18th Mar 2016 08:55
LONDON (Alliance News) - Anglo-South African financial services company Investec PLC on Friday said trading has been impacted by weakness and volatility in currency and equity markets but its operating profit for the year will be marginally ahead.
The FTSE 250-listed group said increased macroeconomic uncertainty in the second half of its financial year to the end of March has hit its results, particularly in its Wealth & Investment and Asset Management.
The Wealth & Investment division is expected to deliver full-year results marginally ahead of the prior year, but the Asset Management unit will be behind, despite having recorded net inflows in the second half, Investec said.
The UK specialist banking business has remained strong and set to deliver results well ahead year-on-year, offsetting the problems in the other divisions and will result in operating profit being ahead on a sterling basis for the full year, though the depreciation of the South African rand will hit results in sterling terms.
Investec shares were up 0.5% to 504.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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