8th Nov 2021 09:05
(Alliance News) - Investec PLC and Ltd on Monday upgraded its interim earnings guidance, surpassing the upper ranges of its previous forecast.
In an update on the pre-close trading statement, Investec said it now expects adjusted earnings per share for the six months ended September 30 to range between 26.0 pence and 26.5p, from 11.2p previously. This was above the upper range of between 21.5p and 24p predicted late in September.
It also lifted basic earnings per share guidance to 24.8p and 25.2p, up from 20.2p and 22.7p forecast in September. In the prior year, basic earnings per share stood at 9.6p.
Headline earnings per share is expected to be sharply higher at 24.5p to 24.9p, up from 9.2p previously, revised up from between 20.2p and 22.7p.
The Anglo-South African lender and wealth manager said in September the first five months of its financial year were "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.
The interim results for the six months ended September 30 are expected to be announced on November 18.
In Johannesburg, Investec's PLC shares were 3.2% higher at ZAR69.65, and its Ltd shares are up 2.8% at ZAR71.70. In London, Investec's shares were up 4.0% at 343.50 pence.
By Artwell Dlamini; [email protected]
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