Invicta Holdings increased its operating profit by 18 percent in the year to March to R1.04 billion, the investment management company said yesterday. This included a non-recurring profit on sale of fixed assets of R14 million. When one-off items were removed from the results, the group’s normalised earnings a share rose 7 percent, while normalised headline earnings a share added 15 percent to R7.65. Invicta, which manages assets of R12bn, generated 38 percent more revenue in the period under review to R10.5bn. Of this revenue, 94 percent was from the group’s organic growth, while 6 percent was attributed to acquisitions. It achieved these results amid tough trade in the industrial consumables market as labour unrest and rand weakness affected industrial productivity. Shares in the group, whose subsidiaries distribute capital equipment, building and engineering gear, lost 2.02 percent to close at R121.30 on the JSE yesterday. – Londiwe Buthelezi