Investec Plc expecting largely unchanged profit
Investec Plc has said that, currency translations excluded, it expects to report a "solid increase" in operating profit in the 12 months to end March. It added that impairments are expected to be around 20% lower than the previous year.
The company said:
"The UK specialist banking business is expected to report results substantially ahead of the prior year, whilst the South African specialist banking business is expected to report results comfortably ahead of the prior year in rands Wealth and investment is expected to report results marginally ahead of the prior year, whilst asset management is expected to report results behind the prior year."
Investec, which is based in Johannesburg and London but which also has operations in Australia, is the owner of a bank and money manager in SA and the UK. The company makes the majority of its operating profit in South Africa, where the rand has dropped 19% against the pound since the beginning of March 2015.