Strong rand helps Investec crack £2bn operating income barrier
Investec was a beneficiary of the rand strengthening about 24% from R21/£ to R17/£ over the year to end-March, helping its total operating income grow 18% to crack the £2bn barrier for the first time. Measured in pounds, its South African businesses were the group’s best performers, growing operating profit 16% to £387m, beating its UK and other countries’ operating profit growth of 11% to £326m. But measured in rand, the performance of Investec’s home businesses was less impressive. "The combined South African businesses reported operating profit 0.4% ahead of the prior period in rand, while the combined UK and other businesses posted a 10.8% increase in operating profit in pounds," the company said in its results statement released on Thursday morning. Investec declared a final dividend of 13 pence, taking its dividend for the year to 23p, a 9.5% rise on the previous year’s 21p. The group segments itself into three divisions: specialist banking, which contributed 72% of its £712m ...
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