Business
Pre Close Trading Statement
Pre Close Trading Statement.
About this update from Investec Plc
[{"type":"text","content":"\n\n\n\n\nInvestec Limited Incorporated in the Republic of South Africa\nRegistration number 1925/002833/06\nJSE share code: INL\nJSE hybrid code: INPR\nJSE debt code: INLV\nNSX share code: IVD\nBSE share code: INVESTEC\nISIN: ZAE000081949\nLEI: 213800CU7SM6O4UWOZ70\n\n\nInvestec plc Incorporated in England and Wales\nRegistration number 3633621\nLSE share code: INVP\nJSE share code: INP\nISIN: GB00B17BBQ50\nLEI: 2138007Z3U5GWDN3MY22\n\n\n \n\n\n \n\n\n\n \nGroup pre-close trading update and trading statement\n \n22 September 2023\nInvestec today announces its scheduled pre-close trading update for the interim period ending 30 September 2023 (1H2024). An investor conference call will be held today at 09:00 UK time / 10:00 South African time. Please register for the call at www.investec.com/investorrelations.\nCommentary on the Group's financial performance in this pre-close trading update represents the five months ended 31 August 2023 and compares forecast 1H2024 to 1H2023 (30 September 2022). The average Rand / Pound Sterling exchange rate depreciated by approximately 19% for the five months to 31 August 2023, resulting in a significant difference between reported and neutral currency performance.\nThe comparability of the total Group's period on period performance will be affected by the financial effects of previously announced strategic actions, some of which will result in the Group performance being presented on a continuing and discontinuing basis in line with the accounting standards. We provide further details on the structural strategic actions in note 1 below.\n \nSignificant strategic actions taken:\n- Combination of Investec Wealth & Investment UK (IW&I UK) with the Rathbones Group\n- Approximately R6.7 billion or c.£300 million share buy-back and share repurchase programme, in line with the Group's strategy to optimise capital in South Africa\n- Disposal of the management companies to Investec Property Fund (IPF) (now known as Burstone Group Limited) and consequent deconsolidation of IPF\n- The restructure of The Bud Group Holdings (formerly known as IEP) to facilitate ...