24th Sep 2021 17:27
(Correcting Investec's 2021 financial year adjusted earnings per share figure.)
(Alliance News) - Investec PLC and Ltd on Thursday gave a confident outlook for its current financial year, expecting both a sharp rise in profit for the interim period and to exceed its guidance for the year as a whole.
The Anglo-South African lender and wealth manager said for the six months ending September 30, adjusted operating pretax profit is set to come between GBP265 million and GBP293 million, up 86% to more than doubled from GBP124.5 million a year before.
Investec said that the first five months of its financial year was "characterised by good growth in revenue", with increased client activity across the business and lower funding costs. In addition, expected credit loss charges were lower, due to limited specific impairments and some recoveries.
As at the end of August, Investec's total funds under management stood at GBP64.14 billion, up 9.8% from GBP58.44 billion at the end of March, supported by favourable market movements and investment performances.
Looking further ahead, based on the current business momentum, Investec expects adjusted earnings per share for the year ending March 31, 2022 to come above the upper end of the 36 pence to 41p guidance range.
For the 2021 financial year, Investec's adjusted earnings per share was 28.9p.
Investec will publish its interim results on November 18.
Shares in Investec closed down 0.7% at 299.60 pence in London on Friday. Markets in Johannesburg were shut on Friday for Heritage Day.
By Dayo Laniyan; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Investec