I’ve looked at the Hargreaves Lansdown (HL. , 190p) share price performance since the results on August 27th. The shares moved from 161p to a high of 209p, and are now off the top at 190p.

So a more than 25% uplift after a great set of results (to June 2008). Of note was an increase in assets under management, and an increase in the proportion of income that is recurring, up about 4% points to 72%.

I then looked at the slides from the analyst presentation, and recount here from the ‘Conclusion’ slide:

‘Resilient business’

‘H-L is well positioned in the market’

‘Volatility will impact profit growth’

‘….but long term prospects remain very positive’. 

I also notice a comment on FT’s Alphaville quoting a Citigroup report that shows a marked slowdown in global stockmarket activity n August, down 37% in value vs last year.

And I then understand why on September 9th the CFO of Hargreaves Lansdown Martin Mulligan has taken some money off the table by selling 200,000 shares at 193p, taking his holding to 2.1m shares. His colleague Tracy Taylor, Group Accounting Director and Co Secretary, has also sold, 65,000 shares at 193p taking her holding to 932,000 shares.

Of note is Mulligans past trading activity. He sold 1.2m shares in September 2007 at between 208p-210p. HL shares subsequently fell to 135p in January.

So maybe ‘volatility will impact profit growth’ is the line to focus on for the next six months.

Signal strength: MEDIUM

Link to Hargreaves Lansdown Investor Relations site.