Investec reinstates dividend, guides for better H2
Investec
512.50p
16:40 26/04/24
Financial services company Investec reinstated its dividend and forecast a better second half after better-than-expected interim results.
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The company said the second half would be underpinned by improving revenue trends as client activity levels improve and liability repricing aids net interest income.
Group adjusted operating profit for the six months to September 30 of £142.5m was 48.4% lower year on year, while adjusted basic earnings per share halved to 11.2p, albeit ahead of pre-close guidance of 8.3p - 10.5p.
The board declared an interim dividend of 5.5p a share, down from 11p a year ago. Investec stopped paying dividends after South African and UK regulators advised against payouts during the coronavirus pandemic.
Investec's common equity tier 1 ratio, which is a measure of financial stability, was unchanged at 10.7%.