JOHANNESBURG - Investec, the financial services group, prevailed against a challenging environment both in South Africa and in the UK to deliver a £664.5million (R12.1billion) adjusted annual operating profit that's up 9.4percent year-on-year amid weak economic growth in both of its core banking markets.
The group said: “Overall group results have been negatively impacted by the depreciation of the average rand-pound sterling exchange rate of 4.8percent over the year. Key earnings drivers have been negatively impacted by the depreciation of the closing rand-pound sterling exchange rate of 13.1percent over the year.”
Late last year, Investec plc and Investec Limited announced that the Investec Asset Management business would become a separately listed entity expected to be operational in the second half of the current year.
Group joint chief executives Fanie Titi and Hendrik du Toit said in the results announcement for the year to March 31 that the group was on track with the proposed demerger and separate listing of Investec Asset Management, which should enhance the long-term prospects of both businesses.
“We are confident that we have positioned the businesses to ensure they meet their growth objectives and deliver long-term shareholder returns.