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Investec announces pre-close trading update; further progress on simplification

By BFN News | 07:06 AM | Friday 20 September, 2019


Investec today announces its pre-close trading update ahead of its interim results for the six months ending 30 September 2019 (1H2020), which are due for release on 21 November 2019. Further progress has been made on simplifying and focusing the business in pursuit of disciplined growth over the long term with group 1H2020 adjusted operating profit is expected to be slightly behind the prior period (in line on a neutral currency basis) given challenging market conditions. Management have closed the Click & Invest operations which formed part of the UK wealth management business as well as the private equity direct investments business in Hong Kong. The Irish Wealth & Investment business has been sold with the Irish branch restructured due to Brexit. Basic earnings per share are expected to be approximately 10% to 13% behind the prior period and headline earnings per share are expected to be approximately 15% to 18% behind the prior period. In spite of challenging trading conditions, the group remains well positioned for the long term and continues to concentrate on the execution of its strategy of simplification, focus, and disciplined growth. Story provided by StockMarketWire.com

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