Interim Management Statement

Hargreaves Lansdown PLC
06 November 2007

Interim Management Statement

Hargreaves Lansdown Plc



The following statement is unaudited except where reference is made to figures
published in the Report and Financial Statements for the year ended 30 June
2007. Certain figures contained in this report have been subjected to rounding
adjustments. Accordingly, in certain instances the sum of the numbers in a
column contained in this document may not conform exactly to the total figure
given for that column.



Hargreaves Lansdown Plc ('the Group') is pleased to publish today its first
Interim Management Statement as required by the UK Listing Authority's
Disclosure and Transparency rules. This statement is in respect of our financial
years first quarter of trading i.e. the period from 1 July 2007 to 30 September
2007 ('the period').



Assets Under Administration

During the period, the FTSE All Share has fallen by 2.6 per cent from 3404.14 to
3316.89. Despite the less favourable market conditions, Hargreaves Lansdown has
increased its assets under administration from £10.2 billion as at 30 June 2007
to £10.6 billion as at 30 September 2007.  This can be broken down as follows:


                                                                             30 Sept       30 June
                                                                                2007          2007
                                                                                £'bn          £'bn
Assets Under Administration (AUA)
     Vantage (*)                                                                 9.5           9.1
     Other                                                                       0.2           0.2
AUA Total                                                                        9.7           9.3
Assets Under Administration and Management (AUM)
     Portfolio Management Service (PMS)                                          0.8           0.8
     Multi-manager funds excluding PMS                                           0.5           0.5
AUM Total                                                                        1.3           1.3
Less: Multi-manager funds included in both AUA and AUM                         (0.5)         (0.5)
Total Assets Under Administration                                               10.6          10.2



(*) 30 September 2007 figure includes 811m of shares in Hargreaves Lansdown plc
(30 June 2007 £805m)



The value of assets held within the Vantage service, the Group's
direct-to-private investor fund supermarket and wrap platform, increased from
£9.1 billion as at 30 June 2007 to £9.5 billion as at 30 September 2007. This
can be attributed to strong net business inflows which have more than
compensated for the negative impact of the market during the period.  The net
inflow of business into the Vantage ISA during the first quarter of the 2008
financial year was more than 70% higher than the same period last year whilst
net inflows into the Vantage PEP were around 20% lower.  The first quarter also
saw net inflows into the Vantage Fund and Share Account of more than double the
levels of the first quarter of 2007. Finally, the SIPP also made a positive
start with the first quarter's contributions over 50% higher than the first
quarter last financial year.



The number of active Vantage clients at the 30 September 2007 was around 223,000
compared with 218,000 as at 30 June 2007. The value of assets held in our
managed services, namely our Portfolio Management Service and our range of
multi-manager funds, was £1.3 billion as at 30 September 2007 (unchanged from
the year end 30 June 2007 figure) including £0.5 billion of Hargreaves Lansdown
multi-manager funds administered through Vantage.



Revenue
                                                First Quarter        First Quarter    Increase
                                                   Year Ended           Year Ended
                                                      30 June              30 June
                                                         2008                 2007
                                                          £'m                  £'m
Vantage                                                  16.5                 10.3      60%
Advisory                                                  3.3                  2.3      43%
Discretionary                                             2.5                  1.5      67%
Third Party                                               4.2                  4.2       -
Stockbroking                                              1.6                  1.5       7%
Central Services                                          0.8                  0.3      167%

Total Revenue                                            28.8                 20.1      43%



The Vantage, Advisory and Discretionary divisions have achieved strong revenue
growth in the first quarter compared to the same period last year as a result of
higher average asset values during the period. These areas accounted for 72% of
revenue for the year ended 30 June 2007 and continue to drive the business
forward by generating recurring higher quality earnings for the Group.



In addition to higher management fees based upon assets held in our Portfolio
Management Service, our Financial Practitioners division has made a strong start
to the year generally and continues to seek out good quality, experienced
advisers to add to its team.



Our revenue from the Third Party Business division has remained fairly flat for
the first quarter compared to the same period last year. As previously advised,
the revenue from third party investments is expected to continue its gradual
decline as more clients choose to transfer their assets onto the Vantage
platform. The nature of revenue earned on corporate solutions business is such
that the inflow will depend largely on the timing of when schemes are
implemented throughout the year. The first quarter is down on the same period
last year but the pipeline of prospective business remains positive. Whilst
strong annuity sales in the first quarter has boosted revenue from third party
life and pensions business, the revenue from personal pensions continues to
decline in favour of the Vantage SIPP. We have now scaled back our marketing
activity in relation to term assurance.



The Stockbroking division has made a positive start to the year, boosted by
higher levels of trading activity often associated with a more volatile market.



Finally, revenue from the Central Services division includes interest on the
Group's own money and has increased due to higher cash balances held during the
period compared to the previous year.



In the past week, we have agreed the terms of our new leasehold premises with a
target occupation date of December 2009. We currently occupy four premises and
have recently taken out a short-term lease on a fifth. The new premises will
replace all of these offices and accommodate in the region of a thousand staff,
compared to 654 employed as at 30 September 2007. We believe that a single site
will be extremely beneficial for us in terms of efficiency gains, improving
communication and harmonising the culture which has been a key element in the
Group's success to date.



Commenting on the first quarter and outlook, Peter Hargreaves, Chief Executive,
said:



'It is difficult to draw too many conclusions from the first quarter of trading.
 However, we are pleased that, despite the less favourable market conditions, we
have continued to attract new clients into Vantage and existing clients continue
to entrust us with more of their wealth. We remain confident of our prospects
for the remainder of the current financial year, although as always the market
will have some say in our overall performance.'



' Irrespective of what market conditions prevail, we endeavour to provide our
clients with the best service, the best prices and the best information.'


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