & Co fall into
the investment  intermediary  sub-class  because  the  investments  were  sold 
through independent financial advisers. The investment intermediary sub-class
also includes  execution only  business, and,  as the  majority of  Hargreaves 
Lansdown's  income  is  derived  from  execution-only  business,  we  make   a 
significant contribution to the cost  of compensation on investments we  would 
never have recommended  to anyone.  The number of  failures and  the cost  of 
compensation do not seem to be  abating despite increased regulation from  the 
FSA, the cost of  which is also  borne by successful  firms. The total  amount 
levied for FSCS costs increased from £3.7 million last year to £4.8 million.

Non-operating income

Includes investment revenues up from £1.6 million to £2.2 million driven by an
increase in the average cash balances held and higher interest rates  achieved 
on those balances.


Taxation increased from  £34.1 million  to £39.5  million. The  effect of  the 
increase in pre-tax profits  was slightly softened by  the effective tax  rate 
decreasing from 27.0%  to 25.9%,  the chief factor  being a  reduction in  the 
corporation tax rate from 26% to 24% as from 1 April 2012.

The Group's policy  on tax  is to pay  the right  amount of tax  at the  right 
time. We aim to be transparent in our activities; we prefer not to engage  in 
aggressive, artificial  or  sophisticated  tax  planning  activities,  and  we 
actively engage with the UK tax authorities.

Earnings per share (EPS)

The diluted  EPS increased  by 22%  from 19.6  pence to  24.1 pence.  This  is 
calculated as the earnings for the year divided by the total weighted  average 
fully diluted number of shares, including  those held by the Employee  Benefit 
Trust (the  "EBT").  Further  information  on the  funding  of  the  EBT  and 
potential  dilution  of  share  capital  is  provided  within  the  Directors' 
Remuneration Report.


The directors are now  declaring a second (final)  ordinary dividend of  10.65 
pence and a special dividend of 6.84  pence per ordinary share, payable on  28 
September 2012 to all shareholders on the register at the close of business on
14 September 2012. This brings the total dividends in respect of the year  to 
22.59 pence per ordinary share (2011: 18.87p), an increase of 20%.

Dividend per share            2012   2011 Change
Interim dividend paid         5.1p   4.5p   +13%
Second (final) dividend     10.65p  8.41p   +27%
Special dividend declared    6.84p  5.96p   +15%
Total dividend for the year 22.59p 18.87p   +20%

Balance sheet and cash flow

We have continued to  maintain a clean balance  sheet with high cash  reserves 
and no  debt.  Group net  assets  increased  from £130.9  million  to  £157.4 
million. Retained profits helped to increase the Group's own cash balances  to 
£145.1 million. The most significant cash outflow during the current year  was 
the payment of dividends totalling £90.2 million.

There continues to be concern over  the uncertainty in the Eurozone  regarding 
the indebtedness of certain  countries, particularly Greece, Portugal,  Spain, 
Italy and Ireland, and the health of their banking sectors. As at 30 June 2012
the Group has no direct counterparty exposure to these countries. In addition,
the Board  has  concluded  that  no impairment  provisions  are  required  for 
indirect exposures to Eurozone sovereign debt.

Capital expenditure

This year the capital expenditure of £1.1 million, like last year's amount  of 
£1.9 million was  mainly on IT  hardware and software.  Although the  headline 
capital expenditure looks  low, particularly  given the extent  of our  client 
platform and service  improvements, it is  worth noting that  our systems  are 
maintained in-house. As such we have  significant IT resource dedicated to  IT 
development. For the  year ended 30  June 2012  57 staff were  employed in  IT 
development and the related cost was expensed within staff costs, rather  than 
a significant proportion of it being capitalised and subsequently depreciated.
Going  forwards  we  shall  continue   to  invest  in  strengthening  our   IT 
infrastructure and although the overall cost  may increase a bit the  majority 
will continue to be expensed.

Cash flow and treasury policy

The Group is highly cash generative,  with 104% of operating profit  converted 
to operating cash flow during the year.

The total  cash  balance of  £157.7  million  reported in  the  balance  sheet 
includes £12.6 million of client settlement account balances. The Group's own
cash balances of £145.1  million includes cash held  within the EBT which  has 
increased from £0.5 million as at 30 June 2011 to £2.7 million at 30 June 2012
following the sale of Hargreaves Lansdown plc shares held in the EBT upon  the 
maturity of share options in the year.

The Group  has no  borrowings, and  deposits its  liquid funds  with  selected 
financial institutions with  strong credit ratings  and financial ratios.  The 
Treasury Committee reviews the deployment of banks on a regular basis with the
primary objective of ensuring the security of its assets and the secondary but
important objective of  maximising return. The  Group actively maintains  cash 
balances on short-term  deposit to  ensure that  it has  sufficient funds  for 
operations. This policy is designed to ensure that the Group takes no material
credit risk.  The  Group  is  not exposed  to  significant  foreign  exchange 
translation or transaction risk.

Decrease in counterparty balances

In accordance  with  market practice,  certain  balances with  clients,  Stock 
Exchange member firms  and other  counterparties are included  in the  balance 
sheet. These balances fluctuate according to  the volume and value of  recent 
trading. At the year-end, trade receivables and trade payables included £93.4
million (2011:  £134.3  million) and  £105.6  million (2011:  £146.7  million) 
respectively of counterparty balances.

Capital requirement

The Group  has  four subsidiary  companies  authorised and  regulated  by  the 
Financial Services Authority (FSA). These firms maintain capital resources at
a level which satisfies both their regulatory capital requirements as well  as 
their working capital requirements. Within the industry generally, regulatory
capital requirements have  increased in  recent years  and we  expect this  to 
continue as a result of FSA  requirements. During the 2012 financial year  we 
held a healthy  margin of  at least  six times  the Pillar  1 minimum  capital 
requirement. This equates to a margin of approximately three times the Pillar
2 capital requirement, which  is our own assessment  of the minimum amount  of 
capital that  we  believe is  adequate  as identified  during  our  Individual 
Capital Adequacy  Assessment  Process  (ICAAP).  As  at  30  June  2012,  the 
aggregated Pillar 1 regulatory capital  requirement across the four  regulated 
subsidiary companies  was  approximately  £8.4  million  compared  to  capital 
resources of approximately  £65.3 million  held in the  four subsidiaries  and 
£157.2 million held across the Group.


The Chief Executive has  highlighted changes to  the regulatory landscape,  in 
particular the FSA's  Retail Distribution Review  and its latest  consultation 
paper CP 12/12.  As expected, the  consultation paper has  confirmed that  the 
FSA's direction of travel  relating to Platforms  is unchanged. The  proposals 
are scheduled to be introduced in two phases. Stage One will take effect from
31 December  2012  relating to  a  range of  matters  including  qualification 
standards for  advisers,  adviser  charging, disclosure  of  platform  income, 
re-registration standards and the provision of unit-holder information.  Stage 
Two will  relate to  changes to  Platforms.  Further detail  on the  aims  and 
timings of Stage Two  are given below under  the section "Principal risks  and 
uncertainties". Overall we support increased transparency and investor choice,
but will continue to lobby  the FSA to ensure the  proposals do not create  an 
uneven playing field.

During the  history  of Hargreaves  Lansdown  there have  been  many  external 
factors which when initially revealed,  could have projected serious  pressure 
on profitability.  Most of  these potentially  harmful circumstances  revolved 
around the reduction of margin. In every single case, our response resulted in
increased volumes of business which more than compensated for any reduction in
margin. We are currently in the process of discussing the finer detail of  our 
response to  the Platform  paper, however,  we believe  Hargreaves  Lansdown's 
experience,  business  model  and  financial   position  will  enable  us   to 
accommodate  any  necessary  changes  without  harmful  effect  on   long-term 


Despite the continued  economic headwinds, Hargreaves  Lansdown has  continued 
its growth in client numbers, AUA and profits, which is clearly an endorsement
of the excellent service  we provide. The  investment landscape is  constantly 
changing and we aim to always adapt accordingly to ensure we provide the  best 
proposition for our existing clients and  to win the business of new  clients. 
The implementation of the RDR for both advisers and platforms will ensure  the 
landscape will continue  to change and  there remains uncertainty  in how  the 
post RDR  world  will  look.  As the  UK's  leading  investment  supermarket, 
Hargreaves Lansdown  will play  its part  in  shaping the  future and  we  are 
confident that we can continue to grow the business for many years to come  by 
putting our clients first and meeting their investment needs.

Tracey Taylor

Group Finance Director

5 September 2012

Principal risks and uncertainties

The following is extracted from  page 24 to 27 of  the 2012 Annual Report  and 
Accounts, and  is  repeated  here  for the  purposes  of  the  Disclosure  and 
Transparency Rules.

Like all businesses, the Group faces a number of potential risks which, if not
properly  controlled,  could  hinder  the  successful  implementation  of  its 
strategy and have a  material impact on the  long-term performance. The  Board 
believes that  a  successful  risk  management  framework  balances  risk  and 
reward. Within the  Group, responsibility  for risk  management and  internal 
control rests with the Board. The  Board and senior management of  Hargreaves 
Lansdown are  proactive  in  identifying, assessing  and  managing  risk.  The 
Executive  management  implements  and  maintains  the  systems  of   internal 
control. Further  details  of  our  systems for  internal  control  and  risk 
management can be found in the Corporate Governance statement.

The low risk profile of the business has not changed significantly this  year. 
One of  our highlighted  risks each  year is  market volatility  and this  has 
certainly been experienced in 2012. Although the markets remained volatile  in 
2012 and in fact were down circa7% for the year, the business still managed to
grow organically such  that the value  of clients' investments  grew which  in 
turn helped increase the  Group revenue. Market  volatility arising from  such 
factors as  the  Euro crisis  remains  an  accepted risk,  although  the  high 
percentage of assets in tax  wrappers and a cash  option on our platform  does 
reduce the impact of such market turbulence on our performance.

In terms of  regulatory risk,  on 27 June  2012, the  FSA issued  Consultation 
Paper CP 12/12 "The Platform Paper".  In this paper the FSA repeated  messages 
made in earlier papers about the future regulation of Platforms.

The FSA is consulting on the following:

1. Banning Platforms from being funded by product providers for both
advised and non-advised business

2. Permitting the only platform charge to be a charge payable by the
platform client

3. Permitting unit rebates to be provided to Platform clients to enhance
the value of their investments

4. Banning cash rebates to clients for both advised and non-advised

The FSA is also asking whether it should extend the above points to all retail
investments and not just focus on Platforms.

The FSA aim to publish  final rules by the end  of 2012 which would then  take 
effect  on  31December  2013.Hargreaves  Lansdown  believes  that  if  these 
proposals are likely to be implemented, there are a range of recurring revenue
models available and currently used in  the business, which could be  extended 
to mitigate the loss of revenue from product providers. Althoughpayments from
product providers currently represent a significant revenue stream, we believe
changesto our revenue model can be made whilst remaining highly competitive to
existing and potential clients. Having the ability to provide unit rebates  to 
clients will help us to continue  to offer clients highly competitive  pricing 
and discounts. With any rule changes only commencing from 31 December 2013 at
the  earliest,  there  is  time  to  successfully  make  a  transition  to  an 
alternative model.

We continue to engage with the FSA on its work on platform regulation. We will
respond to the Consultation Paper and we will work to ensure we can provide
the good outcomes for our clients.

The risk factors mentioned below do not purport to be exhaustive as there  may 
be additional risks that the Group has not yet identified or has deemed to  be 
immaterial that could have a material adverse effect on the business.

Risk                              Mitigating Factors/Controls
Industry Risks
Fluctuations in the capital       · Focus on recurring revenue streams over
markets                           the more volatile transaction-based
Fluctuations in capital markets
may adversely affect trading      · High proportion of assets under
activity and/or the value of the  administration in tax wrappers so clients
Group's assets under              less likely to withdraw funds and lose tax
administration or management,     benefits.
from which we derive revenues.
                                  · Cash option enables clients to shelter
                                  from market volatility.
Changing markets and increased    · Strong market position with pricing
competition                       power.

The Group  operates in  a  highly · Full control over flexible platform.
competitive   environment    with 
developing demographic trends and · Experienced management team with a strong
our    continued    profitability track record of innovation and
depends on our ability to respond responsiveness to the market.
to these pressures and trends.
                                  · Organisational structure and culture
                                  promotes responsiveness.

                                  · Client focused with a loyal customer
Evolving technology               · Track record of successful development.

The Group's technology needs to   · High awareness and sponsorship of the
remain current if we are to       importance of technology at Board level.
develop and enhance our systems
to accommodate changing           · Substantial development team in place.
preferences, new products and the
emergence of new industry         · Scalability project team in place
Regulatory risk                   · Strong compliance culture.

The Group may be materially       · Business model and culture geared towards
adversely affected as a result of FSA principle of treating clients fairly.
new or revised legislation or
regulations or by changes in the  · Financial strength of the organisation
interpretation or enforcement of  provides comfort should the capital resource
existing laws and regulations     requirement be increased.
emanating from the UK or Europe.
                                  · Alternative recurring revenue models are
The Group will need to replace a  already successfully operated by the Group
significant revenue stream if the and these could be used to offset the
FSA bans payments from product    potential reduction in revenue from product
providers to platforms as stated  providers.
as a desirable intention in its
Consultation Paper CP 12/12.      · There is no guarantee that such a ban on
                                  revenue from product providers will
                                  ultimately be implemented as much
                                  consultation will first need to take place.
                                  This means there is plenty of time to make
                                  representations and carefully review and
                                  implement the most appropriate strategic
                                  change to our revenue model that works for
                                  both our clients and the profitability of
                                  the Group.

                                  · Competitive prices and service offering
                                  will be maintained to ensure business will
                                  not be lost to competitors many of whom will
                                  in any case be faced with the same rule

                                  should it occur.
Changes in taxation law           · The Government has a clear priority to
                                  reinvigorate savings in order to plan for an
Changes made to tax legislation   ageing population, which is currently
could reduce the attractiveness   under-provided for. This  will create
of some of the Group's investment opportunities for SIPP and ISA business.
products such as ISAs and SIPPs.
Damage to the Group's reputation  · Clients educated to improve awareness of
                                  potential 'boiler room' and other online
The risk of reputational damage   scams.
through the actions of
unassociated third parties (such  · Hargreaves Lansdown security procedures
as copycat websites to            are well communicated to clients so they are
fraudulently target client funds) more likely to question anything out of the
needs to be minimised.            ordinary.

                                  · Ongoing intensive monitoring and

Operational Risks

Errors, breakdowns or security breaches  · High level of resilience built
in respect of the Group's software or    into daily operations.
information technology systems
                                         · IT performance, scalability and
                                        security are deemed top priorities by
                                         the Board and are included in the IT
Serious or prolonged breaches, errors or Strategy.
breakdowns in the Group's software or IT
systems must be avoided.                 · Large, experienced in-house team
                                         of IT professionals and established
                                         name suppliers.

                                         · Internal procedures benchmarked
                                         against industry best practice.
Business continuity                      · Critical applications and
                                         infrastructure mirrored across
The risk of disruption to the business   primary and two secondary sites.
as a result of IT or power failure,
fire, flood, acts of terrorism,          · Business Continuity Plan produced
relocation problems and similar must be  in line with best practice
minimised.                               methodologies and tested regularly.
Damage to the Group's reputation         · High level of internal controls
                                         including checks on new staff.
The risk of reputational damage from
employee misconduct, failure to manage   · Well trained staff.
inside information or conflicts of
interest and fraud or improper practice  · Strong compliance culture.
must be controlled.
Key personnel risk                       · Succession planning encouraged
                                         throughout Group via management and
Key  personnel  must  be  recruited  and staff objectives.
retained to prevent  a material  adverse 
effect on the Group's business,  results · Success of the Group should
of operations or financial condition.    attract high calibre candidates.

                                         · A continuous programme of SAYE and
                                         other share option schemes are in
                                         operation to incentivise staff and
                                         encourage retention.
Litigation or claims made against the    · High levels of Professional
Group                                    Indemnity Insurance cover.

The Group needs to protect against the   · Comprehensive internal review
risk of litigation from clients or third procedures for marketing literature.
parties and actions taken by regulatory
Reliance on third parties                · Due diligence forms part of the
                                         selection process for key suppliers.
Outsourced service providers must meet
appropriate standards to protect the     · Ongoing review by our internal
Group from the risk of regulatory        audit team of key business partners.
sanctions and reputational damage.
Strategic risk                           · Very experienced management team,
                                         with a highly successful track record
Management must remain focused on        to date.
appropriate strategies and implement the
Group's strategy effectively.            · Management has demonstrated an
                                         excellent understanding of the market
                                         and continues to monitor this
                                         effectively through regular dialogue
                                         with clients.
Performance of in-house managed funds    · Only manage Funds of Funds,
                                         divested equity management to focus
Investment performance of the Hargreaves on core strength.
Lansdown multi-manager funds needs to
remain good relative to the market or in · Fund analysis focuses on 'stock
absolute terms, or the Group may be      selection' skills of manager rather
vulnerable to outflows in those funds    than basic performance analysis.
and a consequential reduction in
revenues.                                · Multi-manager funds well
                                         diversified at the underlying fund
                                         level as well as by number of funds.

                                         · Well established and proven
                                         investment process overseen by an
                                         Internal Investment Committee.

                                         · Our Funds of Funds give investors
                                         exposure to a broad range of
                                         underlying investments. They are
                                         therefore less vulnerable to sector
                                         specific poor performance than
                                         specialised or focused funds.

Financial Risks

Liquidity risks                             · Highly cash generative
The Group must remain able to meet
liabilities as they become due and be able  · Low working capital
to liquidate assets or obtain adequate      requirement.
funding as necessary.
                                            · Group maintains a substantial
                                            surplus above regulatory and
                                            working capital requirements.

                                            · Treasury management policy
                                            provides for the availability of
                                            liquid funds at short notice.
Bank default                                · Only use banks with strong
                                            financial ratios where we do not
Given the current economic climate and in   believe the Government would allow
particular the unprecedented problems faced them to fail.
by banks, the Group must protect against
the risk that a bank could fail.            · Deposits spread across several
                                            banks, with limits placed on each.

                                            · Regular review and challenge of
                                            treasury policy by management.
Interest rate risks                         · Access to competitive interest
                                            rates due to large value of cash
Risk  of  decline  in  earnings  due  to  a deposits placed.
decline in interest rates.
                                            · Regular fixed high interest
                                            cash offers available to clients.

Directors' Responsibility Statement

The following is extracted from page 57 of the 2012 Annual Report and
Accounts, and is repeated here for the purposes of the Disclosure and
Transparency Rules. The statement relates solely to the Company's 2012 Annual
Report and Accounts and is not connected to the extracted information set out
in this announcement. The names and functions of the Directors making the
responsibility statement are set out on page 35 of the full Annual Report and

The Directors confirm to the best of their knowledge:

· the financial statements, prepared in accordance with International
Financial Reporting Standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and the
undertakings included in the consolidation taken as a whole; and

· the Review of Group Operations and the Risk Report, which are
incorporated into the Directors' Report, include a fair review of the
development and performance of the business and the position of the Company
and the undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that they face.


Consolidated Income Statement

                                         Year ended 30 June Year ended 30 June
                                                       2012               2011

                                    Note              £'000              £'000
Revenue                             2               238,741            207,904
Total operating income                              238,741            207,904
Administrative expenses                            (83,355)           (79,813)
FSCS costs*                                         (4,774)            (3,646)
Operating profit                                    150,612            124,445
Investment revenue                  4                 2,229              1,496
Other (losses) / gains                                  (2)                 72
Profit before tax                                   152,839            126,013
Tax                                 5              (39,520)           (34,066)
Profit after tax                                    113,319             91,947
Attributable to:
Equity shareholders of the parent                   112,960             91,820
Non-controlling interest                                359                127
                                                    113,319             91,947
Earnings per share
Basic earnings per share * (pence)  7                  24.2               19.8
Diluted earnings per share *        7                  24.1               19.6

All income, profits and earnings are in respect of continuing operations.
* FSCS costs are those relating to the running of and the levies issued  under 
the Financial Services Compensation Scheme. In previous years these costs were
included within administrative expenses.

These financial statements are unaudited.

Consolidated Statement of Comprehensive Income

                                            Year ended 30 June Year ended 30
                                                           2012      June 2011

                                                          £'000          £'000
Profit for the financial year                           113,319         91,947
Increase in fair value of                                    30             39
available-for-sale investments
Total comprehensive income for the                      113,349         91,986
financial year
Attributable to:-
Equity holders of the Company                           112,990         91,859
Non-controlling interest                                    359            127
                                                        113,349         91,986

Consolidated Statement of Changes in Equity

                                   Attributable to the owners of the Company
                             Share  Investment    Capital  held by
                     Share premium revaluation redemption      EBT     EBT Retained          Non-controlling    Total
                   capital account     reserve    reserve  reserve reserve earnings    Total        interest   Equity
                     £'000   £'000       £'000      £'000    £'000   £'000    £'000    £'000           £'000    £'000

At 1 July 2010       1,897       8          91         12 (14,505)  10,166   68,445   66,114            (61)   66,053
Profit for the           -       -           -          -        -       -   91,820   91,820             127   91,947
Other comprehensive income:-
Net fair value
gains on
assets                   -       -          39          -        -       -        -       39               -       39
Employee Benefit
Shares sold in the       -       -           -          -      131       -        -      131               -      131
Shares acquired in       -       -           -          -  (2,155)       -        -  (2,155)               -  (2,155)
the year
EBT share sale net       -       -           -          -        -     128        -      128               -      128
of tax
Employee share option scheme:-
Share-based              -       -           -          -        -       -    1,618    1,618               -    1,618
payments expense
Deferred tax
effect of
payments                 -       -           -          -        -       -    4,510    4,510               -    4,510
Dividend paid            -       -           -          -        -       - (31,404) (31,404)               - (31,404)
At 30 June 2011      1,897       8         130         12 (16,529)  10,294  134,989  130,801              66  130,867
Profit for the           -       -           -          -        -       -  112,960  112,960             359  113,319
Other comprehensive income:-
Net fair value
gains on
assets                   -       -          30          -        -       -        -       30               -       30
Employee Benefit
Shares sold in the       -       -           -          -    2,500       -        -    2,500               -    2,500
EBT share sale net       -       -           -          -        -   (280)        -    (280)               -    (280)
of tax
Employee share option scheme:-
Share-based              -       -           -          -        -       -    2,136    2,136               -    2,136
payments expense
Current tax effect       -       -           -          -        -       -    4,636    4,636               -    4,636
of share based
Deferred & current
tax effect of
payments                 -       -           -          -        -       -  (5,617)  (5,617)               -  (5,617)
Dividend paid            -       -           -          -        -       - (90,172) (90,172)               - (90,172)
At 30 June 2012      1,897       8         160         12 (14,029)  10,014  158,932  156,994             425  157,419

The share premium account  represents the difference  between the issue  price 
and the nominal value of shares issued.

The investment  revaluation reserve  represents the  change in  fair value  of 
available-for-sale investments held by the Group, net of deferred tax.

The capital redemption reserve relates  to the repurchase and cancellation  of 
the Company's own shares.

The Shares  held by  Employee Benefit  Trust reserve  represents the  cost  of 
shares in Hargreaves  Lansdown plc  purchased in the  market and  held by  the 
Hargreaves Lansdown plc Employee  Benefit Trust to  satisfy options under  the 
Group's share option schemes.

The EBT reserve represents the cumulative gain on disposal of investments held
by the Hargreaves Lansdown Employee Benefit Trust ("the EBT"). The reserve is
not distributable by the Company as the assets and liabilities of the EBT  are 
subject to management by the Trustees in accordance with the EBT trust deed.

Non-controlling interests in the net  assets of consolidated subsidiaries  are 
identified  separately  from  the  Group's  equity  therein.  Non-controlling 
interests consist of the  minority's proportion of the  net fair value of  the 
assets  and  liabilities  acquired  at  the  date  of  the  original  business 
combination and the  non-controlling interest's  change in  equity since  that 
date. The non-controlling interest represents  a 25% shareholding in  Library 
Information Services Limited, a subsidiary of the Company.

Consolidated Balance Sheet

                                             At 30 June 2012 At 30 June 2011
                                         Note           £'000           £'000
Non-current assets
Goodwill                                                 1,333           1,333
Other intangible assets                                    168             296
Property, plant and equipment                            5,792           6,980
Deferred tax assets                       10             2,939           8,117
                                                        10,232          16,726
Current assets
Trade and other receivables               9            142,606         176,178
Cash and cash equivalents                 9            157,719         121,951
Investments                               8              2,228           2,240
Current tax assets                                          17              12
                                                       302,570         300,381
Total assets                                           312,802         317,107
Current liabilities
Trade and other payables                  11           136,952         167,439
Current tax liabilities                                 18,154          18,742
                                                       155,106         186,181
Net current assets                                     147,464         114,200
Non-current liabilities
Provisions                                                 277              59
                                                           277              59
Total liabilities                                      155,383         186,240
Net assets                                             157,419         130,867
Share capital                             12             1,897           1,897
Share premium account                                        8               8
Investment revaluation reserve                             160             130
Capital redemption reserve                                  12              12
Shares held by Employee Benefit Trust                 (14,029)        (16,529)
EBT reserve                                             10,014          10,294
Retained earnings                                      158,932         134,989
Total equity, attributable to equity                   156,994         130,801
shareholders of the parent Company
Non-controlling interest                                   425              66
Total equity                                           157,419         130,867

Statement of Cash Flows

                                         Year ended 30 June Year ended 30 June
                                                       2012               2011

                                                      £'000              £'000
Net cash from operating activities,   13            122,549             84,257
after tax
Investing activities
Interest received                                     2,158              1,443
Dividends received from investments                      71                 53
Proceeds on disposal of                                  42                121
available-for-sale investments
Proceeds on disposal of plant and                         2                 78
Purchases of property, plant and                      (998)            (1,596)
Purchase of intangible fixed assets                   (104)              (349)
Net cash used in investing activities                 1,171              (250)
Financing activities
Purchases of own shares                                   -            (2,155)
Proceeds on sale of own shares                        2,220                258
Dividends paid                                     (90,172)           (31,404)
Net cash used in financing activities              (87,952)           (33,301)
Net increase in cash and cash                        35,768             50,706
Cash and cash equivalents at                        121,951             71,245
beginning of year
Cash and cash equivalents at end of                 157,719            121,951

Notes to the Financial Statements


                       1. General information

Hargreaves Lansdown  plc (the  "Company")  is a  company incorporated  in  the 
United Kingdom under the Companies Act  2006 whose shares are publicly  traded 
on the London  Stock Exchange.  The address of  the registered  office is  One 
College Square South, Anchor Road, Bristol, BS1 5HL, United Kingdom.

This Preliminary Announcement  is presented  in pounds sterling  which is  the 
currency of the primary economic environment in which the Group operates.

The  consolidated   financial  statements   contained  in   this   preliminary 
announcement do not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The financial statements are extracted from the  2012 
Group financial statements which have yet to  be signed and have not yet  been 
delivered to the Registrar of Companies.  The audit of the statutory  accounts 
for the year ended 30  June 2012 is not yet  complete. These accounts will  be 
finalised on the basis of the financial information presented by the directors
in this preliminary  announcement and will  be delivered to  the Registrar  of 
Companies following  the  company's  annual  general  meeting.  The  financial 
information included in  this preliminary  announcement has  been prepared  in 
accordance with  the  recognition  and measurement  criteria  of  EU  endorsed 
International Financial Reporting Standards  (IFRS). The principal  accounting 
policies will be set out in the Group's 2012 statutory accounts.

The comparative figures for the financial year ended 30 June 2011 are based on
the statutory  accounts for  that year.  The report  of the  auditors on  the 
financial statements for the year ended  30 June 2011, which were prepared  in 
accordance with IFRS, was unqualified, did  not draw attention to any  matters 
by way  of emphasis  without qualifying  their report  and did  not contain  a 
statement under section 498  (2) or 498  (3) of the  Companies Act 2006.  The 
financial statements  for the  financial year  ended 30  June 2011  have  been 
delivered to Companies House.

                             2. Revenue

Revenue relates to  services provided in  the UK  and is stated  net of  value 
added tax. An analysis of the Group's revenue is as follows:

                       Year ended 30 June 2012 Year ended 30 June 2011

Revenue from services:                   £'000                   £'000
Recurring income                       192,609                 161,240
Transactional income                    42,479                  44,186
Other income                             3,653                   2,478
Total operating income                 238,741                 207,904

Recurring income  principally comprises  renewal income,  management fees  and 
interest income on  client money. Transactional  income principally  comprises 
commission earned  from stockbroking  transactions. Other  income  principally 
represents the amount of fees receivable  from the provision of funds  library 
services. The policies adopted for the recognition of each significant revenue
stream are set out in note 2 above.

In previous periods the  Group's revenue was analysed  into the categories  of 
fees and commission income, interest and similar income and subscriptions  and 
sundry charges. This analysis has been changed in the current year to  analyse 
revenue as recurring, transactional or other. This change has been made as the
directors believe the analysis set  out above more appropriately reflects  the 
nature of  the  revenue  being  earned  and  the  key  performance  indicators 
monitored. The policies for the recognition of each significant revenue stream
and the total revenue recognised for  each accounting period have not  changed 
as a result of this reclassification.


                       3. Segment information

At 30 June 2012, the Group  is organised into three business segments,  namely 
the Vantage Division,  the Discretionary  Division and  the Third  Party/Other 
Services Division. This is  based upon the  Group's internal organisation  and 
management structure  and is  the primary  way in  which the  Chief  Operating 
Decision Maker (CODM)  is provided  with financial information.  The CODM  has 
been identified as the Board of Executive Directors.

The 'Vantage'  division  represents all  activities  relating to  the  Vantage 
service, our direct to private investor platform.

The 'Discretionary' division is focused  on the provision of managed  services 
such as  our Portfolio  Management Service  (PMS) and  range of  Multi-Manager 

The 'Third Party/Other Services' division includes activities relating to  the 
broking of third  party investments and  pensions, certificated share  dealing 
and other niche services such as currency, CFD's and spread betting. In  this 
division, clients' investments are not administered within the Group.

The 'Group' segment contains items that are shared by the Group as a whole and
cannot be reasonably allocated to other operating segments.

Segment expenses  are  those  that  are directly  attributable  to  a  segment 
together with the relevant  portion of other expenses  that can reasonably  be 
allocated  to   the   segment.   Gains   or  losses   on   the   disposal   of 
available-for-sale investments, investment  income, interest  payable and  tax 
are not allocated by segment.

3. Segment information (continued)

Segment assets and liabilities include items that are directly attributable to
a segment plus an allocation on a reasonable basis of shared items. Corporate
assets and liabilities  are not  included in  business segments  and are  thus 
unallocated. At  30  June  2012  and  2011,  these  comprise  cash  and  cash 
equivalents,  short-term  investments,   tax-related  and   other  assets   or 

Consolidation adjustments relate to the elimination of inter-segment revenues,
balances and investments in group subsidiaries required on consolidation.

                                        Party/          Consolidation
                Vantage Discretionary             Group    Adjustment Consolidated
                  £'000         £'000    £'000    £'000         £'000        £'000
Year ended 30
June 2012
Revenue  from 
customers       185,731        27,260   25,718       32             -      238,741
revenue               -         3,796        -        -       (3,796)            -
Total segment
revenue         185,731        31,056   25,718       32       (3,796)      238,741
amortisation      1,719           264      432        -             -        2,415
revenue               -             -        -    2,229             -        2,229
Other   gains 
and losses            -             -        -      (2)             -          (2)
profit before
tax             118,236        18,367   14,611    1,625             -      152,839
assets          133,036        10,495   14,612  161,883       (7,225)      312,802
liabilities    (99,380)       (7,883) (13,018) (40,176)         5,074    (155,383)
Net   segment 
assets           33,656         2,612    1,594  121,707       (2,151)      157,419
Year ended 30
June 2011
Revenue  from 
customers       160,524        24,711   22,669        -             -      207,904
revenue               -         3,424        -        -       (3,424)            -
Total segment
revenue         160,524        28,135   22,669        -       (3,424)      207,904
amortisation      1,737           205      376        -             -        2,318
revenue               -             -        -    1,496             -        1,496
Other   gains 
and losses            -             -        -       72             -           72
profit before
tax              96,688        16,905   11,269    1,151             -      126,013
assets          169,234         9,827   13,155  131,446       (6,555)      317,107
liabilities   (139,238)       (6,397) (11,686) (33,323)         4,404    (186,240)
Net   segment 
assets           29,996         3,430    1,469   98,123       (2,151)      130,867

Information about products/services

The Group's  operating  segments are  business  units that  provide  different 
products and services. The breakdown  of revenue from external customers  for 
each type of service is therefore the same as the segmental analysis above.

Information about geographical area

All business activities are located within the UK.

Information about major customers

The Group does not rely on any individual customer.

 4. Investment revenue       Year ended 30 June     Year ended 30 June
                                                   2012                   2011

                                                  £'000                  £'000
Interest on bank deposits                         2,158                  1,443
Dividends from equity investment                     71                     53
                                                  2,229                  1,496

    5. Tax     Year ended 30 June 2012 Year ended 30 June 2011

                                          £'000                   £'000
Current tax                              39,959                  34,732
Deferred tax (note 10)                    (439)                   (666)
                                         39,520                  34,066

Corporation tax is calculated at 25.5% of the estimated assessable profit  for 
the year to 30 June 2012 (2011: 27.5%).

In addition to the amount charged to the income statement, certain tax amounts
have been charged directly to equity as follows:

                                         Year ended 30 June Year ended 30 June
                                                       2012               2011

                                                      £'000              £'000
Deferred tax  relating  to  share  based              5,617            (4,510)
Current  tax  relating  to   share-based            (4,636)                  -
                                                        981            (4,510)

Factors affecting tax charge for the year

It is  expected that  the ongoing  effective tax  rate will  trend to  a  rate 
approximating to the standard UK corporation tax rate in the medium term. The
Finance Act  2012  received Royal  Assent  on 17  July  2012 and  reduced  the 
standard UK corporation tax rate to 24% (from 26%) on 1 April 2012.  Deferred 
tax has been recognised at 24%, being  the rate in force at the balance  sheet 
date. A deferred tax asset in  respect of future share option deductions  has 
been recognised based on the Company's share price as at 30 June 2012.

Factors affecting future tax charge

Any increase or decrease to the  Company's share price will impact the  amount 
of tax deduction available in future years on the value of shares acquired  by 
staff under share incentive schemes. The standard rate of UK corporation tax
is due to reduce to 23% from 1  April 2013 which will reduce the deferred  tax 
assets shown in note 10 by an  estimated £123,000; this will be recognised  in 
the financial statements for the year ended 30 June 2013.

The charge  for the  year  can be  reconciled to  the  profit per  the  income 
statement as follow:

                                              Year ended 30 June Year ended 30
                                                            2012     June 2011

                                                           £'000         £'000
Profit    before    tax    from    continuing            152,839       126,013
Tax                                                       38,976        34,653
- at the UK corporation tax rate of                        25.5%         27.5%
Items not allowable/(allowable)for tax                       397          (92)
Effect of adjustments relating to prior years                  7         (617)
Utilisation of rate applicable to trusts                       -             3
Impact of the changes in tax rate                            140           119
Tax expense for the year                                  39,520        34,066
Effective tax rate                                         25.9%        27.01%

             6. Dividends              Year ended 30 June Year ended 30 June
                                                      2012                2011

                                                     £'000               £'000
Amounts recognised as distributions to
equity holders in the period:
2011 Final dividend of 8.41p (2010:                 38,947               2,688
0.58p) per share
2011 Final special dividend of 5.96p                27,601               7,879
(2010: 1.7p) per share
2012 First interim dividend of 5.1p                 23,624              20,837
(2011: 4.5p) per share

After the balance sheet date, the directors declared a second interim  (final) 
ordinary dividend of  10.65 pence  per share and  a special  dividend of  6.84 
pence per share payable on 28  September 2012 to shareholders on the  register 
on 14  September  2012.  Dividends  are required  to  be  recognised  in  the 
financial statements when paid, and accordingly the declared dividend  amounts 
are not recognised in these financial statements, but will be included in  the 
2013 financial statements as follows:

2012 Second interim (final) dividend of 10.65p per share 49,743
2012 Special dividend of 6.84p per share                 31,948

Under an  arrangement dated  30  June 1997  the Hargreaves  Lansdown  Employee 
Benefit  Trust,  which  held  the  following  number  of  ordinary  shares  in 
Hargreaves Lansdown plc at the date shown, has agreed to waive all dividends.

                                         Year ended 30 June Year ended 30 June
                                                       2012               2011

Number of shares held by the  Hargreaves          7,263,396         11,214,774
Lansdown Employee Benefit Trust
Representing  %   of   called-up   share              1.53%              2.36%

7. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable  to 
equity holders  of the  Company by  the weighted  average number  of  ordinary 
shares in free issue during the period, including ordinary shares held in  the 
EBT reserve which have vested unconditionally with employees.

Diluted earnings per share is calculated adjusting the weighted average number
of ordinary shares outstanding to assume conversion of all dilutive  potential 
ordinary shares.

                                   Year ended Year ended
                                            30 June 2012          30 June 2011
                                                   £'000                 £'000
Earnings (all from continuing
Earnings for the purposes of basic
and diluted EPS - net profit                     112,960                91,820
attributable to equity holders of
parent company
Earnings for the purposes of basic               112,960                91,820
EPS and diluted EPS
Number of shares:
Weighted average number of
ordinary shares for the purposes             469,424,156           469,074,636
of diluted EPS
Weighted average number of shares
held by HL EBT which have not                (2,304,199)           (5,831,871)
vested unconditionally with
Weighted average number of
ordinary shares for the purposes             467,119,957           463,242,765
of basic EPS
Earnings per share:                                Pence                 Pence
Basic EPS                                           24.2                  19.8
Diluted EPS                                         24.1                  19.6

The weighted average number of anti-dilutive share options and awards excluded
from the calculation of diluted earnings per share was 2,806,402 at 30 June
2012 (2011: nil).

                    8. Investments

                                   Year ended Year ended
                                            30 June 2012          30 June 2011
                                                   £'000                 £'000
At beginning of year                               2,240                 2,322
Sales                                               (42)                 (121)
Net increase in the value of                          30                    39
available-for-sale investments
At end of year                                     2,228                 2,240
Current asset investment - UK
listed securities valued at quoted                 1,486                 1,499
market price
Current asset investment -                           742                   741
Unlisted securities valued at cost

£308,000 (2011: £350,000) of investments are classified as held at fair  value 
through profit and loss and £1,920,000  (2011: £1, 890,000) are classified  as 
available-for-sale. Available-for-sale investments have been included at  fair 
value where a  fair value  can be  reliably calculated,  with the  revaluation 
gains and losses reflected in the  investment revaluation reserve as shown  in 
the  Consolidated  Statement  of  Changes  in  Equity,  until  sale  when  the 
cumulative gain or  loss is transferred  to the income  statement. If a  fair 
value cannot be reliably calculated by  reference to a quoted market price  or 
other method of valuation, available-for-sale investments are included at cost
where the directors believe that this  is not significantly different to  fair 
value,  with  a  fair  value  adjustment  recognised  upon  disposal  of   the 

               9. Other financial assets

Trade and other receivables At 30 June 2012 At 30 June 2011

                                     £'000           £'000
Trade receivables                   105,654         147,738
Other receivables                        91             218
Prepayments                          36,861          28,222
                                   142,606         176,178

Trade  receivables  are  measured  at  initial  recognition  at  fair   value. 
Appropriate allowances for estimated  irrecoverable amounts are recognised  in 
profit or loss when there is  objective evidence that the asset is  impaired. 
In accordance  with  market practice,  certain  balances with  clients,  Stock 
Exchange member firms and other counterparties are included in debtors. Trade
receivables  include  £93.4  million  (2011:  £134.3million)  of  counterparty 

Cash and cash equivalents                      At 30 June 2012 At 30 June 2011
                                                         £'000           £'000
Cash and cash equivalents                              157,719         121,951
Restricted cash  - client  settlement  account          12,644          13,538
Restricted cash - balances held by EBT                   2,695             469
Group cash and cash equivalent balances                142,380         107,944

Cash and cash equivalents  comprise cash held by  the Group and  institutional 
cash funds with near-instant  access. Included in  cash and cash  equivalents 
are amounts of cash held on client settlement accounts as shown above.

At 30 June  2012 segregated deposit  amounts held  by the Group  on behalf  of 
clients in accordance with  the client money rules  of the Financial  Services 
Authority amounted  to  £2,922  million (2011:  £2,248  million).  The  client 
retains the beneficial interest in these deposits and accordingly they are not
included in the balance sheet of the Group.

                          10. Deferred tax

The following  are the  major  deferred tax  assets recognised  and  movements 
thereon during the current  and prior reporting years.  Deferred tax has  been 
recognised at 24%, being  the rate in  force at the  balance sheet date.  The 
Finance Act 2012 reduces the  standard UK corporation tax  rate to 23% from  1 
April 2013 which  will reduce the  deferred tax assets  and liabilities  shown 

                  Accelerated relief on               Other deductible
                          tax   capital Share-based          temporary
                 depreciation    losses    payments        differences   Total
                        £'000     £'000       £'000              £'000   £'000
At 1 July 2010            206         -       1,975                760   2,941
Credit to income          377         -         249                 40     666
Credit to equity            -         -       4,510                  -   4,510
At 30 June 2011           583         -       6,734                800   8,117
Credit/(charge)                                                    305
to income                  67        22          45                        439
Charge to equity                            (5,617)                    (5,617)
At 30 June 2012           650        22       1,162              1,105   2,939

11.  Other financial liabilities

Trade and other payables        At 30 June 2012 At 30 June 2011
                                          £'000           £'000
Current payables
Trade payables                          107,206         147,450
Social security and other taxes           7,615           3,359
Other payables                            7,806           4,950
Accruals and deferred income             14,325          11,680
                                        136,952         167,439

In accordance  with  market practice,  certain  balances with  clients,  Stock 
Exchange member firms  and other  counterparties are  included in  creditors. 
Trade payables include £105.6 million  (2011: £146.7 million) of  counterparty 
balances.  Accruals   and  other   payables  principally   comprise   amounts 
outstanding for trade purchases and on-going costs.

                           12. Share capital

                                         At 30 June 2012 At 30 June 2011
                                                   £'000           £'000
525,000,000 ordinary shares of 0.4p each           2,100           2,100
Issued and fully paid:
Ordinary shares of 0.4p each                       1,897           1,897
                                                  Shares          Shares
Issued and fully paid:
Number of ordinary shares of 0.4p each       474,318,625     474,318,625

The Company has one  class of ordinary  shares which carry  no right to  fixed 

13.  Note to the consolidated cash flow

                                       Year ended 30 June Year ended 30 June
                                                      2012                2011

                                                     £'000               £'000
Profit for the year after tax                      113,319              91,947
Adjustments for:
Investment revenues                                (2,158)             (1,496)
Other gains and losses                                (71)                (72)
Income tax expense                                  39,520              34,066
Depreciation of plant and equipment                  2,186               2,055
Amortisation of intangible assets                      229                 263
Loss on disposal                                         2                   -
Share-based payment expense                          2,136               1,618
Increase /(decrease) in provisions                     218               (839)
Operating cash flows before  movements             155,381             127,542
in working capital
Decrease/(Increase) in receivables                  33,572            (72,004)
(Decrease)/Increase in payables                   (30,487)              58,748
Operating cash flows                               158,466             114,286
Income taxes paid                                 (35,917)            (30,029)
Net cash from operating activities                 122,549              84,257

14. Going concern

The Group maintains ongoing forecasts that indicate continued profitability in
the 2013 financial year. Stress  test scenarios are undertaken, the  outcomes 
of  which  show  that  the  Group  has  adequate  capital  resources  for  the 
foreseeable future even in adverse economic conditions. The Group's  business 
is highly cash generative with a low working capital requirement; indeed,  the 
forecast cash  flows show  that the  Group will  remain highly  liquid in  the 
forthcoming financial year. The Directors therefore believe that the Group  is 
well placed  to manage  its business  risks successfully  despite the  current 
uncertain  economic   outlook.  After   making  enquiries,   the   Directors' 
expectation is that  the Group  will have  adequate resources  to continue  in 
operational existence for the foreseeable future. Accordingly, they  continue 
to adopt  the  going  concern  basis in  preparing  this  preliminary  results 

Related Party Disclosures

The following is extracted from note 26 on pages 84 and 85 of the 2012 Annual
Report and Accounts, and is repeated here for the purposes of the Disclosure
and Transparency Rules.

The Company has a related party relationship with its subsidiaries, and with
its directors and members of the Executive Committee (the "key management
personnel"). Transactions between the Company and its key management personnel
are disclosed below. Details of transactions between the Company and other
related parties are also disclosed below.

Trading transactions

The Company entered into the following transactions with directors within  the 
Hargreaves Lansdown  Group and  related parties  who are  not members  of  the 

During the years  ended 30 June  2012 and 30  June 2011 the  Company has  been 
party to a lease with P K Hargreaves and S P Lansdown, who are both  directors 
of  the  Company,  for  the  rental  of  the  old  head  office  premises   at 
KendalHouse. Previously  the rental  was  £302,400 per  annum for  the  whole 
building but as from 6 April 2011 a new ten year lease was signed for a rental
of part of the building, to be used for disaster recovery purposes at a rental
of £105,000 per annum. No amount was outstanding at either year-end.

During the years ended 30 June 2012 and 30 June 2011 the Group has provided  a 
range of investment services  to shareholders, directors  and staff on  normal 
third party business terms.

Remuneration of key management personnel

The remuneration of the key management personnel of the Group being those
personnel who were either a member of the Board of a Group company or a member
of the Executive Committee during the relevant year shown below, is set out
below in aggregate for each of the categories specified in IAS 24 Related
Party Disclosures.

                                       Year ended 30 June   Year ended 30 June
                                                     2012                 2011
                                                    £'000                £'000
Short-term employee benefits                        9,165                7,861
Defined contribution pension costs                    420                  245
Share-based payments                                1,540                1,097
Gains on exercise of share options                    947                    -
                                                   12,072                9,203

Included within the previous table are the following amounts paid to directors
of the Company who served during the relevant year. Full details of
directors' remuneration are shown in the Remuneration Committee report.

                                         Year ended 30 June Year ended 30 June
                                                       2012               2011
                                                      £'000              £'000
Wages and salaries                                    3,022              2,583
Pension contributions                                   112                 47
Share-based payments                                    912                763
Gains on exercise of share options                      107                  -
                                                      4,153              3,393
Emoluments of the highest paid director               1,896              1,278
Number of directors who were members of                   2                  2
money purchase pension schemes

Transactions  between   subsidiaries  and   between   the  Company   and   its 
subsidiaries,  which   are   related   parties,  have   been   eliminated   on 
consolidation. The parent Company, Hargreaves  Lansdown plc, entered into  the 
following transactions with subsidiaries and the Employee Benefit Trust, which
are related parties.

                                         Year ended 30 June Year ended 30 June
                                                       2012               2011
                                                      £'000              £'000
Dividends received from subsidiaries                109,000             87,500
Management charges to subsidiaries                      720                720
Amount owed  to  related parties  at  30                 32                 12
Amounts owed  by related  parties at  30             18,355                227

All amounts outstanding with related parties are unsecured and will be settled
in cash. No guarantees have been given or received in respect of amounts
outstanding. No provisions have been made for doubtful debts in respect of
the amounts owed by the related parties.

                     This information is provided by RNS
           The company news service from the London Stock Exchange


FR BKNDDABDDOKB -0- Oct/24/2012 07:00 GMT
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