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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Investec Group Limited    INLJ   ZAE000081949

INVESTEC GROUP LIMITED

(INLJ)
  Report  
End-of-day quote. End-of-day quote Johannesburg Stock Exchange - 10/14
79.17 ZAR   -2.58%
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Investec : warns of first-half profit drop as restructuring costs bite

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09/20/2019 | 06:51am EDT

LONDON (Reuters) - Anglo-South African financial services company Investec said its first-half profit will be lower than a year ago due to a jump in restructuring costs and as global trade tensions and Brexit roil its key markets.

Investec, which provides asset management and specialist banking services, has been streamlining its operations by selling and shutting some units and restructuring businesses.

Investec's London-listed shares fell as much as 10% in early deals to lead fallers in the mid-cap index <.FTMC>, after it revealed costs would nearly double to 42 million pounds and headline earnings per share are expected to be 15% to 18% down on last year.

At 1010 GMT, the stock was trading down 6.1%.

In a pre-close trading update, Investec said the hike in costs related to the closure of its private equity direct investments business in Hong Kong, part of its UK wealth operation and the restructuring of its Irish branch in preparation for Britain's exit from the European Union, although this was partially offset by the sale of its Irish wealth management business.

Plans to spin off its asset management unit were on track to complete next year at a cost of 7.5 million pounds.

Investec said it remains committed to the bank and wealth unit's three-year targets.

Earnings were also hit by a 2.8% depreciation of the rand against sterling during the period, it said, adding to market weakness, including in its British banking operations.

"Market variability and persistent uncertainty relating to Brexit and global trade wars, has negatively impacted investment banking fees and trading income," Investec said as it warned that its UK specialist banking unit's profit would be "significantly" behind.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Saumyadeb Chakrabarty and Elaine Hardcastle)

By Pushkala Aripaka and Simon Jessop

Stocks mentioned in the article
ChangeLast1st jan.
INVESTEC GROUP LIMITED -2.58% 79.17 End-of-day quote.-0.98%
INVESTEC PLC -2.26% 423.1 Delayed Quote.-1.86%
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Latest news on INVESTEC GROUP LIMITED
04:51aINVESTEC : Form 8.5 (EPT/RI) - Amerisur Plc
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Financials (GBP)
Sales 2020 2 630 M
EBIT 2020 732 M
Net income 2020 481 M
Debt 2020 -
Yield 2020 0,31%
P/E ratio 2020 162x
P/E ratio 2021 138x
Capi. / Sales2020 28,8x
Capi. / Sales2021 26,7x
Capitalization 75 651 M
Chart INVESTEC GROUP LIMITED
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Technical analysis trends INVESTEC GROUP LIMITED
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 564,35  GBp
Last Close Price 79,17  GBp
Spread / Highest target 656%
Spread / Average Target 613%
Spread / Lowest Target 569%
EPS Revisions
Managers
NameTitle
Fani Titi Joint Chief Executive Officer & Executive Director
Hendrik Jacobus du Toit Joint Chief Executive Officer & Director
Peregrine Kenneth Oughton Crosthwaite Independent Non-Executive Chairman
Nishlan Samujh Chief Financial Officer & Director
Ian Robert Kantor Non-Executive Director
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