The UK-listed financial advisor, wealth manager and brokerage firm Hargreaves Lansdown said its operating profit rose by 28 per cent to £34.9 million ($50.4 million) in the six months ending 31 December last year compared with the same six months a year before.

Total assets under administration, meanwhile, fell by 9 per cent to £9.9 billion over the same period, the firm said in a statement.

The operating profit margin widened to 53 per cent from 47 per cent.

Hargreaves Lansdown said it brought in 17,000 new clients during the six months to the end of last year.

"The first six months of the current financial year have confirmed the group's potential for profitability even during extremely adverse circumstances," said Peter Hargreaves, chief executive.

“During the six month period under review the FTSE All Share Index fell by 22.6 per cent but by gathering assets the value on our platform only fell by 11 per cent,” he said.

The firm said its advisory division has endured a tough period, leading to cut in income of 3 per cent.  The fall in value of funds under management through the discretionary portfolio management service has reduced associated income from management fees.

The number of advisors at the firm fell from 86 at the start of the period to 76 in line with reduced demand.

The discretionary division has seen a decrease to revenue of 2 per cent compared to the six month period ending 31 December 2007.