Investec’s shares (LON:INVP) fell above 7% on Thursday. This is because the group revealed 24% of its revenue.
The group described “decreasing economic activity and increasing market volatility” amid the background to Covid-19.
Adjusted operating income was £142.5 million, down 48.4% from the previous 276.3MA.
Investec has declared a provisional dividend of 5.5p.
Chief Executive Fanny Titi commented: “The first half of the fiscal year is characterized by difficult and volatile markets and economic conditions primarily due to Covid-19. As a result, the group-adjusted operating income of GBP 142.5 million was 48.4% behind the previous period, and the adjustment for the base earnings per share of 11.2p ahead of prior guidance, but 50.0% behind the previous period. We are encouraged by the resilience of our loan book, the performance of our core franchise against a tough background, and progress on strategic targets. The tangible net asset value per share increased by 10.4% per year with a dividend of 5.5p.
“We entered this crisis from its position of strength, continued to have a strong capital, capital and liquidity position, and were well placed operationally and financially to navigate this evolving environment for the benefit of our clients and other stakeholders.”
Looking forward to it, the group hopes that the overall performance this year will go ahead of the first half.
Investec shares (LON:INVP) are -7.73% at 188,50 (1319GMT).
