Investec earnings per share top pre-pandemic levels despite market volatility
Investec’s annual earnings per share have topped pre-pandemic levels, as the specialist banking and asset management group reaps the rewards of Covid-19 economic recovery.
Adjusted earnings per shares have nearly doubled in the year to 31 March, jumping from 28.9p in 2021 to 55.1p – coming in at the top end of previous guidance.
The London-headquartered group’s revenue lifted over 21 per cent in the period, while funds under management swelled 9.2 per cent to £63.8bn, from £58.4bn a year prior.
Investec said that the financial results were underpinned by net inflows of £1.9bn and a rebalancing of market levels, after a sustained period of volatility, which trickled into the last quarter.
The group’s cost to income ratio has also improved considerably in the 12-month period, as chief executive Fani Titi hailed the results as a “testament” to the group’s strength.
With the pandemic turnaround well underway, the board has proposed a final dividend of 14p per share, bumping its full-year dividend to 25p per share, up from a 13p full-year dividend in 2021.
In a statement, Titi added: “The group is well positioned to serve its carefully chosen client base and continues to navigate the uncertain outlook emanating from ongoing inflationary pressures and the economic effects of the invasion of Ukraine.”