JSE-listed investment banking giant Investec expects its headline earnings per share to be between 4.8% and 10.6% higher than in 2023 when it announces its full-year results ending 31 March 2024 in May.
The group said the average rand/pound sterling exchange rate depreciated by approximately 15% in the 11 months to 29 February 2024, which led to a significant difference between reported and neutral currency performance.The rise in basic earnings per share is thanks to the positive impact by the net gain from the implementation of the UK Wealth & Investment combination with Rathbones, which was partly offset by the effects of the deconsolidation of Investec Property Fund .
“The management teams are confident that the synergies between the two entities will be achieved. The execution however is in the hands of Rathbone’s management,” added Titi.