One of Bristol’s most successful businesses has just enjoyed another record-breaking six months.

Hargreaves Lansdown, which is based on the Harbourside and employs around 600 staff, saw its profits increase by almost a third to £72 million over the last six months.

At the same time revenues also increased by recording breaking levels and were up by 16 per cent to £112.9 million.

The results, announced to the Stock Market yesterday, are the latest chapter in a remarkable success story which shows no sign of slowing down even in the face of the worse recession in living memory.

The wealth management and pensions firm was set up in a Clifton bedroom by business partners Stephen Lansdown and Peter Hargreaves just over 30 years ago.

Since then it has grown into one of the most successful firms in its field and last year it became a member of the exclusive FTSE 100 club.

The firm currently controls more than £23.4 billion worth of assets for its army of 400,000 customers.

The two founders of the company have taken a step back from the day-to-day running of the firm but there has been no sign of the remarkable success coming to an end any time soon.

Peter Hargreaves, who is one of the richest men in the South West, said: “This is a very good set of results in a very difficult market. The economy is going through a very difficult period but our customers are still putting their trust in us and what we can provide for them which says a lot about the company.”

He added: “The reason that people keep coming back to us is that they trust us. We must be one of the few companies in the FTSE 100 with no debt at all. We have one of the cleanest balance sheets around and that in itself is an achievement.

“The economy is in a real mess but we are still seen as a safe pair of hands by our customers. Each year when we look at the company we look at ways of improving what we do.

“We always aim to be more successful than the previous year and that is what we keep achieving. This really is a company that Bristol should be proud of.”

Ian Gorham, the chief executive of the company, warned the country was facing a double-dip recession.

He said: “This set of record results has been achieved despite the continued backdrop of economic uncertainty both at home and abroad. In fact investor confidence has deteriorated during the last 12 months.

He added: “Total UK net retail sales of funds have fallen to levels only previously seen during the credit crunch of 2008. The UK is also courting a double-dip recession and the average member of the UK investing public feels poorer than a year ago.

“In spite of unfavourable conditions and lower investment values, we continued to see a healthy business, only marginally down on our record previous year, and we welcomed 16,000 new clients to the Vantage service. As well as delivering record revenues and profits we have improved our competitiveness, reduced charges and improved the functionality of our systems.

“Our range of services and products has been increased and improved in line with our investment supermarket.”

In a bid to attract customers the firm has introduced lower stock-broking fees and management charges.

Mr Gorham added: “We have continued to see flows of business from competitors which is an emphatic confirmation of our strong market position. In turbulent times wise investors focus firstly on the security of their assets and trustworthy service.

“As a listed company with a 30-year reputation and a strong balance sheet, we are uniquely placed to deliver that security and service to the UK public. There is no doubt that the economic environment remains challenging but we are confident that the still unique Hargreaves Lansdown business model will continue to show itself to be extremely robust.”