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Wealth manager Investec said it expected earnings to improve in fiscal 2022 after reporting a fall in annual profit as lower interest rates and pandemic-related weakness weighed on performance.
For the year ended March 2021, pre-tax Adjusted operating profit fell 9.9% to £378 million year-on-year as
Net asset value per share increased by 11.1% to 460.2 pence, and adjusted earnings per share from continuing operations for FY2021 of 28.9 pence.
The fall profit comes as pandemic-led in the first offset a strong earnings recovery, in the second half amid a rebound in economic activity.
A final dividend of 7.5p has been proposed bringing the full year dividend to 13.0p.
Should the economic recovery currently underway persist throughout FY2022, we expect the revenue momentum experienced in the second half to continue, the company said.
Looking ahead, the expected 2022 adjusted earnings per share to improve from the reported 28.9p to between 36p and 41p.
Expected credit losses were forecast to remain within the through-the-cycle range of 30 basis points to 40 basis points.
At 8:06am: (LON:INVP) Investec PLC share price was 0p at 189.05p