INVESTEC Group published its preclose trading update for the financial year to the end of March 2024, saying it expects double-digit earnings growth after a year of change.

The trading update followed what has been a period of significant change for the group. During the current fiscal year, the company completed the combination of Investec Wealth & Investment UK (IW&I UK) with the Rathbones Group and disposed of its property management companies to Investec Property Fund (IPF) - now known as Burstone Group - which has been consolidated.

The group also restructured its Bud Group Holdings business to facilitate a sale.

In the past few years Investec also spun off its wealth management business Ninety One and sold its remaining 15 per cent stake in 2021.

The group also unlocked capital from its South African arm, which was subsequently used for a £300m share buyback.

The group said it expected to report adjusted operating profit before tax for the year of between £866.9m and £909.6m. Return on equity is towards the high end of the group's 12 per cent to 16 per cent target.

Investec said: "The group remains committed to its strategic priority to optimise shareholder returns while creating enduring worth for all our stakeholders. We have made significant progress on the share repurchase programme".

Shares in the Investec Group closed 3.42 per cent in the green following the update.

(c) 2024 City A.M., source Newspaper