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Investec raises H1 fiscal 2024 EPS guidance following Rathbones merger

Published Nov 08, 2023 03:25AM ET
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Investec PLC, a financial services firm dual-listed on the London and Johannesburg exchanges, has revised its H1 fiscal 2024 earnings per share (EPS) guidance upwards to 69.0-70.0 pence. This forecast exceeds both its September prediction of 67.2-69.2 pence and the H1 fiscal 2023 figure of 50.6 pence, according to analyst Elena Vardon.

The company's adjusted EPS expectations have also been revised, with a new range of 38.0-39.0 pence, up from the initial 35.5-37.5 pence range and surpassing the previous year's figure of 32.9 pence. The headline EPS, another important metric, is projected to be between 36.5 and 37.5 pence, marking an increase from the comparable period's headline EPS of 32.0 pence.

This revision follows Investec's all-share merger with Rathbones Group PLC, which has led to an increase in performance metrics across the board. The merger resulted in Investec owning a 41% stake in Rathbones and becoming the "UK's leading discretionary wealth manager". This strategic move has contributed to continued client acquisition, beneficial effects from higher global interest rates, year-on-year growth in average lending books, and an overall solid first-half performance.

The merger's positive impact is further reflected in the projected increase in adjusted operating profit, which is expected to lie between GBP 428.7 million and GBP 449.6 million.

At present, shares of Investec are trading at 481.30 pence in London and ZAR 107.25 in Johannesburg.

Investec will officially release these first-half results on November 16.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investec raises H1 fiscal 2024 EPS guidance following Rathbones merger
 

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