HL's customer engagement remains best in class and underpins its successful business model. However, its profit margins are under pressure as competition increases. The shares may still struggle to make progress.
Hargreaves Lansdown(HL) has built itself into one of the most successful and profitable companies listed on the London market. Like other platform businesses such as Rightmove and Autotrader, it has created a business of considerable scale and leveraged it over a high fixed cost base which has enabled it to make very impressive returns.