Hargreaves Lansdown has had an “encouraging” start to its first quarter after revenues rose to £57.2m.

In its interim management statement this week, the asset management firm reported revenues rose by 27 per cent, up from £45.2m for the same period last year.

However, it saw a fall in assets under administration, which dropped by nine per cent to £22.3bn from £24.6bn at the end of June.

The company said the decrease was due to a fall in the stock market during the three months from June to September when the FTSE All Share decreased by 14 per cent.

Net new business increased by 24 per cent from £0.55bn last year to £0.68bn.

Client numbers on the Vantage platform rose by 8,000 bringing the total to 388,000 clients and 597,000 active accounts.

Ian Gorham, chief executive of Hargreaves Lansdown, said that while the first financial quarter was usually the firm’s quietest period, the results were encouraging.

He said: “Net new business, revenues and client acquisition all show a healthy increase on the same period in 2010 despite the FTSE All Share index decreasing by 14 per cent in the period and the investing landscape being dogged by volatility and macro-economic uncertainty.

“These positive results need to be seen in context, being delivered during a difficult period in the stock market. I believe that in spite of the current economic uncertainties the company remains well placed to continue to grow client numbers and assets.”

For the future, Mr Gorham said the firm would be progressing with its Corporate Vantage platform and launching a new Junior Isa in November.