The pessimistic market sentiment rained on “another strong period of growth” for the investment broker, in which it passed the one million active client threshold and saw net new business increase by 43%.
This took assets under administration to £86.1bn by the end of the six months to 31 December 2017, up 23% year-on-year.
The popular direct to consumer platform and stock broker also boasted healthy financials, with net revenue 17% higher at £216m and profit before tax coming in 12% higher at £146.9m.
Diluted earnings per share also rose over the first half of its financial year 2018, jumping 12% to 25.0p from 22.4p. And the board agreed to pay out an interim dividend of 10.1p, an increase of 17%.
Despite the strong showing from the Bristol-based D2C business, its shares opened 4% lower at 1762p, as the FTSE 100 slumped 3% to 7,118.
Some analysts speculated that the firm’s forward looking predictions around Brexit also played a role in its depressed share price.
Although the second half of the trading year is traditionally the group’s stronger half, CEO Chris Hill cautioned that “the geopolitical backdrop and Brexit uncertainty” could detract from new business.
Still, Hill emphasised that the group has “a significant market growth opportunity” because of the long-term savings gap and more individuals being required to have involvement in their savings and investments.
“Our purpose is to empower people to save and invest with confidence,” he said.
“We believe that continuing to place our clients at the centre of what we do: offering them great value and service; making it easy and efficient for them to manage their savings and investments in a secure environment; and establishing a lifelong relationship with them will enable us to continue to build more share in this growing market.”
