Profit before tax also fell, by 8% year-on-year, to £182.5m.

However, excluding strategic investment and restructuring costs, underlying profit before tax rose 5% year-on-year to £221.5m.

Total assets under administration rose 12% year-on-year to a record £142.2bn (H1 2022/23: £127.1bn)

Revenues also rose 5% to £368.2m (H1 2022/23: £350m).

Dan Olley, the new CEO at Hargreaves Lansdown, said: “It is now six months since I took over as CEO and it is clear that the business is built on strong foundations; a proud heritage, with a trusted brand and knowledgeable, client-focused colleagues.

“What is also clear is the work to be done to capitalise on those foundations to reposition HL to take advantage of the structural growth opportunities ahead. The detailed and data-led approach we are taking is giving clear insight into client needs which, together with our focus on execution, the strengthened leadership team and improvements in our technology capability, means we are off to a great start.

“The four priorities I set out in September are the right ones to drive the business forward and I am pleased with the tangible progress we have made in the first half.”

Hargreaves Lansdown also reported a slight drop in underlying diluted earnings per share at 34.6p (H1 2022/23: 35.5p). Diluted earnings per share fell 14% to 28.5p. The firm has increased its interim dividend by 4% to 13.2p.

Hargreaves Lansdown has seen a number of changes to the senior management team in recent months.

Alison Platt replaced Deanna Oppenheimer as chair of the board earlier this month.

Ms Oppenheimer unexpectedly quit in November after activist investors threatened to vote against her re-appointment at the December AGM.

Some investors had been unhappy with the firm’s share price performance in recent years, including one of the founders, Peter Hargreaves.

Deanna Oppenheimer served as chair for six years during which the share price fell from a peak of 2,419p in May 2019 to 706p by the time she quit.

In early trading today the share price was down by 7% to 748p although it has been on a rising trend most of this year so far.