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Half Year Results to 30 September

21 Nov 2024 07:00

RNS Number : 0441N
Investec PLC
21 November 2024
 

Investec Limited Incorporated in the Republic of South AfricaRegistration number 1925/002833/06JSE share code: INL

JSE hybrid code: INPR

JSE debt code: INLV

NSX share code: IVD

BSE share code: INVESTEC

ISIN: ZAE000081949

LEI: 213800CU7SM6O4UWOZ70

Investec plc Incorporated in England and WalesRegistration number 3633621LSE share code: INVP

JSE share code: INPISIN: GB00B17BBQ50LEI: 2138007Z3U5GWDN3MY22

 

Investec (comprising Investec plc and Investec Limited) - Reviewed condensed combined consolidated financial results for the six months ended 30 September 2024 and cash dividend declaration

 

Fani Titi, Group Chief Executive commented:

"The Group has delivered a solid performance in the first half of the 2025 financial year in an evolving environment. Adjusted operating profit grew 7.6% to £475 million demonstrating continued momentum from our differentiated client franchises. We are pleased to report a ROE of 13.9% putting us on track to achieve the Group's full year ROE guidance. The Group has maintained strong capital and liquidity levels, positioning us well to support our clients and pursue disciplined growth in an improving operating environment. We remain committed to our purpose of creating enduring worth for all our stakeholders."

Basis of presentation

The comparability of the Group's total period on period performance is impacted by the financial effects of the combination of Investec Wealth & Investment UK (IW&I UK) with the Rathbones Group (Rathbones) and the disposal of the property management companies to Burstone Group Limited (formerly known as Investec Property Fund (IPF)), which result in IW&I UK and IPF being presented as discontinued operations in the prior period in line with applicable accounting standards.

The interim statements are unaudited but have been reviewed by the auditors and their independent review report is included in this report.

Key financial metrics

Given the nature of the IW&I UK and IPF transactions completed in the prior period, the Group essentially retained similar economic interest to these investments before and after the transactions. To provide information that is more comparable to the current period, the prior period has been presented on a pro-forma basis as if the transactions had been in effect from the beginning of the prior period, i.e. IW&I UK has been presented as an equity accounted investment and IPF as an investment at fair value through profit or loss in the prior period.

 

£'millions

Revenue

Cost to income

CLR

Adjusted operating profit

Adjusted EPS (pence)

Basic EPS* (pence)

HEPS (pence)

ROE

ROTE

Total DPS (pence)

NAV per share (pence)

TNAV per share (pence)

1H2025

1 102.6

50.8%

42bps

474.7

39.5

36.6

36.6

13.9%

16.4%

16.5

575.7

491.6

1H2024

1 043.8

53.3%

32bps

441.4

38.7

69.6

36.9

14.6%

16.5%

15.5

554.0

467.7

% change in £

5.6%

 

 

7.6%

2.1%

(47.4%)

(0.8%)

 

 

6.5%

3.9%

5.1%

% change in Rands

5.2%

 

 

4.4 %

1.8%

(47.6%)

(0.5) %

 

 

 

4.4%

5.6%

Totals and variances are presented in £'millions which may result in rounding differences.

* The Basic EPS decrease reflects the impact of significant net gains from strategic actions executed in the prior period.

Group financial summary:

Pre-provision adjusted operating profit increased 11.1% to £541.6 million (1H2024: £487.7 million), as revenue grew 5.6% against operating cost growth of 0.8%, resulting in a positive jaws ratio.

Revenue benefitted from balance sheet growth, the breadth and depth of our client franchises, as well as the elevated interest rate environment. Net interest income (NII) was supported by higher average lending books and higher average interest rates, partly offset by the effects of deposit repricing in the UK. Non-interest revenue (NIR) growth reflects increased capital-light income from our Banking businesses, as well as strong growth in fees from our SA Wealth & Investment business. Investment income also contributed positively to NIR growth given the improving global markets backdrop. Trading income was lower in the current period due to the non-repeat of prior-year risk management gains from hedging the remaining financial products run down book in the UK, as well as due to the implementation of hedge accounting in the South African credit investments portfolio from the first quarter of the current period.

The cost to income ratio improved to 50.8% (1H2024: 53.3%) as revenue grew ahead of costs. Total operating costs remained broadly flat increasing by 0.8%. Fixed operating expenditure increased 6.7% reflecting continued investment in people and technology for growth and inflationary pressures. Variable remuneration in each geography was in line with respective performance.

Credit loss ratio (CLR) on core loans was 42bps (1H2024: 32bps), at the upper end of the Group's through-the-cycle (TTC) range of 25bps to 45bps. Expected credit loss (ECL) impairment charges increased to £66.9 million (1H2024: £46.3 million). The overall credit quality remained strong, with no evidence of trend deterioration.

Return on equity (ROE) of 13.9% (1H2024: 14.6%) is within the Group's upgraded medium-term 13% to 17% target range, notwithstanding the increase in the average equity base resulting from the net gain recognised on completion of the combination of IW&I UK with Rathbones at the end of the prior period. Return on tangible equity (ROTE) was 16.4% (1H2024: 16.5%) within the Group's upgraded medium-term 14% to 18% target range.

Net asset value (NAV) per share amounted to 575.7p (31 March 2024: 563.9p), driven by strong capital generation in the current period and foreign exchange translation gains, partly offset by distribution to shareholders.

Tangible net asset value (TNAV) per share increased to 491.6p (31 March 2024: 477.5p).

Key drivers

Net core loans increased 5.4% annualised to £31.7 billion (31 March 2024: £30.9 billion) and grew by 1.9% annualised on a neutral currency basis; driven by growth from private clients lending in both geographies alongside muted overall growth in corporate lending portfolios which were offset by higher repayment rates given the elevated interest rate environment.

Customer deposits increased by 4.7% annualised to £40.4 billion (31 March 2024: £39.5 billion) and grew by 1.3% in neutral currency. Investec plc grew customer deposits by 8.1% annualised in a competitive deposit market. Investec Limited continued its strategy to increase the more efficient retail deposits (up 6.9% annualised) and reduce shorter term wholesale deposits (down 22.2% annualised); and consequently, lengthened the deposit tenure. As a result, total Investec Limited customer deposits decreased by 6.2% annualised in neutral currency.

Funds under management (FUM) in Southern Africa increased by 11.9% to £23.4 billion (31 March 2024: £20.9 billion) driven by net inflows in our discretionary and annuity funds of R10.0 billion (£428 million), as well as increased market levels. These were partly offset by FX translation losses and non-discretionary outflows of R1.9 billion (£79 million).

Investec Wealth & Investment UK FUM is now reported as part of the Rathbones Group following the completion of the combination in September 2023. Rathbones Funds Under Management and Administration (FUMA) totalled £108.8 billion at 30 September 2024. Investec owns 41.25% of Rathbones.

Balance sheet strength and strategic execution:

The Group remained well capitalised in both our anchor geographies, with Investec Limited reporting a CET1 ratio of 14.8% measured on the Advanced Internal Ratings-Based approach and the Investec plc CET1 at 12.6% measured on a standardised approach. The strong capital generation from our client franchises gives us the ability to continue to support our clients, invest in the business, and make distributions to our shareholders. Liquidity levels remained strong and well ahead of regulatory and board-approved minimums.

The Group remains committed to its strategic priority to optimise shareholder returns. The investment in Bud Group Holdings reduced significantly to £108.7 million / R 2.5 billion at 30 September 2024 from £179.6 million / R4.3 billion at 31 March 2024 following the completion of the previously announced disposal of Assupol. The UK business continues to make progress towards migrating its capital measurement from the standardised approach to the internal ratings-based approach.

The Board has proposed an interim dividend of 16.5p per share (1H2024: 15.5p), translating to a 41.7% payout ratio and within the Group's current 35% to 50% payout policy.

FY2025 Outlook

Revenue momentum is expected to be underpinned by average book growth, stronger client activity levels given expected improvement in GDP growth and continued success in our client acquisition strategies, partly offset by the effects of reducing global interest rates.

The Group currently expects:

• Group ROE to be c.14.0% and ROTE to be c.16.0%. Southern Africa is expected to report ROE of c.19.0%, and UK & Other is expected to report ROTE of c.13.5% in line with 1H2025

• Overall costs to be well managed in the context of inflationary pressures and continued investment in the business, with cost to income ratio expected to be between 51.0% and 53.0%

• The credit loss ratio to be within the through-the-cycle range of 25bps to 45bps. Southern Africa is expected to be close to the lower end of the TTC range of 15bps to 35bps. UK & Other credit loss ratio is expected to be between 50bps and 60bps.

The Group has maintained strong capital and liquidity levels and is well positioned to continue supporting our clients and build to scale our identified growth opportunities, in an improving economic environment.

 

 

Key financial data

This announcement covers the results of Investec plc and Investec Limited (together "the Investec Group" or "Investec" or "the Group") for the six months ended 30 September 2024 (1H2025). Unless stated otherwise, comparatives relate to the Group's operations for the six months ended 30 September 2023 (1H2024).

Basic earnings per share in the prior period includes a gain of £360.9 million on the combination of Investec Wealth & Investment UK with Rathbones plc, partly offset by the net loss on deconsolidation of IPF totalling £95.3 million.

Performance

1H2025

1H2024^

Variance

%

change

Neutral currency

% change

Operating income (£'m)*

1 102.6

1 043.8

58.8

5.6%

5.4%

Operating costs (£'m)

(560.3)

(556.1)

(4.2)

0.8%

0.6%

Adjusted operating profit (£'m)

474.7

441.4

33.3

7.6%

7.3%

Adjusted earnings attributable to shareholders (£'m)

337.9

329.8

8.1

2.5%

2.1%

Adjusted basic earnings per share (pence)

39.5

38.7

0.8

2.1%

1.8%

Basic earnings per share (pence)

36.6

69.6

(33.0)

(47.4%)

(47.6%)

Headline earnings per share (pence)

36.6

36.9

(0.3)

(0.8%)

(1.1%)

Dividend per share (pence)

16.5

15.5

 

 

 

Dividend payout ratio

41.7%

40.1%

 

 

 

CLR (credit loss ratio)

0.42%

0.32%

 

 

 

Cost to income ratio

50.8%

53.3%

 

 

 

ROE (return on equity)

13.9%

14.6%

 

 

 

ROTE (return on tangible equity)

16.4%

16.5%

 

 

 

* Operating income has been prepared on a pro-forma basis for the prior period. ^ Restated.

 

Balance sheet

30 Sept 2024

31 March 2024

Variance

% change

Neutral currency % change

Funds under management (£'bn)

 

 

 

 

 

IW&I Southern Africa

23.4 

20.9 

2.5 

11.9%

8.4%

Rathbones/IW&I UK**

108.8

107.6

 

 

 

Customer accounts (deposits) (£'bn)

40.4 

39.5 

0.9 

2.4%

0.7%

Net core loans and advances (£'bn)

31.7

30.9 

0.8 

2.7%

1.0%

Cash and near cash (£'bn)

17.2

16.4

0.8 

4.9%

3.3%

NAV per share (pence)

575.7 

563.9 

11.8

2.1%

1.6%

TNAV per share (pence)

491.6

477.5 

14.1

3.0%

2.4%

Totals and variances are presented in £'billions which may result in rounding differences.

** Following the all-share combination of IW&I UK and Rathbones, IW&I UK now forms part of the Rathbones Group. As at 30 September 2024, Rathbones Group, of which Investec holds a 41.25% economic interest, had funds under management of £108.8 billion.

 

Salient features by geography

1H2025

1H2024

Variance

% change

% change in Rands

Investec Limited (Southern Africa)

 

 

 

 

 

Adjusted operating profit (£'m)

252.0

205.9

46.1

22.4%

21.9%

Cost to income ratio

49.3%

52.5%

 

 

 

ROE

19.9%

16.2%

 

 

 

ROTE

19.9%

16.3%

 

 

 

CET1

14.8%

13.2%

 

 

 

Leverage ratio

6.3%

5.9%

 

 

 

Customer accounts (deposits) (£'bn)

18.8

20.0

(1.2)

(6.0) %

(5.5%)

Net core loans and advances (£'bn)

15.0

14.7

0.3

1.8 %

2.3%

 

 

 

 

 

 

Investec plc (UK & Other)

 

 

 

 

 

Adjusted operating profit (£'m)

222.7

235.4

(12.7)

(5.4%)

 

Cost to income ratio

52.2%

53.9%

 

 

 

ROE

10.3%

13.6%

 

 

 

ROTE

13.5%

16.7%

 

 

 

CET1

12.6%

11.7%

 

 

 

Leverage ratio

9.9%

8.7%

 

 

 

Customer accounts (deposits) (£'bn)

21.6

19.9

1.7

8.5 %

 

Net core loans and advances (£'bn)

16.7

16.3

0.4 

2.5%

 

Totals and variance are presented in £'billions, unless otherwise stated, which may result in rounding differences.

 

Enquiries

Investec Investor Relations

Results: Qaqambile DwayiTel: +27 (0) 11 291 0129

General enquiries:Tel: +27 (0) 11 286 7070 or investorrelations@investec.com

Brunswick (SA PR advisers)

Tim SchultzTel: +27 (0) 82 309 2496

Lansons (UK PR advisers)

Tom BaldockTel: +44 (0) 78 6010 1715

Presentation/conference call details

Investec will host its interim results presentation live from Cape Town and broadcast live in London today at 11h00 (SA)/ 09h00 (UK) time.

Please register for the presentation at: www.investec.com/investorrelations

A live video webcast of the presentation will be available on www.investec.com

 

About Investec

Investec partners with private, institutional, and corporate clients, offering international banking, investments, and wealth management services in two principal markets, South Africa, and the UK, as well as certain other countries. The Group was established in 1974 and currently has 7,700+ employees.

Investec has a dual listed company structure with primary listings on the London and Johannesburg Stock Exchanges.

Johannesburg and LondonJSE Debt and Equity Sponsor: Investec Bank Limited

Group financial performance

Overview

Pre-provision adjusted operating profit increased 11.1% to £541.6 million (1H2024: £487.7 million).

Revenue increased 5.6% to £1 102.6 million (1H2024: £1 043.8 million)

Net interest income increased 2.0% to £684.4 million (1H2024: £670.9 million) driven by higher average interest earning assets and higher average interest rates which was partly offset by the effects of deposit repricing in the UK. Southern Africa also benefitted from lower cost of funds as we continued to implement our strategies to optimise the cost of funds.

Non-interest revenue increased 12.2% to £418.2 million (1H2024: £372.9 million).

• Net fee and commission income increased 13.0% to £221.6 million (1H2024: £196.1 million). This growth benefitted from higher average discretionary FUM in the SA wealth business, higher UK M&A fees primarily from the consolidation of Capitalmind for the full period, and higher fees from the SA Private Banking business given increased activity levels

• Investment income of £63.2 million (1H2024: £25.4 million) reflects net fair value gains and dividends received on investment portfolios

• Share of post tax operating profit of associates and joint venture holdings decreased to £35.2 million (1H2024: £39.1 million), primarily driven by lower share of earnings from the wealth and investment business in the UK, comprising IW&I UK in the prior period versus our 41.25% share of operating earnings from Rathbones in the current period

• Trading income arising from customer flow decreased to £74.3 million (1H2024: £94.6 million), primarily as a result of lower risk management gains in hedging the remaining and significantly reduced financial products run down book in the UK. The implementation of hedge accounting for the credit investment portfolio in South Africa from the first quarter of the current period has also resulted in lower trading income in the current period. MTM movements in the derivatives associated with credit investments are now recognised in the balance sheet and amortised over the life of the hedging instrument. Equity trading income arising from client flow in both anchor geographies was strong as markets trended upwards

• Trading income from balance sheet management and other trading activities increased to £22.3 million (1H2024: £17.9 million), largely as a result of gains arising from MTM movements in the value of interest rate hedges on the balance sheet in South Africa.

Expected credit loss (ECL) impairment charges increased to £66.9 million (1H2024: £46.3 million) resulting in a credit loss ratio on core loans of 42bps (1H2024: 32bps)

Asset quality remains within Group appetite limits, with exposures to a carefully defined target market well covered by collateral. The increase in the ECL impairment charges was primarily driven by higher specific impairments on certain Stage 3 exposures.

 

Operating costs are broadly flat, up 0.8% to £560.3 million (1H2024: £556.1 million)

The cost-to-income ratio improved to 50.8% from 53.3% in 1H2024. Fixed operating expenditure increased by 6.7% due to inflationary pressures and continued investment in technology and people for growth. Higher expenses primarily on personnel was due to annual salary increases and growth in headcount as well as higher business expenses given increased business activity. Variable remuneration in each geography is in line with respective performance.

Taxation

The taxation charge on adjusted operating profit was £98.3 million (1H2024: £89.1 million), resulting in an effective tax rate of 22.3% (1H2024: 22.3%).

Investec plc effective tax rate is 23.3% (1H2024: 22.3%), reflecting the weighted effective tax rate from multiple jurisdictions where Investec plc has operations.

Investec Limited effective tax rate is 21.6% (1H2024: 22.3%).

Funding and liquidity

Customer deposits increased 4.8% annualised to £40.4 billion (March 2024: £39.5 billion) on a reported basis and 1.3% annualised in neutral currency. Customer deposits increased by 8.1% annualised to £21.6 billion for Investec plc since 31 March 2024. Investec Limited continued its strategy to increase the more efficient retail deposits and reduce short to medium term wholesale deposits; and consequently lengthened the wholesale deposit tenure. As a result, total Investec Limited customer deposits decreased by 6.2% annualised in neutral currency to R434.7 billion since 31 March 2024.

Cash and near cash of £17.2 billion (£9.8 billion in Investec plc and R170.9 billion in Investec Limited) at 30 September 2024 represent approximately 42.4% of customer deposits (45.2% for Investec plc and 39.3% for Investec Limited). Loans and advances to customers as a percentage of customer deposits was 78.0% (1H2024: 72.1%, FY2024: 75.2%) for Investec Limited and 77.4% (1H2024: 81.7%, FY2024: 79.7%) for Investec plc.

The Group comfortably exceeds Board-approved internal targets and Basel liquidity requirements for the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR)

• Investec Bank Limited (consolidated Group) reported a LCR of 176.3% and an NSFR of 122.3% at 30 September 2024

• Investec plc reported a LCR of 433% and a NSFR of 149% at 30 September 2024.

Capital adequacy and leverage ratios

Capital and leverage ratios remain sound, ahead of regulatory requirements. The CET1 and leverage ratio were 14.8% and 6.3% for Investec Limited (Advanced Internal Ratings Based scope) and 12.6% and 9.9% for Investec plc (Standardised approach) respectively.

 

 

 

 

 

Segmental performance

Specialist Banking

Adjusted operating profit from Specialist Banking increased 5.6% to £426.9 million (1H2024: £404.2 million). Pre-provision adjusted operating profit increased 9.6% to £493.8 million (1H2024: £450.5 million).

Specialist Banking

Southern Africa

UK & Other

Total

 

1H2025

1H2024

Variance

1H2025

1H2024

Variance

1H2025

1H2024

 

£'m

£'m

£'m

%

Rands %

£'m

£'m

£'m

%

£'m

£'m

Operating income (before ECL)

441.0 

390.2

50.8 

13.0%

12.6%

539.3

553.4 

(14.1)

(2.5%)

980.3

943.6

ECL impairment charges

(14.1)

(7.0)

(7.1)

(>100.0%)

(95.2%)

(52.8)

(39.3)

(13.5)

(34.4%)

(66.9)

(46.3)

Operating costs

(202.4)

(186.2)

(16.2)

(8.7%)

(8.3%)

(283.3)

(306.9)

23.6

7.7%

(485.7)

(493.1)

(Profit)/loss attributable to NCI

0.1 

(0.2)

0.3

(>100.0%)

(>100.0%)

(0.8)

-

(0.8)

100.0%

(0.7)

(0.2)

Adjusted operating profit

224.6

196.8

27.7

14.1%

13.8%

202.3

207.4

(5.0)

(2.4%)

426.9

404.2

Totals and variances are presented in £'million which may result in rounding differences.

Southern Africa Specialist Banking (in Rands)

Pre-provision adjusted operating profit increased by 16.6% to R 5 579 million. Adjusted operating profit increased 13.8% to R5 251 million (1H2024: R4 616 million), delivered against a backdrop of weak economic activity and uncertainty in the initial months of the period ahead of the national elections. We remain focused on building to scale our various growth initiatives and gaining market share in our core client franchises.

Net core loans grew by 1.5% annualised to R346.2 billion (FY2024: R343.7 billion) reflecting the subdued activity leading up to the SA elections, as well as the translation impact on the dollar denominated lending books given the strengthening of the Rand against the US Dollar since 31 March 2024. The latter months of the period saw increased growth in the private client loan book and certain corporate credit portfolios, partly offset by higher redemptions relative to prior periods.

Revenue increased 12.6%, benefitting from higher average net interest margins, increased activity levels and continued client acquisition in line with our growth strategies. This was augmented by positive investment income.

• Net interest income (NII) growth of 12.7% benefitted from lower cost of funds as we continued to implement our strategies to optimise the funding pool, as well as higher average advances and interest rates. Our non-wholesale deposits grew by 6.9% annualised in line with our strategy to increase the proportion of non-wholesale deposits in our funding pool

• Non-interest revenue increased 12.3% driven by:

- Net fee and commission income increased 2.7%, benefitting from growth in activity levels in the private banking business which was partly offset by the higher costs associated with the increased transactional activity. Higher structuring, FX and equity market fees in the corporate and institutional banking business were offset by lower investment banking fees and muted utilization of trade finance facilities

- Income from Balance sheet management activities increased due to a reduction in losses from MTM movements associated with managing fixed deposit interest rate risk. Recognition of these MTM movements are temporary and reverse over the life of the fixed deposits

- Positive contribution from Investment income, driven by higher net fair value gains from investment portfolios in our client franchises as South African assets repriced following the successful formation of the Government of National Unity (GNU)

Offset by:

- The reduction in trading income from customer flow; stronger client flows from equity derivatives and interest rate desks were offset by the net impact of hedge accounting implementation in the credit investments portfolio.

ECL impairment charges amounted to R328 million (1H2024: R167 million), resulting in a credit loss ratio of 16bps (1H2024: 8bps), driven by higher Stage 3 ECL charges and lower recoveries from previously impaired exposures

The cost to income ratio improved to 45.9% (1H2024: 47.7%). Operating costs increased by 8.3% driven by higher personnel expenses due to annual salary increases and higher headcount, as well as increased IT spend to support business growth. Variable remuneration increased in line with performance.

 

 

 

 

UK & Other Specialist Banking

Pre-provision adjusted operating profit increased by 3.4% to £255.2 million. Adjusted operating profit decreased by 2.4% to £202.3 million (1H2024: £207.4 million); our diversified client franchises in the UK mid-market and selected geographies performed well within the context of a challenging macro-economic environment. The two-year (i.e. post COVID-19) adjusted operating profit compound annual growth rate (CAGR) is 25.4%. We have continued to successfully execute our client acquisition strategies to build scale and relevance in the UK and other markets in which we operate. Our value proposition is underpinned by our 'One Investec' integrated approach, taking our clients along both their personal and business journey.

Net core loans grew by 2.3% annualised to £16.7 billion driven by 6.9% annualised growth in the UK residential mortgage lending book, alongside a flat corporate lending portfolio within a constrained market environment. Moderate growth across the corporate loan book was offset by higher levels of repayments, particularly in the real estate lending portfolio, as well as the translation impact of US Dollar and Euro denominated loans. Our diversified lending franchises allowed us to navigate the uncertain operating environment which prevailed over the period.

Revenue decreased by 2.5%; strong growth in net fee and commission income generated from our M&A advisory business in line with our strategy to grow capital light earnings was offset by lower net interest income and lower trading income from customer flow. Investment income contributed positively given the improving global markets backdrop.

• Net interest income decreased by 5.2%, the benefit of a larger average loan book and higher average interest rates was offset by higher cost of funding as deposits repriced

• Non-interest revenue increased by 4.6% driven by:

- Higher M&A advisory fees primarily from the consolidation of Capitalmind as it became a subsidiary in June 2023. We have also seen higher arrangement fees in certain lending areas

- Higher investment income was largely driven by net fair value gains from equity investments

Offset by:

- Lower trading income from customer flow, primarily as a result of lower risk management gains from hedging the significantly reduced financial products run down book and lower interest rate and FX hedging volumes in our Treasury Risk Solutions business. This was partially offset by strong equity trading income from customer flow on the back of positive market sentiment

ECL impairment charges amounted to £52.8 million, resulting in a credit loss ratio of 67bps (1H2024: 55bps) in line with September 2024 pre-close guidance. The increase in ECL charges was largely driven by stage 3 ECL charges on certain exposures. Overall asset quality of the book remained stable; Stage 3 and Stage 2 exposures decreased to 3.2%(31 March 2024: 3.3%) and 6.9% (31 March 2024: 8.6%) of gross core loans subject to ECL at 30 September 2024 respectively. We have seen a reduction in exposures migrating into Stage 3.

The cost to income ratio improved to 52.6% (1H2024: 55.4%). Total operating costs decreased by 7.7%. Fixed operating costs increased by 3.4%, in line with the average UK inflation rate over the period. Variable remuneration decreased in line with business performance.

The Group notes the recent Court of Appeal decisions on the Wrench, Johnson and Hopcraft cases relating to motor commission arrangements. The Group has assessed the potential impact of these decisions, as well as any broader implications, pending the outcome of the intended appeal applications and concluded the provision of £30 million at 31 March 2024 still remains appropriate based on the information currently available. The ultimate financial impact of the Court of Appeal decision and ongoing FCA investigation into motor commission could materially vary, pending further guidance from the FCA or the outcome of the intended appeal to the UK Supreme Court.

Wealth & Investment

Adjusted operating profit from the Wealth & Investment businesses increased 2.3% to £54.6 million (1H2024: £53.3 million).

Wealth & Investment

Southern Africa

UK & Other

Total

 

1H2025

1H2024

Variance

1H2025

1H2024

Variance

1H2025

1H2024

 

£'m

£'m

£'m

%

% in Rands

£'m

£'m

£'m

%

£'m

£'m

Operating income

70.7 

59.2 

11.5

19.5%

18.9%

32.3 

35.9 

(3.5)

(9.8%)

103.1

95.1 

Operating costs

(48.5)

(41.7)

(6.8)

16.2%

15.8%

-

-

-%

(48.5)

(41.7)

Adjusted operating profit

22.2

17.5

4.8

27.2%

26.3%

32.3

35.9

(3.5)

(9.8%)

54.6

53.3

Totals and variances are presented in £'million which may result in rounding differences.

 

Southern Africa Wealth & Investment International Business (in Rands)

Adjusted operating profit increased by 26.3% to R519 million (1H2024: R411 million) in an evolving operating environment.

Total FUM increased by 7.9% to R540.9 billion (FY2024: R501.3 billion) driven by discretionary and annuity net inflows of R10.0 billion, positive market movements partly offset by foreign currency translation impact on dollar denominated portfolios as the South African Rand strengthened against the US Dollar and non-discretionary outflows of R1.9 billion. The business reported strong client retention and acquisitions in a challenging market, demonstrating the strength and quality of our international wealth management offering.

Revenue grew by 18.9% underpinned by strong inflows in our discretionary and annuity portfolios across local and offshore investment products in the current and prior periods. We also experienced strong growth in fee income generated from structured products. Non-discretionary brokerage increased in the current period due to higher trading volumes. Revenue in Switzerland grew by 6.4% in Pounds driven by higher fee income and customer flow foreign currency trading income.

Operating costs increased 15.8%, driven by investment in people for growth, higher technology spend, and higher variable remuneration in line with performance. Fixed operating expenditure increased by 10.7%. Operating margins increased to 31.4% (1H2024: 29.5%).

UK & Other Wealth & Investment

The all-share combination of IW&I UK and Rathbones successfully completed at the end of the prior period, creating the UK's leading discretionary wealth manager with £108.8 billion FUMA at 30 September 2024.

In the prior period (pre the combination) the IW&I UK business generated adjusted operating profit (post-tax) of £35.9 million and an operating margin of 25.2%, on a pro-forma basis this is recognised as post taxation profit from associates.

The current period consists of the Group's 41.25% share of the combined Rathbones Group operating earnings recognised as post taxation income from associates of £32.3 million. As disclosed by Rathbones on 17 October 2024, going forward the Investec Group will be incorporating Rathbones' latest published interim results i.e. post taxation earnings for the six months ended 30 June 2024 in our interim results for the six months to 30 September 2024. Rathbones reported underlying operating margin of 25.1% for the six months to 30 June 2024 (31 December 2023: 22.3%), showing progress towards the target of a 30%+ margin.

The Rathbones Group reported that synergy delivery increased to £25.5 million per annum on a cash run-rate basis at 30 September 2024, significantly ahead of the first-year post-combination objective of £15 million.

We remain confident that the combination will deliver scale and efficiency to power future long-term growth.

Group Investments

Group Investments includes the holding in Ninety One, Bud Group Holdings, Burstone Group (formerly known as IPF) and other equity investments

Group Investments

Southern Africa

UK & Other

Total

 

1H2025

1H2024

Variance

1H2025

1H2024

Variance

1H2025

1H2024

 

£'m

£'m

£'m

%

% in Rands

£'m

£'m

£'m

%

£'m

£'m

Operating income (net of ECL charges)

13.3

(1.1)

14.4

>100.0%

>100.0%

6.0

6.2

(0.3)

(4.5%)

19.3

5.1

Operating costs

(0.3)

0.3 

100.0%

100.0%

-

-

-

-

(0.2)

Adjusted operating profit

13.3

(1.4)

14.7 

>100.0%

>100.0%

6.0

6.2 

(0.3)

(4.5%)

19.3

4.9

Totals and variances are presented in £'million which may result in rounding differences.

 

Adjusted operating profit from Group Investments increased to £19.3 million (1H2024: £4.9 million) driven by higher investment income on the fair value measurement of our shareholding, and higher dividend income from our investment, in Burstone Group.

 

Further information

Additional information on each of the business units is provided in the Group results analyst book published on the Group's website: http://www.investec.com.

The maintenance and integrity of the Investec website are the responsibility of the directors; the review report carried out by the statutory auditors does not involve a review of the analyst booklets or any other interim financial information that is published on the website.

 

On behalf of the Boards of Investec plc and Investec Limited

Philip Hourquebie

 

Fani Titi

Chair

 

Group Chief Executive

20 November 2024

 

 

 

Notes to the commentary section above

Presentation of financial information

Investec operates under a Dual Listed Companies (DLC) structure with primary listings of Investec plc on the London Stock Exchange and Investec Limited on the JSE Limited.

In terms of the contracts constituting the DLC structure, Investec plc and Investec Limited effectively form a single economic enterprise from a shareholder perspective, in which the economic and voting rights of ordinary shareholders of the companies are maintained in equilibrium relative to each other. Creditors, however, are ring-fenced to either Investec plc or Investec Limited as there are no cross-guarantees between the companies. The directors of the two companies consider that for financial reporting purposes, the fairest presentation is achieved by combining the results and financial position of both companies.

Accordingly, these interim results reflect the results and financial position of the combined DLC Group under UK adopted International Financial Reporting Standards (IFRS) which comply with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) and the (EC) No. 1606/2022 as it applies in the European Union, denominated in Pounds Sterling. In the commentary above, all references to Investec or the Group relate to the combined DLC Group comprising Investec plc and Investec Limited.

Following a review of the liquidity, capital position, profitability, the business model and operational risks facing the business, the directors have a reasonable expectation that the Investec Group will be a going concern for a period of at least 12 months. The results for the six months ended 30 September 2024 have accordingly been prepared on the going concern basis.

Unless the context indicates otherwise, all comparatives included in the commentary above relate to the six months ended 30 September 2024.

Amounts represented on a neutral currency basis for income statement items assume that the relevant average exchange rates for the six months ended 30 September 2024 remain the same as those in the prior period. Amounts represented on a neutral currency basis for balance sheet items assume that the relevant closing exchange rates as at 30 September 2024 remain the same as those at 31 March 2024.

Pro-forma financial information was prepared for illustrative purposes and because of its nature may not fairly present the issuer's financial position, changes in equity, or results of operations.

Foreign currency impact

The Group's reporting currency is Pounds Sterling. Certain of the Group's operations are conducted by entities outside the UK. The results of operations and the financial condition of these individual companies are reported in the local currencies in which they are domiciled, including Rands, Australian Dollars, Euros, US Dollars and Indian Rupee. These results are then translated into Pounds Sterling at the applicable foreign currency exchange rates for inclusion in the Group's combined consolidated financial statements. In the case of the income statement, the weighted average rate for the relevant period is applied and, in the case of the balance sheet, the relevant closing rate is used.

The following table sets out the movements in certain relevant exchange rates against Pounds Sterling over the period:

 

30 Sept 2024

31 Mar 2024

30 Sept 2023

Currency

Closing

Average

Closing

Average

Closing

Average

per GBP1.00

South African Rand

23.11

23.40 

23.96 

23.54 

22.99

23.48

Euro

1.20

1.18

1.17

1.16

1.15

1.16

US Dollar

1.34 

1.28

1.26

1.26

1.22

1.26

Profit Forecast

Revenue momentum is expected to be underpinned by average book growth, stronger client activity levels given expected improvement in GDP growth and continued success in our client acquisition strategies, partly offset by the effects of reducing global interest rates.

The Group currently expects:

• Group ROE to be c.14.0% and ROTE to be c.16.0%. Investec Limited is expected to report ROE of c.19.0%, and Investec plc is expected to report ROTE of c.13.5% in line with 1H2025

• Overall costs to be well managed in the context of inflationary pressures and continued investment in the business, with cost to income ratio expected to be between 51.0% and 53.0%

• The credit loss ratio to be within the through-the-cycle (TTC) range of 25bps to 45bps. Investec Limited is expected to be close to the lower end of the TTC range of 15bps to 35bps. Investec plc credit loss ratio is expected to be between 50bps to 60bps range.

The Group has maintained strong capital and liquidity levels and is well positioned to continue supporting our clients and build to scale our identified growth opportunities, in an improving economic environment.

The basis of preparation of this statement and the assumptions upon which it was based are set out below. This statement is subject to various risks and uncertainties and other factors - these factors may cause the Group's actual future results, performance or achievements in the markets in which it operates to differ from those expressed in this Profit Forecast.

Any forward-looking statements made are based on the knowledge of the Group at 20 November 2024.

This forward-looking statement represents a profit forecast under the Listing Rules of the UK's Financial Conduct Authority. The Profit Forecast relates to the year ending 31 March 2025.

The financial information on which the Profit Forecast was based is the responsibility of the Directors of the Group and has not been reviewed and reported on by the Group's auditors.

Basis of preparation

The Profit Forecast has been properly compiled using the assumptions stated below, and on a basis consistent with the accounting policies adopted in the Group's 31 March 2024 audited annual financial statements, which are in accordance with UK adopted international accounting standards and International Financial Reporting Standards Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

At 30 September 2024, UK adopted IAS are identical in all material respects to current IFRS applicable to the Group, with differences only in the effective dates of certain standards.

Assumptions

The Profit Forecast has been prepared on the basis of the following assumptions during the forecast period:

Factors outside the influence or control of the Investec Board:

• There will be no material change in the political and/or economic environment that would materially affect the Investec Group

• There will be no material change in legislation or regulation impacting on the Investec Group's operations or its accounting policies

• There will be no business disruption that will have a significant impact on the Investec Group's operations, whether for the economic effects of increased geopolitical tensions or otherwise

• The Rand/Pound Sterling, Euro/Pound, INR/Pound and US Dollar/Pound Sterling exchange rates and the tax rates remain materially unchanged from the prevailing rates detailed above

• There will be no material changes in the structure of the markets, client demand or the competitive environment

• There will be no material change to the facts and circumstances relating to legal proceedings and uncertain tax matters.

• There have been no material changes to the Group's principal risks as disclosed on pages 8 to 26 of the Investec Group Risk and Governance report for the year ended 31 March 2024.

Estimates and judgements

In preparation of the Profit Forecast, the Group makes estimations and applies judgement that could affect the reported amount of assets and liabilities within the reporting period. Key areas in which judgement is applied include:

• Valuation of unlisted investments primarily in private equity, direct investments portfolios and embedded derivatives. Key valuation inputs are based on the most relevant observable market inputs, adjusted where necessary for factors that specifically apply to the individual investments and recognising market volatility

• The determination of ECL against assets that are carried at amortised cost and ECL relating to debt instruments at fair value through other comprehensive income (FVOCI) involves the assessment of future cash flows, the underlying model assumptions and economic scenarios all which are judgmental in nature

• Valuation of investment properties is performed by capitalising the budgeted net income of the property at the market related yield applicable at the time

• The Group's income tax charge and balance sheet provision are judgmental in nature. This arises from certain transactions for which the ultimate tax treatment can only be determined by final resolution with the relevant local tax authorities. The Group recognises in its tax provision certain amounts in respect of taxation that involve a degree of estimation and uncertainty where the tax treatment cannot finally be determined until a resolution has been reached by the relevant tax authority. The carrying amount of this provision is often dependent on the timetable and progress of discussions and negotiations with the relevant tax authorities, arbitration processes and legal proceedings in the relevant tax jurisdictions in which the Group operates. Issues can take many years to resolve and assumptions on the likely outcome would therefore have to be made by the Group. Where appropriate, the Group has utilised expert external advice as well as experience of similar situations elsewhere in making any such provisions

• Determination of interest income and interest expense using the effective interest rate method involves judgement in determining the timing and extent of future cash flows

• There will be no business disruption that will have a significant impact on the Investec Group's operations, whether due to the economic effects of increased geopolitical tensions or otherwise.

Accounting policies, significant judgements and disclosures

These reviewed condensed combined consolidated financial results have been prepared in terms of the recognition and measurement criteria of International Financial Reporting Standards (IFRS) and the presentation and disclosure requirements of IAS 34, "Interim Financial Reporting" and IFRS as adopted by the UK which comply with IFRS as issued by the IASB. At 30 September 2024, UK adopted IFRS are identical in all material respects to current IFRS applicable to the Group, with differences only in the effective dates of certain standards.

The accounting policies applied in the preparation of the results for the six months ended 30 September 2024 are consistent with those in the audited financial statements for year ended 31 March 2024.

The financial results have been prepared under the supervision of Nishlan Samujh, the Group Finance Director. The interim financial statements for the six months ended 30 September 2024 are available on the Group's website:

www.investec.com

Proviso

• Please note that matters discussed in this announcement may contain forward-looking statements which are subject to various risks and uncertainties and other factors, including, but not limited to:

- changes in the political and/or economic environment that would materially affect the Investec Group

- changes in legislation or regulation impacting the Investec Group's operations or its accounting policies

- changes in business conditions that will have a significant impact on the Investec Group's operations

- changes in exchange rates and/or tax rates from the prevailing rates outlined in this announcement

- changes in the structure of the markets, client demand or the competitive environment

• A number of these factors are beyond the Group's control

• These factors may cause the Group's future results, performance or achievements in the markets in which it operates to differ from those expressed or implied

• Any forward-looking statements made are based on the knowledge of the Group at 20 November 2024

• The information in the Group's announcement for the six months ended 30 September 2024, which was approved by the Board of Directors on 20 November 2024, does not constitute statutory accounts as defined in Section 435 of the UK Companies Act 2006. The 31 March 2024 financial statements were filed with the registrar and were unqualified with the audit report containing no statements in respect of sections 498(2) or 498(3) of the UK Companies Act

• The financial information on which forward-looking statements are based is the responsibility of the Directors of the Group and has not been reviewed and reported on by the Group's auditors.

This announcement is available on the Group's website:www.investec.com

Definitions

• Adjusted operating profit refers to operating profit before goodwill, acquired intangibles and strategic actions and after adjusting for earnings attributable to other non-controlling interests. Non-IFRS measures such as adjusted operating profit are considered as pro-forma financial information as per the JSE Listing Requirements. The pro-forma financial information is the responsibility of the Group's Board of Directors. Pro-forma financial information was prepared for illustrative purposes and because of its nature may not fairly present the issuer's financial position, changes in equity or results of operations

• Adjusted earnings is calculated by adjusting basic earnings attributable to shareholders for the amortisation of acquired intangible assets, non-operating items including strategic actions, and earnings attributable to perpetual preference shareholders and other additional tier 1 security holders

• Adjusted basic earnings per share is calculated as adjusted earnings attributable to shareholders divided by the weighted average number of ordinary shares in issue during the year

• Headline earnings is adjusted earnings plus the after tax financial effect of strategic actions and the amortisation of acquired intangible assets. Headline earnings is an earnings measure required to be calculated and disclosed by the JSE and is calculated in accordance with the guidance provided in Circular 1/2023

• Headline earnings per share (HEPS) is calculated as headline earnings divided by the weighted average number of ordinary shares in issue during the year

• Basic earnings is earnings attributable to ordinary shareholders as defined by IAS33 "Earnings Per Share"

• Dividend payout ratio is calculated as the dividend per share divided by adjusted earnings per share

• Pre-provision adjusted operating profit is calculated as total operating income before expected credit loss impairment charges, net of operating costs and net of operating profits or losses attributable to other non-controlling interests

• The credit loss ratio is calculated as expected credit loss (ECL) impairment charges on gross core loans as a percentage of average gross core loans subject to ECL

• Revenue refers to operating income as found on the face of the condensed combined consolidated income statement

• The cost to income ratio is calculated as operating costs divided by operating income before expected credit loss impairment charges (net of operating profits or losses attributable to other non-controlling interests)

• Return on average ordinary shareholders' equity (ROE) is calculated as adjusted earnings attributable to ordinary shareholders divided by average ordinary shareholders' equity

• Return on average tangible ordinary shareholders' equity (ROTE) is calculated as adjusted earnings attributable to ordinary shareholders divided by average tangible ordinary shareholders' equity

• Core loans is defined as net loans to customers plus net own originated securitised assets

• Cash and near cash includes cash, near cash (other 'monetisable assets' which largely include short-dated trading assets) and central bank cash placements and guaranteed liquidity

• NCI is non-controlling interests.

Financial assistance

Shareholders are referred to Special Resolution number 3, which was approved at the annual general meeting held on 8 August 2024, relating to the provision of direct or indirect financial assistance in terms of Section 45 of the South African Companies Act, No 71 of 2008 to related or inter-related companies. Shareholders are hereby notified that in terms of S45(5)(a) of the South African Companies Act, the Boards of Directors of Investec Limited and Investec Bank Limited provided such financial assistance during the period 1 April 2023 to 31 March 2024 to various Group subsidiaries.

Exchange rate impact on statutory results

Exchange rates between local currencies and Pounds Sterling have fluctuated over the period. The most significant impact arises from the volatility of the Rand. The average Rand: Pound Sterling exchange rate over the period has appreciated by 0.3% against the comparative 30 September 2023, and the closing rate has depreciated by 3.6% since 31 March 2024. The following tables provide an analysis of the impact of the Rand on our reported numbers.

 

Results in Pounds Sterling

Results in Rands

Total Group

Six months to 30 Sept 2024

Six months to 30 Sept 2023

%

change

Neutral currency^ Six months to 30 Sept 2024

Neutral

currency

%

change

Six months to 30 Sept 2024

Six months to 30 Sept 2023

%

change

Adjusted operating profit before taxation (million)

£475

£453

4.7%

£473

4.4%

R11 105

R10 640

4.4%

Earnings attributable to shareholders (million)

£351

£615

(42.9%)

£351

(42.9%)

R8 222

R14 435

(43.0%)

Adjusted earnings attributable to shareholders (million)

£338

£330

2.5%

£337

2.1%

R7 904

R7 737

2.2%

Adjusted earnings per share

39.5p

38.7p

2.1%

39.4p

1.8%

924c

908c

1.8%

Basic earnings per share

36.6p

69.6p

(47.4%)

36.5p

(47.6%)

856c

1635c

(47.6%)

Headline earnings per share

36.6p

36.9p

(0.8%)

36.5p

(1.1%)

855c

859c

(0.5%)

 

 

Results in Pounds Sterling

Results in Rands

 

At 30 Sept 2024

At 31 March 2024*

%

change

Neutral currency^^ At 30 Sept 2024

Neutral

currency

%

change

At 30 Sept 2024

At 31 March 2024*

%

change

Net asset value per share

575.7p 

563.9p 

2.1%

573.2p

1.6%

13 302c

13 511c

(1.5%)

Tangible net asset value per share

491.6p

477.5p 

3.0%

489.1p

2.4%

11 358c

11 441c

(0.7%)

Total equity (million)

£5 668

£5 474

3.5%

£5 594

2.2%

R130 960

R131 159

(0.2%)

Total assets (million)*

£58 114

£56 569

2.7%

£57 114

1.0%

 R1 342 730

R1 355 414

(0.9%)

Core loans (million)

£31 731

£30 901

2.7%

£31 196

1.0%

R733 147

R740 401

(1.0%)

Cash and near cash balances (million)

£17 164

£16 359

4.9%

£16 900

3.3%

R396 574

R391 978

1.2%

Customer accounts (deposits) (million)

£40 438

£39 508

2.4%

£39 766

0.7%

R934 324

R946 626

(1.3%)

^ For income statement items we have used the average Rand: Pound Sterling exchange rate that was applied in the prior period, i.e. 23.48.

^^ For balance sheet items we have assumed that the Rand: Pound Sterling closing exchange rate has remained neutral since 31 March 2024.

* Restated as detailed below.

 

 

Condensed combined consolidated income statement

£'000

Six months to 30 Sept 2024

Six months to

 30 Sept 2023^

Year to

 31 March 2024

Interest income

2 127 120

1 972 340 

4 124 150 

Interest expense

(1 442 735)

(1 301 460)

(2 785 457)

Net interest income

684 385

670 880

1 338 693

Fee and commission income

252 260

225 672 

482 668

Fee and commission expense

(30 672)

(29 611)

(66 481)

Investment income

63 153 

22 436

60 381 

Share of post-taxation profit of associates and joint venture holdings

35 214 

3 241 

55 949

Trading income arising from

 

 

 

- customer flow

74 287 

94 575 

131 712

- balance sheet management and other trading activities

22 327 

17 933 

41 496 

Other operating income/(loss)

1 656 

(230)

1 961

Operating income

1 102 610

1 004 896

2 046 379

Expected credit loss impairment charges

(66 897)

(46 291)

(79 113)

Operating income after expected credit loss impairment charges

1 035 713

958 605

1 967 266

Operating costs

(560 280)

(556 108)

(1 120 245)

Operating profit before goodwill and acquired intangibles

475 433

402 497

847 021

Amortisation of acquired intangibles

(543)

(1 483)

Amortisation of acquired intangibles arising on equity accounting

(5 679)

(5 679)

Amortisation of acquired intangibles reported by associate*

(6 359)

(6 945)

Acquisition related and integration costs within associate*

(7 195)

(9 631)

Financial impact of strategic actions

(4 406)

Closure and rundown of the Hong Kong direct investments business

(1 269)

2 304

(785)

Profit before taxation from continuing operations

450 525

404 258

822 498

Taxation

(98 318)

(88 971)

(171 187)

Taxation on operating profit before goodwill and acquired intangibles

(98 318)

(89 123)

(172 066)

Taxation on acquired intangibles and net gain on distribution of associate to shareholders

152

879 

 

 

 

 

Profit after taxation from continuing operations

352 207

315 287

651 311

Profit after taxation and financial impact of strategic actions from discontinued operations**

311 367

302 877 

Operating profit before non-controlling interests from discontinued operations

45 824

45 824

Financial impact of strategic actions net of taxation from discontinued operations

265 543

257 053 

 

 

 

 

Profit after taxation from total Group

352 207

626 654

954 188

Profit attributable to non-controlling interests

(712)

(4)

(1 382)

Profit attributable to non-controlling interests of discontinued operations

(11 766)

(11 766)

Earnings of total Group attributable to shareholders

351 495

614 884

941 040

Earnings attributable to ordinary shareholders

313 004 

593 230

891 964 

Earnings attributable to perpetual preferred securities and other Additional Tier 1 security holders

38 491 

21 654 

49 076 

 

 

 

 

^ Restated

* The lines 'amortisation of acquired intangibles reported by associate' and 'acquisition related and integration costs within associate' reported in the prior year as 'financial impact of strategic actions' have been disaggregated to provide information at a more granular level.

** Refer to discontinued operations disclosure

 

Earnings per share

 

Six months to 30 Sept 2024

Six months to

 30 Sept 2023

Year to

 31 March 2024

Basic earnings for total Group per share - pence

36.6

69.6 

105.3

Diluted basic earnings for total Group per share - pence

35.3

67.0 

101.0

Basic earnings for continuing operations per share - pence

36.6

34.5

71.0

Diluted basic earnings for continuing operations per share - pence

35.3

33.2

68.1

 

 

 

 

Combined consolidated statement of total comprehensive income

£'000

Six months to 30 Sept 2024

Six months to

30 Sept 2023^

Year to

31 March 2024

 

 

 

 

Profit after taxation

352 207 

626 654

954 188 

Other comprehensive income:

 

 

 

Items that may be reclassified to the income statement

 

 

 

Fair value movements on cash flow hedges taken directly to other comprehensive income*

(4 510)

(15 308)

(16 585)

Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income*

457 

(9 047)

11 359

Gain on realisation of debt instruments at FVOCI recycled through the income statement*

(383)

(2 873)

(4 789)

Foreign currency adjustments on translating foreign operations

30 832

(51 920)

(139 257)

Items that will never be reclassified to the income statement

 

 

 

Share of other comprehensive (loss)/income of associates and joint venture holdings

(3 741)

257 

Fair value movements on equity instruments at FVOCI taken directly to other comprehensive income*

4 871 

(338)

(14 415)

Movement in post-retirement benefit liabilities*

(362)

Net (loss)/gain attributable to own credit risk*

(220)

866 

748 

Total comprehensive income

379 513

548 034

791 144

Total comprehensive income attributable to ordinary shareholders

340 463

553 179 

767 726 

Total comprehensive income/(loss) attributable to non-controlling interests

559 

(26 799)

(25 658)

Total comprehensive income attributable to perpetual preferred securities and Other Additional Tier 1 security holders

38 491 

21 654 

49 076 

Total comprehensive income

379 513

548 034

791 144

 

 

 

 

^ Restated

* These amounts are net of taxation of a tax credit of £3.0 million (30 September 2023: tax expense £14.2 million; 31 March 2024: tax expense £17.3 million).

 

 

Condensed combined consolidated balance sheet

At

£'000

30 Sept 2024

31 March 2024^

30 Sept 2023^

Assets

 

 

 

Cash and balances at central banks

4 807 365

6 279 088

5 335 622

Loans and advances to banks

1 132 894 

1 063 745 

1 441 768

Non-sovereign and non-bank cash placements

425 027 

451 482 

396 311

Reverse repurchase agreements and cash collateral on securities borrowed

4 213 008

4 381 520 

4 666 740

Sovereign debt securities

6 272 249

4 943 147 

5 201 188

Bank debt securities

519 541

596 436

718 365 

Other debt securities

1 029 964 

1 148 147

1 257 697 

Derivative financial instruments

1 184 328 

811 499

1 272 946 

Securities arising from trading activities

2 084 759

1 596 260 

1 777 342 

Loans and advances to customers

31 435 870 

30 645 313

30 719 600 

Own originated loans and advances to customers securitised

306 081 

269 034

281 543 

Other loans and advances

139 028 

117 513

134 310

Other securitised assets

63 627 

66 704 

72 443

Other financial instruments at fair value through profit or loss in respect of liabilities to customers^^

194 415

154 738 

133 233 

Investment portfolio^^

753 525 

807 030

838 350

Interests in associated undertakings and joint venture holdings

873 865 

858 420

828 093

Current taxation assets

61 077

64 378

70 415 

Deferred taxation assets

202 081 

204 861 

200 544

Other assets

1 963 143 

1 658 456 

1 931 984 

Property and equipment

236 814 

238 072

222 133 

Investment properties

113 897

105 975

111 157

Goodwill

74 134 

75 367 

76 085 

Software

9 883

9 707 

10 063 

Non-current assets classified as held for sale

17 574

22 270 

3 262

 

58 114 149

56 569 162

57 701 194

Liabilities

 

 

 

Deposits by banks

2 843 008

3 446 776

3 886 578

Derivative financial instruments

1 186 243 

1 005 712

1 532 021 

Other trading liabilities

1 605 722 

1 369 332

1 363 942

Repurchase agreements and cash collateral on securities lent

1 311 433

915 208 

892 434

Customer accounts (deposits)

40 438 009

39 507 805

39 907 270

Debt securities in issue

1 460 896 

1 541 194

1 491 065 

Liabilities arising on securitisation of own originated loans and advances

220 106 

208 571 

170 095 

Liabilities arising on securitisation of other assets

67 988 

71 751

76 084

Current taxation liabilities

56 945

72 697 

50 294

Deferred taxation liabilities

14 212

5 198 

20 295

Other liabilities

2 042 214 

1 822 981

1 989 662 

Liabilities to customers under investment contracts^^

187 981

154 889 

133 233 

 

51 434 757

50 122 114

51 512 973

Subordinated liabilities

1 011 339

972 806 

1 013 237

 

52 446 096

51 094 920

52 526 210

Equity

 

 

 

Ordinary shareholders' equity^^^

4 948 016 

4 760 678

4 692 552

Perpetual preference share capital and premium

130 923 

127 136

131 437

Shareholders' equity excluding non-controlling interests

5 078 939

4 887 814

4 823 989

Other Additional Tier 1 securities in issue

589 264

586 103 

352 168 

Non-controlling interests

(150)

325 

(1 173)

Total equity

5 668 053

5 474 242

5 174 984

Total liabilities and equity

58 114 149

56 569 162

57 701 194

^ Restated

^^ At 31 March 2024 the Group reassessed the order of liquidity within the balance sheet and moved 'Investment portfolio' to below 'Other financial instruments at fair value through profit or loss in respect of liabilities to customers' as it was found to be less liquid than the items that were listed above it. The reorder has now been applied to 30 September 2023. In addition, 'Insurance liabilities, including unit-linked liabilities' has been aggregated with 'Liabilities to customers under investment contracts'.

^^^ The detailed breakdown of 'ordinary shareholders' equity' was not considered to provide useful information to decision makers and therefore the lines have been condensed to simplify the condensed results.

 

Included in 'loans and advances to banks' £43 million (March 24: £19 million), 'reverse repurchase agreements and cash collateral on securities borrowed' £128 million (March 24: £88 million), 'sovereign debt securities' £841 million (March 24: £461 million), 'bank debt securities' £66 million (March 24: £81 million), 'other debt securities' £73 million (£41 million), 'securities arising from trading activities' £165 million (March 24: £113 million) and 'other loans and advances' £2 million (March 24: £3 million) are assets provided as collateral where the transferee has the right to resell or repledge.

 

Condensed combined consolidated statement of changes in equity

For the six months to 30 September 2024

Ordinary shareholders' equity^^

Perpetual preference share capital and share premium

Shareholders' equity excluding non-controlling interests

Other Additional Tier 1 securities in issue

Non-controlling interests

Total equity

Balance at the beginning of the period

4 760 678

127 136

4 887 814 

586 103

325

5 474 242

Total comprehensive income

369 405

3 787 

373 192 

5 762 

559 

379 513 

Share-based payments adjustments

6 125 

6 125 

6 125 

Dividends paid to ordinary shareholders

(172 047)

(172 047)

(172 047)

Dividends declared to perpetual preference shareholders and Other Additional Tier 1 security holders

(38 491)

5 727 

(32 764)

32 764

Dividends paid to perpetual preference and Other Additional Tier 1 security holders

(5 727)

(5 727)

(32 764)

(38 491)

Dividends paid to non-controlling interests

(1 276)

(1 276)

Cancellation of special converting shares

(4)

(4)

(4)

Issue of Other Additional Tier 1 security instruments

25 968

25 968

Redemption of Other Additional Tier 1 security instruments

(28 569)

(28 569)

Net equity impact of non-controlling interest movements

242 

242 

Movement of treasury shares

22 350

22 350

22 350

Balance at the end of the period

4 948 016

130 923

5 078 939

589 264

(150)

5 668 053

 

For the six months to 30 September 2023^

Ordinary shareholders' equity^^

Perpetual preference share capital and share premium

Shareholders' equity excluding non-controlling interests

Other Additional Tier 1 securities in issue

Non-controlling interests

Total equity

Balance at the beginning of the period

4 322 881

136 259

4 459 140 

398 568

450 839

5 308 547

Total comprehensive income

586 715

(5 093)

581 622 

(6 789)

(26 799)

548 034

Share-based payments adjustments

8 909

8 909

8 909

Dividends paid to ordinary shareholders

(161 086)

(161 086)

(161 086)

Dividends declared to perpetual preference shareholders and Other Additional Tier 1 security holders

(21 654)

4 838

(16 816)

16 816

Dividends paid to perpetual preference and Other Additional Tier 1 security holders

(4 838)

(4 838)

(16 816)

(21 654)

Dividends paid to non-controlling interests

(12 599)

(12 599)

Share buyback of ordinary share capital

(17 408)

(17 408)

(17 408)

Repurchase of perpetual preference shares

(14)

271

257 

257 

Net equity impact of non-controlling interest movements

360 

360 

Movement of treasury shares

(20 898)

(20 898)

(20 898)

Derecognition of non-controlling interests on deconsolidation of subsidiary company

(412 974)

(412 974)

Other equity movements

(4 893)

(4 893)

(39 611)

(44 504)

Balance at the end of the period

4 692 552

131 437

4 823 989

352 168

(1 173)

5 174 984

 ^ Restated

^^ The detailed breakdown of 'ordinary shareholders' equity' was not considered to provide useful information to decision makers and therefore the additional columns previously disclosed have been condensed to simplify the condensed results.

 

 

Condensed combined consolidated statement of changes in equity continued

For the year to 31 March 2024

Ordinary shareholders' equity^^

Perpetual preference share capital and share premium

Shareholders' equity excluding non-controlling interests

Other Additional Tier 1 securities in issue

Non-controlling interests

Total equity

Balance at the beginning of the year

4 322 881

136 259

4 459 140 

398 568

450 839

5 308 547

Total comprehensive income

839 523

(9 383)

830 140 

(13 338)

(25 658)

791 144

Share-based payments adjustments

2 664

2 664

2 664

Dividends paid to ordinary shareholders

(296 712)

(296 712)

(296 712)

Dividends declared to perpetual preference shareholders and Other Additional Tier 1 security holders

(49 076)

10 441

(38 635)

38 635

Dividends paid to perpetual preference and Other Additional Tier 1 security holders

(10 441)

(10 441)

(38 635)

(49 076)

Dividends paid to non-controlling interests

(12 599)

(12 599)

Share buyback of ordinary share capital

(17 408)

(17 408)

(17 408)

Repurchase of perpetual preference shares

(14)

260 

246 

246 

Issue of Other Additional Tier 1 security instruments

382 130 

382 130 

Redemption of Other Additional Tier 1 security instruments

(141 892)

(141 892)

Transaction with equity holders

(2 971)

(2 971)

(2 971)

Net equity impact of non-controlling interest movements

717

717

Gain on Additional Tier 1 security instruments callback

1 420 

1 420 

1 420 

Movement of treasury shares

(39 629)

(39 629)

(39 629)

Derecognition of non-controlling interests on deconsolidation of subsidiary company

(412 974)

(412 974)

Other equity movements

(39 365)

(39 365)

Balance at the end of the year

4 760 678

127 136

4 887 814

586 103

325

5 474 242

^^ The detailed breakdown of 'ordinary shareholders' equity' was not considered to provide useful information to decision makers and therefore the additional columns previously disclosed have been condensed to simplify the condensed results.

 

Condensed combined consolidated cash flow statement

£'000

Six months to

 30 Sept 2024

Six months to 30 Sept 2023

Year to31 March 2024

Cash (outflow)/ inflow from operating activities

 

 

 

Profit before taxation adjusted for non-cash, non-operating items and other required adjustments

549 765 

548 692

997 131

Taxation paid

(92 527)

(97 780)

(178 708)

Increase in operating assets

(2 241 057)

(3 064 806) 

(2 390 759)

Increase in operating liabilities

594 188 

2 101 623 

1 703 789 

Net cash (outflow)/inflow from operating activities

(1 189 631)

(512 271)

131 453

 

 

 

 

Cash flows from investing activities

 

 

 

Cash flow on disposal of Group operations

10 998 

11 870

Cash flow on acquisition of Group operations, net of cash acquired

(29 348)

(28 559)

Derecognition of cash on disposal of subsidiaries

(174 953)

(174 953)

Cash flows from other investing activities

11 142

(6 630)

(17 728)

Net cash inflow/(outflow) from investing activities

11 142

(199 933)

(209 370)

 

 

 

 

Cash flows from financing activities

 

 

 

Dividends paid to ordinary shareholders

(172 047)

(161 086)

(296 712)

Dividends paid to other equity holders

(39 717)

(34 253)

(57 808)

Proceeds on issue of other Additional Tier 1 securities in issue

25 968

382 130 

Repayment of other Additional Tier 1 securities in issue

(28 569)

(140 472)

Share buyback of ordinary share capital

(17 408)

(17 408)

Proceeds on subordinated liabilities raised

21 295 

52 169 

Repayment of subordinated liabilities

(26 409)

(153 688)

Cash flows from other financing activities

(17 545)

(139 250)

(140 267)

Net cash outflow from financing activities

(231 910)

(357 111)

(372 056)

Effects of exchange rates on cash and cash equivalents

20 244

(58 769)

(95 500)

Net decrease in cash and cash equivalents

(1 390 155)

(1 128 084)

(545 473)

Cash and cash equivalents at the beginning of the period

7 252 177 

7 797 650 

7 797 650 

Cash and cash equivalents at the end of the period

5 862 022

6 669 566

7 252 177

 

 

 

 

In line with best practice, the detail of the interim cash flow statement has been expanded.

Headline earnings per share

£'000

Six months to 30 Sept 2024

Six months to

 30 Sept 2023

Year to

31 March 2024

Headline earnings

 

 

 

Earnings attributable to shareholders

351 495 

614 884 

941 040 

Financial impact of strategic actions of discontinued operations excluding implementation costs

(280 737)

(280 737)

Taxation on strategic actions

2 359

8 337

Dividends payable to perpetual preference shareholders and Other Additional Tier 1 security holders (other equity holders)

(38 491)

(21 654)

(49 076)

Property revaluation, net of taxation and non-controlling interests**

(466)

(311)

(1 958)

Gain on repurchase of perpetual preference shares

(14)

1 406 

Headline earnings attributable to ordinary shareholders

312 538

314 527

619 012

Weighted average number of shares in issue during the year

854 984 190

851 765 254 

848 806 687

Headline earnings per share - pence***

36.6

36.9

72.9

Diluted headline earnings per share - pence***

35.3

35.5

70.0

Prior to becoming a subsidiary, the investment in Capitalmind associates met the definition of a venture capital investment as defined in the Headline Earnings Circular 1/2023. During the prior period a gain of £4mn was recognised as a result of a stepped acquisition of Capitalmind from 30% to 60% that required a revaluation of the previously held 30%. This amount was included in headline earnings.

 

** Taxation on property revaluation headline earnings adjustments amounted to £0.2 million (September 2023: £0.1 million; March 2024: £0.7 million) no impact on earnings attributable to non-controlling interests. The amount includes property revaluations included in equity accounted earnings.

*** Headline earnings per share and diluted headline earnings per share have been calculated and is disclosed in accordance with the JSE listing requirements, and in terms of circular 1/2023 issued by the South African Institute of Chartered Accountants.

 

Adjusted earnings per share

£'000

Six months to 30 Sept 2024

Six months to

 30 Sept 2023

Year to

31 March 2024

Adjusted earnings

 

 

 

Earnings attributable to shareholders

351 495 

614 884 

941 040 

Amortisation of acquired intangibles

6 967 

7 907 

Amortisation of acquired intangibles arising on equity accounting

5 679 

5 679 

Amortisation of acquired intangibles reported by associate

6 359

6 945

Acquisition related and integration costs within associate

7 195

9 631 

Financial impact of strategic actions

4 406

Closure and rundown of the Hong Kong direct investments business

1 269 

(2 304)

785 

Financial impact of strategic actions of discontinued operations

(267 902)

(265 390)

Taxation on acquired intangibles and strategic actions

(152)

(879)

Taxation on acquired intangibles and strategic actions of discontinued operations

744 

6 722 

Dividends payable to perpetual preference shareholders and Other Additional Tier 1 security holders (other equity holders)

(38 491)

(21 654)

(49 076)

Accrual adjustment on earnings attributable to other equity holders*

(754)

(866)

Adjusted earnings attributable to ordinary shareholders

337 912

329 829

662 498

Weighted average number of shares in issue during the year

854 984 190

851 765 254 

848 806 687

Adjusted earnings per share - pence***

39.5

38.7

78.1

Diluted adjusted earnings per share - pence***

38.1

37.3

74.9

 

 

 

Combined consolidated segmental analysis

Segmental geographical and business analysis of adjusted operating profit before goodwill, acquired intangibles, non-operating items, taxation and after non-controlling interests.

 

Private Client

 

 

 

 

 

 

 

 

Specialist Banking

 

 

 

 

For the six months to 30 September 2024

Wealth & Investment

Private Banking

Corporate, Investment Banking and Other

Group Investments

Group Costs

Total Group

% change

% of total

£'000

UK and Other

32 332

25 781

176 558

5 954

(17 933)

222 692

11.6%

46.9%

Southern Africa

22 228

78 982

145 584

13 328

(8 093)

252 029

24.2%

53.1%

Continuing operations adjusted operating profit

54 560

104 763

322 142

19 282

(26 026)

474 721

17.9%

100.0%

Discontinued operations*

-

-

-

-

-

-

(100.0%)

-%

Total Group adjusted operating profit

54 560

104 763

322 142

19 282

(26 026)

474 721

4.7%

100.0%

Non-controlling interests of continuing operations

 

 

 

 

 

712

 

 

Operating profit before goodwill and acquired intangibles

 

 

 

 

 

475 433

 

 

% change

(16.5) %

(0.8) %

7.9 %

>100.0%

23.7 %

4.7 %

 

% of total

11.5%

22.1%

67.9%

4.1%

(5.5) %

100.0%

 

 

 

 

 

 

 

 

 

 

 

Private Client

 

 

 

 

 

 

 

 

Specialist Banking

 

 

 

 

For the six months to 31 September 2023

Wealth & Investment

Private Banking^

Corporate, Investment Banking and Other^

Group Investments

Group Costs

Total Group

 

% of total

£'000

UK and Other

-

33 963

173 420

6 233

(14 052)

199 564

 

44.0%

Southern Africa

17 475

71 684

125 149

(4 389)

(6 990)

202 929

 

44.8%

Continuing operations adjusted operating profit

17 475

105 647

298 569

1 844

(21 042)

402 493

 

88.8%

Discontinued operations*

47 828

-

-

3 012

-

50 840

 

11.2%

Total Group adjusted operating profit

65 303

105 647

298 569

4 856

(21 042)

453 333

 

100.0%

Non-controlling interests of continuing operations

 

 

 

 

 

4

 

 

Non-controlling interests of discontinued operations

 

 

 

 

 

11 766

 

 

Operating profit before goodwill and acquired intangibles

 

 

 

 

 

465 103

 

 

Operating profit before non-controlling interests of continuing operations

 

 

 

 

 

402 497

 

 

Operating profit before non-controlling interests of discontinued operations

 

 

 

 

 

62 606

 

 

% of total

14.4%

23.3%

65.9%

1.1% 

(4.6) %

100.0%

 

 

 

 

 

 

 

 

 

 

* Refer to discontinued operations disclosure

^ Restated. Following a strategic review of our Private Capital business, previously reported as part of our UK and Other Private Banking segment, the business is now reported in the UK and Other Corporate, Investment Banking & Other segment. The comparative period has been restated to reflect this change.

 

Combined consolidated segmental geographical analysis of total assets and total liabilities

At 30 September

2024

2023

£'mn

UK and Other

Southern Africa

Total Group

UK and Other

Southern Africa

Total Group

Total assets

30 103

28 011

58 114

29 435

28 266

57 701

Total liabilities

26 523

25 923

52 446

26 194

26 332

52 526

 

 

 

 

Combined consolidated segmental geographical analysis of operating income

 

Private Client

 

 

 

 

 

Specialist Banking

 

 

For the six months to 30 September 2024

Wealth & Investment

Private Banking

Corporate, Investment Banking and Other

Group Investments

Total Group

£'000

UK and Other

32 332

51 720

487 539

5 954

577 545

Southern Africa

70 737

177 992

263 007

13 329

525 065

Operating income

103 069

229 712

750 546

19 283

1 102 610

 

 

Private Client

 

 

 

 

 

Specialist Banking

 

 

For the six months to 30 September 2023

Wealth & Investment

Private Banking

Corporate, Investment Banking and Other

Group Investments

Total Group

£'000

UK and Other

-

60 343

493 018

6 233

559 594

Southern Africa

59 210

149 444

240 788

(4 140)

445 302

Operating income

59 210

209 787

733 806

2 093

1 004 896

Pro-forma adjustments

35 855

-

-

3 012

38 867

Operating income on a pro-forma basis

95 065

209 787

733 806

5 105

1 043 763

Pro-forma income statement

Given the nature of the IW&I UK and IPF transactions completed in the prior period, the Group essentially retained similar economic interest to these investments before and after the transactions. To provide information that is more comparable to the current period, the prior period has been presented on a pro-forma basis as if the transactions had been in effect from the beginning of the prior period, i.e. IW&I UK has been presented as an equity accounted investment and IPF as an investment at fair value through profit or loss in the prior period.

£'000

Statutory income statement for the six months to

 30 Sept 2023

Re-presentation of discontinued operation - IPF

Re-presentation of discontinued operation - Investec Wealth & Investment UK

Six months to 30 Sept 2023 Pro-forma

Net interest income

670 880 

670 880 

Net fee and commission income

196 061

196 061

Investment income

22 436

3 012 

25 448

Share of post-taxation profit of associates and joint venture holdings

3 241 

35 855

39 096

Trading income arising from

 

 

 

 

- customer flow

94 575 

94 575 

- balance sheet management and other trading activities

17 933 

17 933 

Other operating loss

(230)

(230)

Operating income

1 004 896

3 012

35 855

1 043 763

Expected credit loss impairment charges

(46 291)

(46 291)

Operating income after expected credit loss impairment charges

958 605

3 012

35 855

997 472

Operating costs

(556 108)

(556 108)

Operating profit before goodwill and acquired intangibles

402 497

3 012

35 855

441 364

Operating profit before strategic actions and non-controlling interests of discontinued operations*

62 606

(14 778)

(47 828)

Taxation on operating profit before goodwill and acquired intangibles

(89 123)

(89 123)

Taxation on operating profit before goodwill and acquired intangibles of discontinued operations

(11 973)

11 973

 

364 007

(11 766)

-

352 241

Profit attributable to non-controlling interests

(4)

(4)

Profit attributable to non-controlling interests of discontinued operations*

(11 766)

11 766

 

352 237

352 237

Earnings attributable perpetual preference shareholders and Other Additional Tier 1 security holders (other equity holders)

(22 408)

(22 408)

Adjusted earnings attributable to ordinary shareholders before goodwill, acquired intangibles and non-operating items

329 829

329 829

* Refer to discontinued operations disclosure

 

 

Discontinued operations

During the 2024 financial year, the Group had two significant strategic actions which have been reflected as discontinued operations.

The effective date of the combination of Investec Wealth & Investment Limited and Rathbones Group Plc was 21 September 2023, at which point the Group deconsolidated its 100% holding in Investec Wealth & Investment Limited and in return acquired a 41.25% interest in Rathbones Group plc which is accounted for as an equity investment.

The completion date of the sale of the Investec Property Fund (IPF) management companies was 6 July 2023 at which point the Group deconsolidated its existing c.24.3% investment in IPF.

The Investec Wealth & Investment business and IPF have been disclosed as discontinued operations. The Wealth & Investment business was disclosed in the Wealth & Investment segment in the UK and other geography and the IPF business was disclosed in the Group Investments segment in the Southern Africa geography. 

Reconciliation of profit after taxation and financial impact of strategic actions from discontinued operations as disclosed in the income statement to earnings from discontinued operations attributable to shareholders provided in the tables below

For the six months to 30 September

2023

£'000

Operating profit before strategic actions and non-controlling interests

62 606

Amortisation of acquired intangibles

(6 424)

Taxation on operating profit

(11 973)

Taxation on mortization of acquired intangibles

1 615

Operating profit before strategic actions and non-controlling interests from discontinued operations

45 824

Financial impact of strategic actions

267 902 

Taxation on strategic actions

(2 359)

Profit after taxation and financial impact of strategic actions from discontinued operations

311 367

Profit attributable to non-controlling interests of discontinued operations

(11 766)

Earnings from discontinued operations attributable to shareholders

299 601

The table below presents the income statement from discontinued operations included in the total Group income statement for the six months to 30 September 2023.

For the six months to 30 September 2023

£'000

UK and

Other

Southern

Africa

Total

Net interest income/(expense)

17 324 

(6 194)

11 130

Net fee and commission income

161 610

13 088 

174 698 

Investment income

3 390

3 390

Trading income/(loss) arising from

 

 

 

- customer flow

(9 749)

(9 749)

- balance sheet management and other trading activities

17 181

17 181

Operating income

178 934

17 716

196 650

Expected credit loss impairment charges

(267)

(267)

Operating income after expected credit loss impairment charges

178 934

17 449

196 383

Operating costs

(131 106)

(2 671)

(133 777)

Operating profit before strategic actions and non-controlling interests

47 828

14 778

62 606

Profit attributable to non-controlling interests from discontinued operations

(11 766)

(11 766)

Operating profit before strategic actions

47 828

3 012

50 840

Amortisation of acquired intangibles

(6 424)

(6 424)

Financial impact of strategic actions

361 684 

(93 782)

267 902 

Profit/(loss) before taxation

403 088

(90 770)

312 318

Taxation on operating profit before strategic actions

(11 973)

(11 973)

Taxation on financial impact of strategic actions and acquired intangibles

781

(1 525)

(744)

Earnings/(loss) from discontinued operations attributable to shareholders

391 896

(92 295)

299 601

 

 

 

 

Financial impact of strategic actions of discontinued operations

For the six months to 30 September

2023

£'000

Remeasurement on deconsolidation of IPF, net of gain on sale of IPF management business

(93 782)

Gain on the loss of control on the combination with Rathbones Group

361 684 

Net financial impact of strategic actions of discontinued operations

267 902

Taxation on financial impact of strategic actions

(2 359)

Net financial impact of strategic actions of discontinued operations

265 543

Investec Wealth & Investment Limited

On 21 September 2023, the Investec Group successfully completed the all-share combination of Investec Wealth & Investment Limited and Rathbones Group Plc. On completion Rathbones issued new Rathbones shares in exchange for 100% of Investec Wealth & Investment Limited share capital. Investec Group now owns 41.25% of the economic interest in the enlarged Rathbones Group's share capital, with Investec Group's voting rights limited to 29.9%.The Group's holding in Rathbones Group Plc is equity accounted for as an interest in associated undertakings and joint venture holdings in accordance with IAS 28.

Gain on loss of control of Investec Wealth & Investment Limited

For the six months to 30 September

£'000

2023

The gain is calculated as follows:

 

Fair value of % received in Rathbones Group

779 421

Net asset value of Investec Wealth & Investment previously consolidated (including goodwill)

(405 755)

Gain on the combination of Rathbones Group before taxation

373 666

Implementation costs

(11 982)

Gain on combination of Rathbones Group before taxation

361 684

Taxation on gain

(834)

Gain on combination of Rathbones Group

360 850

Major classes of assets and liabilities

£'000

2023

Loans and advances to banks

172 595

Goodwill

242 355

Other assets

360 378

Other liabilities

(369 573)

Net asset value of Investec Wealth & Investment previously consolidated (including goodwill)

405 755

 

Remeasurement on deconsolidation of IPF, net of gain on sale of IPF management business

The completion date of the sale of the IPF management companies was 6 July 2023 at which point the Group deconsolidated its current c.24.3% investment in IPF. Historically, IPF has been controlled by the Group because of the power over relevant activities held by the IPF management function which were, until the current period, wholly owned by the Group and that the majority of directors of IPF were associated with the Group. In the current period, the management companies were sold into the fund, and as a result the Group lost control of both these functions and the executive directors transferred employment from Investec to IPF reducing the number of directors associated with Investec to less than majority. The investment in IPF is now held as an associate company. In accordance with the Group's accounting policies, associates that are held with no strategic intention should be accounted for at fair value through profit or loss by applying the venture capital exemption as provided in IAS 28. The investment is disclosed in the investment portfolio line on the balance sheet. Investec Limited, through its ordinary course of business, has been classified as a venture capital entity and this exemption provided in IAS 28 has been applied.

 

 

 

Loss on sale of IPF asset management function and deconsolidation

For the six months to 30 September

£'000

2023

The loss is calculated as follows:

 

Fair value of the consideration

34 330

Fair value of investment at 6 July 2023

61 035 

Net asset value of IPF previously consolidated (including non-controlling interests)

(545 891)

Non-controlling interest derecognised previously included in the consolidation of IPF at 6 July 2023

412 974 

Foreign currency translation reserve recycled to the income statement on distribution

(55 377)

Loss before taxation and costs

(92 929)

Implementation costs

(853)

Loss before taxation

(93 782)

Taxation

(1 525)

Loss on sale of IPF management function and deconsolidation net of taxation and implementation costs

(95 307)

Major classes of assets and liabilities at date of deconsolidation

£'000

2023

Investment properties

568 568

Investment portfolio

425 863

Other assets

88 056

Deposits by banks

(258 403)

Debt securities in issue

(208 464)

Other liabilities

(69 729)

Net asset value of IPF previously consolidated (including non-controlling interests)

545 891

 

Balance sheet, cash flow statement and statement of total comprehensive income restatements

All restatements, other than in respect of the aviation lease, only affect September 2023.

Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments

It was identified that the application of hedge accounting (cash flow and fair value hedging) applied in prior years, for certain portfolios within Investec Bank Limited, did not meet the requirements to apply hedge accounting under IAS 39 Financial Instruments: Recognition and Measurement. It was further identified that certain financial instruments were incorrectly fair valued.

This hedge accounting matter was initially restated in the 30 September 2023 interim results but was subsequently revised for 31 March 2024 reporting to accurately reflect the impact of this matter. This required a restatement to the 30 September 2023 comparative interim period.

Accordingly, the related 'cash flow hedge reserve' and 'fair value reserve' through OCI reserves totalling £15.8 million have been restated retrospectively to 'retained income'. In addition, certain fair value hedge adjustments made in the balance sheet to hedged items (£50.8 million) have been reversed to 'retained income' and the valuation of a specific portfolio of fair value instruments was corrected to retained income. These adjustments resulted in a reduction of taxable income for certain prior periods to which these matters relate to and resulted in a reduction in 'current taxation liabilities' of £14.6 million recognised against 'retained income' for the recovery of those income taxes. The associated deferred taxation of £1.8 million previously raised on the cash flow hedge reserve was also derecognised. All changes were retrospectively restated. These changes have no impact on the cash flow statement.

The Income statements Impacts are disclosed In the Income statement restatement section.

Gross-up and gross-down of balance sheet line items

Gross-ups within the trading portfolio of equity securities and client trading accounts

Certain client and exchange settlement balances and equity positions (long and short equity positions) held were previously incorrectly offset (in terms of IAS 32) and presented on a net basis. These have been grossed up to appropriately reflect both the settlement receivables and payables as well as the correct asset and liability positions. The gross up resulted in a £430.2 million increase in 'other assets' and 'other liabilities' and a £231.3 million increase in 'securities arising from trading activities' and 'other trading liabilities'. This change has no impact on the income statement, cash flow statement or statement of changes in equity.

Gross-down of capital guarantee products

Investec Bank Limited traded a capital guarantee product with clients. The traded positions were incorrectly duplicated and booked on a gross basis to 'securities arising from trading activities' and 'derivative financial instruments'. The capital guarantee represents a single derivative contract that should be accounted for on a net basis in 'derivative financial instruments' liabilities. An amount of £30.6 million was accordingly adjusted downwards in 'securities arising from trading activities' and 'derivative financial instruments' to reflect a net derivative position. This change has no impact on the income statement, cash flow statement or statement of changes in equity.

Derecognition of derivative assets and liabilities

Post the review of the accounting treatment of an aviation lease structure, it was identified that at September 2023 'derivative financial instruments' assets of £41.8 million (March 2024: £42.4 million) and 'derivative financial instruments' liabilities of £62.1 million (March 2024: £63.4 million) were incorrectly bifurcated from leases in the past. These have now been derecognised in the comparative balances and included in the measurement of associated lease contracts, leading to a reduction in 'other assets' of £13.7m (March 2024: £13.0m) and an increase in 'other liabilities' of £6.6m (March 2024: £6.3m). This change has no material impact on the income statement, cash flow statement or statement of changes in equity.

 

Gross down of other securitised assets and customer accounts (deposits)

Investec Bank Limited consolidates securitisation vehicles. The cash held by the vehicles was considered by management to be restricted cash and was separately accounted for in the Group as 'customer accounts (deposits)' with the corresponding entry in 'other securitised assets'. Following a re-assessment of the current treatment, it was concluded that the accounting treatment should be revised. Accordingly, an amount of £23.9 million was adjusted downwards on each line. This change has no impact on the income statement, cash flow statement (other than the consequential impact on operating assets and operating liabilities, due to the changes in the balance sheet line items) or statements of changes in equity.

Reclassifications and eliminations

Reclassification of a reverse repurchase agreement

Investec Bank Limited purchased listed bond positions and entered into a future sale agreement to sell the positions back to the same counterparty at a fixed price. The bond and the forward purchase were incorrectly accounted for in 'sovereign debt securities' and 'derivative financial instruments' asset respectively. The two separate positions of £241.9 million were reclassified to 'reverse repurchase agreements and cash collateral on securities borrowed' to more accurately reflect a collateralised lending transaction. This change has no impact on the income statement, cash flow statement or statement of changes in equity.

Reclassification of fully funded trading positions

Investec Limited enters into fully funded credit and equity linked trading positions with clients. The positions were incorrectly accounted for as a derivative as a fully funded position does not meet the definition of a derivative as per IFRS 9 Financial Instruments. £847.2 million was reclassified from 'derivative financial instruments' liabilities to 'other trading liabilities'. This change has no impact on the income statement, cash flow statement or statement of changes in equity.

Elimination of intergroup instruments

Investec Bank Limited holds debt and equity instruments issued by Investec plc group. At September 2023 these were not eliminated on consolidation, therefore the prior year balance sheet and statement of changes in equity have been restated. The liabilities 'debt securities in issue' amounted to £13.9 million with the corresponding asset 'bank debt securities' value of £13.9 million and the equity instruments 'Other Additional tier 1 securities in issue' amounted to £39.6 million with asset 'bank debt securities' value of £34.9 million. The difference in valuation of the equity instruments was reflected in other comprehensive income. The correction has no material impact on the income statement or cash flow statement.

 

 

Balance sheet, cash flow statement and statement of total comprehensive income restatements (continued)

The impact of these changes on the 30 September 2023 and 31 March 2024 balance sheet are:

 

At 30 September 2023

as previously reported

Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments

Gross-up and gross-down of balance sheet line items

Reclassifications and eliminations

At 30 September 2023

restated

£'000

Assets

 

 

 

 

 

Reverse repurchase agreements and cash collateral on securities borrowed

4 422 876

1 922

241 942 

4 666 740

Sovereign debt securities

5 428 112

(226 924)

5 201 188

Bank debt securities

807 066

(35 250)

(4 604)

(48 847)

718 365

Other debt securities

1 273 232

(15 535)

1 257 697

Derivative financial instruments

1 329 833

(41 807)

(15 080)

1 272 946 

Securities arising from trading activities

1 576 610

200 732 

1 777 342

Other securitised assets

96 296

(23 853)

72 443 

Deferred taxation assets

202 392

(1 848)

200 544 

Other assets

1 515 533

416 451

1 931 984

Total assets

57 253 895

(52 633)

548 841 

(48 909)

57 701 194

Liabilities

 

 

 

 

 

Derivative financial instruments

2 471 973

(92 708)

(847 244)

1 532 021

Other trading liabilities

285 463

231 297

847 182

1 363 942 

Repurchase agreements and cash collateral on securities lent

890 512

1 922

892 434

Customer accounts (deposits)

39 935 727

(28 457)

39 907 270

Debt securities in issue

1 504 991

(13 926)

1 491 065

Current taxation liabilities

64 899

(14 605)

50 294 

Other liabilities

1 563 748

(10 873)

436 787 

1 989 662 

Total liabilities

52 016 835

(25 478)

548 841 

(13 988)

52 526 210 

Equity

 

 

 

 

 

Shareholders' equity excluding non-controlling interests

4 715 017

(27 155)

4 690 

4 692 552

Other Additional Tier 1 securities in issue

391 779

(39 611)

352 168 

Total equity

5 237 060

(27 155)

(34 921)

5 174 984 

 

 

At 31 March 2024

as previously reported

Gross-up and gross-down of balance sheet line items

At 31 March 2024

restated

£'000

Assets

 

 

 

Derivative financial instruments

853 938

(42 439)

811 499

Other assets

1 672 582

(14 126)

1 658 456 

Total assets

56 625 727

(56 565)

56 569 162 

Liabilities

 

 

 

Derivative financial instruments

1 069 119

(63 407)

1 005 712

Other liabilities

1 816 139

6 842 

1 822 981

Total liabilities

51 151 485

(56 565)

51 094 920 

 

 

 

 

 

 

Balance sheet, cash flow statement and statement of total comprehensive income restatements (continued)

The impact of the above changes on the 30 September 2023 statement of total comprehensive income is:

 

Six months to 30 September 2023

as previously reported

Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments

Reclassifications and eliminations

Six months to 30 September 2023

restated

£'000

Fair value movements on cash flow hedges taken directly to other comprehensive income

(17 759)

2 451

(15 308)

Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income

(13 313)

(424)

4 690 

(9 047)

Foreign currency adjustments on translating foreign operations

(53 108)

1 188

(51 920)

Total comprehensive income

540 129 

3 215

4 690 

548 034

Income statement restatements

All restatements only affect September 2023.

Reclassifications between interest income, interest expense and trading income/(loss)

The interest consequences of certain financial instrument liabilities were incorrectly accounted for in the interest income line rather than the interest expense line. This resulted in a reclassification of 'interest income' of £17.8 million to 'interest expense'.

Fair value adjustments on certain derivative instruments, not formally designated in a hedge relationship, were accounted for in either 'interest income' or 'interest expense'. The fair value adjustments of £4.9 million were reclassified to 'trading income arising from customer flow' and (£3.5 million) were reclassified to 'trading income arising from balance sheet management and other trading activities'.

In addition, realised cash flows on interest rate swaps (formally designated in a hedge relationship) were incorrectly grossed up and separately recognised as 'interest income' and 'interest expense'. The two lines were appropriately reduced for the gross cash flows of £169.0 million, and the net movement was accounted for in either 'interest income' or 'interest expense' (depending if it was an asset or liability being hedged).

Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments

It was identified that the application of hedge accounting (cash flow and fair value hedging) applied in prior years, for certain portfolios within Investec Bank Limited, did not meet the requirements to apply hedge accounting under IAS 39 Financial Instruments: Recognition and Measurement.

As a result of not applying hedge accounting, adjustments previously made to 'interest income' of £10.3 million has been reclassified to 'trading income/(loss) arising from customer flow'.

These reclassifications in the income statement for the prior period is shown in the table that follows:

 

 

 

 

 

Income statement restatements (continued)

£'000

Six months to

 30 Sept 2023

as previously reported

Reclassification between interest income and interest expense and trading income

Restatement of the application of hedge accounting and the correction of the valuation of certain fair value instruments

Six months to

30 Sept 2023

restated

Interest income

2 157 746 

(175 101)

(10 305)

1 972 340 

Interest expense

(1 475 108)

173 648 

(1 301 460)

Net interest income

682 638

(1 453)

(10 305)

670 880

Fee and commission income

225 672 

225 672 

Fee and commission expense

(29 611)

(29 611)

Investment (loss)/income

22 436

22 436

Share of post taxation profit of associates and joint venture holdings

3 241 

3 241 

Trading income/(loss) arising from

 

 

 

 

- customer flow

79 296 

4 974

10 305 

94 575 

- balance sheet management and other trading activities

21 454 

(3 521)

17 933 

Other operating income

(230)

(230)

Operating income

1 004 896

1 004 896

Expected credit loss impairment charges

(46 291)

(46 291)

Operating income after expected credit loss impairment charges

958 605

958 605

Operating costs

(556 108)

(556 108)

Operating profit before goodwill and acquired intangibles

402 497

402 497

Amortisation of acquired intangibles of associates

(543)

(543)

Closure and rundown of the Hong Kong direct investments business

2 304

2 304

Operating profit

404 258

404 258

Net gain on distribution of associate to shareholders

Financial impact of strategic actions

Profit before taxation

404 258

404 258

Taxation on operating profit before goodwill and acquired intangibles

(89 123)

(89 123)

Taxation on acquired intangibles and net gain on distribution of associate to shareholders

152

152

Profit after taxation from continuing operations

315 287

315 287

Profit after taxation from discontinued operations

311 367

311 367

Profit after taxation

626 654

626 654

Profit attributable to non-controlling interests

(4)

(4)

Profit attributable to non-controlling interests of discontinued operations

(11 766)

(11 766)

Earnings attributable to shareholders

614 884

614 884

 

Contingent liabilities, provisions and legal matters

Historical German dividend tax arbitrage transactions

Investec Bank plc has previously been notified by the Office of the Public Prosecutor in Cologne, Germany, that it and certain of its current and former employees may be involved in possible charges relating to historical involvement in German dividend tax arbitrage transactions (known as cum-ex transactions). Investigations are ongoing and no formal proceedings have been issued against Investec Bank plc by the Office of the Public Prosecutor. In addition, Investec Bank plc received certain enquiries in respect of client tax reclaims for the periods 2010-2011 relating to the historical German dividend arbitrage transactions from the German Federal Tax Office (FTO) in Bonn. The FTO has provided more information in relation to their claims and Investec Bank plc has sought further information and clarification.

Investec Bank plc is cooperating with the German authorities and continues to conduct its own internal investigation into the matters in question. A provision is held to reflect the estimate of financial outflows that could arise as a result of this matter. There are factual issues to be resolved which may have legal consequences, including financial penalties.

In relation to potential civil claims; whilst Investec Bank plc is not a claimant nor a defendant to any civil claims in respect of cum-ex transactions, Investec Bank plc has received third party notices in relation to two civil proceedings in Germany and may elect to join the proceedings as a third party participant. Investec Bank plc has itself served third party notices on various participants to these historic transactions in order to preserve the statute of limitations on any potential future claims that Investec Bank plc may seek to bring against those parties, should Investec Bank plc incur any liability in the future. Investec Bank plc has also entered into standstill agreements with some third parties in order to suspend the limitation period in respect of the potential civil claims. While Investec Bank plc is not a claimant nor a defendant to any civil claims at this stage, it cannot rule out the possibility of civil claims by or against Investec Bank plc in future in relation to the relevant transactions.

The Group has not provided further disclosure with respect to these historical dividend arbitrage transactions because it has concluded that such disclosure may be expected to seriously prejudice its outcome.

Motor commission review

Investec Group (the Group) notes the recent Court of Appeal decisions on Wrench, Johnson and Hopcraft relating to motor commission arrangements. The Group also notes the intention of the lenders to appeal the decisions to the UK Supreme Court.

The Court of Appeal has determined that motor dealers acting as credit brokers owe certain duties to disclose to their customers commission payable to them by lenders, and that lenders will be liable for dealers' non-disclosures. This sets a higher bar for the disclosure of and consent to the existence, nature, and quantum of any commission paid than had been understood to be required or applied across the motor finance industry prior to the decision. Our understanding of compliant disclosure was built on FCA/regulatory guidance and previous legal authorities. These decisions relate to commission disclosure and consent obligations which go beyond the scope of the current FCA motor commissions review.

The Group has assessed the potential impact of these decisions, as well as any broader implications, pending the outcome of the intended appeal applications and concluded the provision of £30 million at 31 March 2024 still remains appropriate based on the information currently available. This provision continues to include estimates for operational and legal costs, including litigation costs, together with estimates for potential awards, based on various scenarios using a range of assumptions.

There is significant uncertainty across the industry as to the extent of any misconduct and customer loss that may be identified, and/or the nature, extent and timing of any remediation action that may subsequently be required following the court of appeal decision and FCA motor commission review. The Group therefore notes that the ultimate financial impact of the Court of Appeal decision and ongoing FCA investigation into motor commission could materially vary, pending further guidance from the FCA or the outcome of the intended appeal to the UK Supreme Court.

Events after the reporting period

At the date of this report, there were no significant events subsequent to period end.

Net fee and commission income

For the six months to 30 September 2024

£'000

UK and

Other

Southern

Africa

Total

Wealth & Investment net fee and commission income

64 583

64 583

Fund management fees/fees for funds under management

35 853

35 853

Private client transactional fees*

30 345

30 345

Fee and commission expense

(1 615)

(1 615)

Specialist Banking net fee and commission income

75 985

81 177

157 162

Specialist Banking fee and commission income**

82 021 

104 041

186 062 

Specialist Banking fee and commission expense

(6 036)

(22 864)

(28 900)

Group Investments net fee and commission income

(157)

(157)

Group Investments fee and commission income

Group Investments fee and commission expense

(157)

(157)

Net fee and commission income

75 985

145 603

221 588

Fee and commission income

82 021 

170 239 

252 260

Fee and commission expense

(6 036)

(24 636)

(30 672)

Net fee and commission income

75 985

145 603

221 588

Annuity fees (net of fees payable)

9 755

113 304

123 059 

Deal fees

66 230

32 299

98 529

 

For the six months to 30 September 2023

£'000

UK and

Other

Southern

Africa

Total

Wealth & Investment net fee and commission income

52 250

52 250

Fund management fees/fees for funds under management

32 383

32 383

Private client transactional fees*

21 361

21 361

Fee and commission expense

(1 494)

(1 494)

Specialist Banking net fee and commission income

65 103

78 711

143 814

Specialist Banking fee and commission income**

72 245 

99 686

171 931

Specialist Banking fee and commission expense

(7 142)

(20 975)

(28 117)

Group Investments net fee and commission income

(3)

(3)

Group Investments fee and commission income

(3)

(3)

Group Investments fee and commission expense

Net fee and commission income

65 103

130 958

196 061

Fee and commission income

72 245 

153 427 

225 672

Fee and commission expense

(7 142)

(22 469)

(29 611)

Net fee and commission income

65 103

130 958

196 061

Annuity fees (net of fees payable)

4 593

93 159

97 752 

Deal fees

60 510

37 799

98 309

* Trust and fiduciary fees amounted to £0.2 million (2023: £0.2 million) and are included in Private client transactional fees.

** Included in Specialist Banking is fee and commission income of £4.7 million (2023: £4.3 million) for operating lease income which is out of the scope of IFRS 15 - Revenue from Contracts with Customers.

 

 

 

Analysis of financial assets and liabilities by category of financial instrument

At 30 September 2024

Total

instruments at

fair value

Amortised

cost

Non-financial

instruments or

scoped out of

IFRS 9

Total

£'000

Assets

 

 

 

 

Cash and balances at central banks

4 807 365

4 807 365

Loans and advances to banks

1 132 894 

1 132 894 

Non-sovereign and non-bank cash placements

39 362

385 665

425 027 

Reverse repurchase agreements and cash collateral on securities borrowed

1 321 094 

2 891 914 

4 213 008

Sovereign debt securities

2 513 773 

3 758 476

6 272 249

Bank debt securities

351 735 

167 806 

519 541

Other debt securities

304 036

725 928 

1 029 964 

Derivative financial instruments

1 184 328 

1 184 328 

Securities arising from trading activities

2 084 759

2 084 759

Loans and advances to customers

3 175 654 

28 260 216 

31 435 870 

Own originated loans and advances to customers securitised

306 081 

306 081 

Other loans and advances

139 028 

139 028 

Other securitised assets

63 627 

63 627 

Other financial instruments at fair value through profit or loss in respect of liabilities to customers

194 415

194 415

Investment portfolio

753 525 

753 525 

Interests in associated undertakings and joint venture holdings

873 865 

873 865 

Current taxation assets

61 077

61 077

Deferred taxation assets

202 081 

202 081 

Other assets

205 332

1 293 585 

464 226

1 963 143 

Property and equipment

236 814 

236 814 

Investment properties

113 897

113 897

Goodwill

74 134 

74 134 

Software

9 883

9 883

Non-current assets classified as held for sale

17 574

17 574

 

12 191 640

43 868 958

2 053 551

58 114 149

Liabilities

 

 

 

 

Deposits by banks

2 843 008

2 843 008

Derivative financial instruments

1 186 243 

1 186 243 

Other trading liabilities

1 605 722 

1 605 722 

Repurchase agreements and cash collateral on securities lent

275 865 

1 035 568 

1 311 433

Customer accounts (deposits)

2 274 649

38 163 360

40 438 009

Debt securities in issue

252 

1 460 644

1 460 896 

Liabilities arising on securitisation of own originated loans and advances

220 106 

220 106 

Liabilities arising on securitisation of other assets

67 988 

67 988 

Current taxation liabilities

56 945

56 945

Deferred taxation liabilities

14 212

14 212

Other liabilities

35 060

1 444 560 

562 594

2 042 214 

Liabilities to customers under investment contracts

187 981

187 981

 

5 633 760

45 167 246

633 751

51 434 757

Subordinated liabilities

1 011 339

1 011 339

 

5 633 760

46 178 585

633 751

52 446 096

 

Financial instruments at fair value

The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inputs to the valuation technique used.

The different levels are identified as follows:

Level 1 - quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).

 

Fair value category

At 30 September 2024

Total

instruments at

fair value

Level 1

Level 2

Level 3

£'000

Assets

 

 

 

 

Non-sovereign and non-bank cash placements

39 362

39 362

Reverse repurchase agreements and cash collateral on securities borrowed

1 321 094 

1 321 094 

Sovereign debt securities

2 513 773 

2 513 773 

Bank debt securities

351 735 

341 074 

10 661

Other debt securities

304 036

83 836

168 142

52 058

Derivative financial instruments

1 184 328 

1 174 404 

9 924

Securities arising from trading activities

2 084 759

1 932 633

152 126

Loans and advances to customers

3 175 654 

658 152 

2 517 502 

Other securitised assets

63 627 

63 627 

Other financial instruments at fair value through profit or loss in respect of liabilities to customers

194 415

139 620 

38 447

16 348 

Investment portfolio

753 525 

276 236

4 392

472 897 

Other assets

205 332

205 180 

152

 

12 191 640

5 492 352

3 566 932

3 132 356

Liabilities

 

 

 

 

Derivative financial instruments

1 186 243 

1 185 182

1 061

Other trading liabilities

1 605 722 

632 384

973 338

Repurchase agreements and cash collateral on securities lent

275 865 

275 865 

Customer accounts (deposits)

2 274 649

2 274 649

Debt securities in issue

252 

252 

Liabilities arising on securitisation of other assets

67 988 

67 988 

Other liabilities

35 060

35 060

Liabilities to customers under investment contracts

187 981

156 901

31 080 

 

5 633 760

632 384

4 901 247

100 129

Net financial assets/(liabilities) at fair value

6 557 880

4 859 968

(1 334 315)

3 032 227

Transfers between level 1 and level 2

There were no transfers between level 1 and level 2 in the current period.

Measurement of financial assets and liabilities at level 2

The table below sets out information about the valuation techniques used at the end of the reporting period in measuring financial instruments categorised as level 2 in the fair value hierarchy:

 

Valuation basis/techniques

Main inputs

Assets

Non-sovereign and non-bank cash placements

Discounted cash flow model

Yield curves

Reverse repurchase agreements and cash collateral on securities borrowed

Discounted cash flow model, Hermite interpolation, Black-Scholes

Yield curves, discount rates, volatilities

Bank debt securities

Discounted cash flow model

Yield curves

Other debt securities

Discounted cash flow model

Yield curves, NCD curves and swap curves, discount rates, external prices, broker quotes

Derivative financial instruments

Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Black-Scholes and Local Volatility

Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves

Securities arising from trading activities

Standard industry derivative pricing model, Discounted cash flow model

Interest rate curves, implied bond spreads, equity volatilities, yield curves

Loans and advances to customers

Discounted cash flow model

Yield curves

Other financial instruments at fair value through profit or loss in respect of liabilities to customers

Current price of underlying unitised assets

Listed prices

Investment portfolio

Discounted cash flow model, relative valuation model comparable quoted inputs

Discount rate and fund unit price, net assets

 

 

 

Liabilities

Derivative financial instruments

Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Black-Scholes and Local Volatility

Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves

Other trading liabilities

Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Local Volatility

Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves

Repurchase agreements and cash collateral on securities lent

Discounted cash flow model, Hermite interpolation

Yield curves, discount rates

Customer accounts (deposits)

Discounted cash flow model

Yield curves, discount rates

Debt securities in issue

Discounted cash flow model, Hermite interpolation, industry standard derivative pricing models including Local Volatility

Discount rate, risk-free rate, volatilities, forex forward points and spot rates, interest rate swap curves and credit curves

Other liabilities

Discounted cash flow model

Yield curves

Liabilities to customers under investment contracts

Current price of underlying unitised assets

Listed prices

Level 3 financial instruments

The following tables show a reconciliation of the opening balances to the closing balances for level 3 financial instruments. All instruments are at fair value through profit or loss.

£'000

Investment

portfolio

Loans and

 advances to

 customers

Other securitised

assets

Other balance

 sheet assets^

Total

Assets

 

 

 

 

 

Balance at 1 April 2024

559 637

2 079 671

66 704

86 004

2 792 016

Total (losses)/gains

6 329

103 612

724 

733 

111 398

In the income statement

6 329

107 551

724 

733 

115 337

In the statement of comprehensive income

(3 939)

(3 939)

Purchases

7 370 

1 546 712

14 413

1 568 495 

Sales

(10 844)

(431 495)

(442 339)

Issues

729 

729 

Settlements

(92 826)

(700 161)

(3 799)

(19 489)

(816 275)

Transfers out of level 3

(1 825)

(1 825)

Foreign exchange adjustments

3 231 

(79 741)

(2)

(3 331)

(79 843)

Balance at 30 September 2024

472 897

2 517 502

63 627

78 330

3 132 356

 

£'000

Liabilities arising

on securitisation

 of other assets

Other balance

 sheet liabilities^

Total

Liabilities

 

 

 

Balance at 1 April 2024

71 751

33 482

105 233

Total losses/(gains) in the income statement

366 

(3 813)

(3 447)

Issues

1 285 

1 285 

Settlements

(4 129)

(4 129)

Foreign exchange adjustments

1 187

1 187

Balance at 30 September 2024

67 988

32 141

100 129

 ^ Restated. In addition, the opening balances were restated to reflect unquoted investments within 'other financial instruments at fair value through profit or loss in respect of liabilities to customers' which were previously omitted and the consequential impact on 'Liabilities to customers under investment contracts'.

 

The Group transfers between levels within the fair value hierarchy when the significance of the unobservable inputs change or if the valuation methods change. Transfers are deemed to occur at the end of each semi-annual reporting period. There are no material transfers into or out of level 3 during the current period.

The following table quantifies the gains or (losses) included in the income statement and statement of other comprehensive income recognised on level 3 financial instruments:

For the year to 30 September 2024

Total

Realised

Unrealised

£'000

Total gains included in the income statement for the period

 

 

 

Net interest income

112 098

84 998

27 100 

Investment income/(loss)

4 523

(12 036)

16 559 

Trading income loss from customer flow

34 

34 

Other operating income

2 129 

2 129 

 

118 784

72 962

45 822

Total gains included in other comprehensive income for the period

 

 

 

Gain on realisation on debt instruments at FVOCI recycled through the income statement

235 

235 

Fair value movements on debt instruments at FVOCI taken directly to other comprehensive income

(3 939)

(3 939)

 

(3 704)

235

(3 939)

 

 

Sensitivity of fair values to reasonably possible alternative assumptions by level 3 instrument type

The fair value of financial instruments in level 3 are measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable market data. The following table shows the sensitivity of these fair values to reasonably possible alternative assumptions, determined at a transactional level:

At 30 September 2024

Balance sheet

value

Principal valuation technique

Significant unobservable input changed

Range of unobservable input used

Favourable

changes

Unfavourable

changes

£'000

£'000

£'000

Assets

 

 

 

 

 

 

Other debt securities

52 058

 

Potential impact on income statement

 

1 947

(3 521) 

 

 

Discounted cash flows

Cash flow adjustments

CPR 14.18%

186 

(252) 

 

 

Discounted cash flows

Credit spreads

0.36%-1.22%

54 

(102)

 

 

Other

Other

^

1 707 

(3 167) 

Derivative financial instruments

9 924

 

Potential impact on income statement

 

938

(696) 

 

 

Option pricing model

Volatilities

7.5%-16.95%

1

(1)

 

 

Underlying asset value

Underlying asset value^^

^^

1

(3)

 

 

Discounted cash flows

Cash flow adjustment

CPR 7.71%

17 

(20)

 

 

Other

Other^

^

919 

(672) 

Loans and advances to customers

2 517 502

 

Potential impact on income statement

 

23 500

(41 082) 

 

 

Discounted cash flows

Credit spreads

0.16% - 37.3%

9 012

(18 909) 

 

 

Underlying asset value

Property value

**

10 871 

(13 451) 

 

 

Price earnings

Price earnings multiple

4x

2 099

(6 951) 

 

 

Underlying asset value

Underlying asset value^^

^^

1 467

(1 670) 

 

 

Other

Other^

^

51 

(101)

 

 

 

Potential impact on other comprehensive income

 

12 417 

(21 285) 

 

 

 

Credit spreads

0.15% - 5.3%

12 417 

(21 285) 

Other securitised assets*

63 627

 

Potential impact on income statement

 

672

(440) 

 

 

Discounted cash flows

Cash flow adjustments

CPR 7.71%

672

(440) 

Investment portfolio

472 897

 

Potential impact on income statement

 

51 336

(79 409)

 

 

Price earnings

Price earnings multiple

4x-9x

8 586

(14 766) 

 

 

Net asset value

Underlying asset value^^

^^

3 293

(5 373) 

 

 

Price earnings

EBITDA

**

7 779

(7 543) 

 

 

Price earnings

EBITDA

(10%)-10%

10 870

(10 870) 

 

 

Discounted cash flows

Cash flows

**

1 727 

(1 751)

 

 

Underlying asset value

Underlying asset value^^

^^

1 231 

(2 722) 

 

 

Discounted cash flows

Precious and industrial metal prices

(5%)-5%

216 

(216)

 

 

Other

Other^

^

17 634

(36 168) 

Other financial instruments at fair value through profit or loss in respect of liabilities to customers

16 348

 

Potential impact on income statement

 

1 635

(1 635) 

 

 

Underlying asset value

Underlying asset value^^

^^

1 635

(1 635) 

Total level 3 assets

3 132 356

 

 

 

92 445

(148 068)

Liabilities

 

 

 

 

 

 

Derivative financial instruments

1 061 

 

Potential impact on income statement

 

1

 

 

Option pricing model

Volatilities

9%-16.95%

1

Liabilities arising on securitisation of other assets*

67 988

 

Potential impact on income statement

 

(365) 

290

 

 

Discounted cash flows

Cash flow adjustments

CPR 7.71%

(365) 

290

 

 

 

Potential impact on income statement

 

(3 108) 

3 108

Liabilities to customers under investment contracts

31 080

Underlying asset value

Underlying asset value^^

 

(3 108) 

3 108

Total level 3 liabilities

100 129

 

 

 

(3 473)

3 399

Net level 3 assets

3 032 227

 

 

 

88 972

(144 669)

^ Other - The valuation sensitivity has been assessed by adjusting various inputs such as expected cash flows, discount rates, earnings multiples rather than a single input. It is deemed appropriate to reflect the outcome on a portfolio basis for the purposes of this analysis as the sensitivity of the assets cannot be determined through the adjustment of a single input.

^^ Underlying asset values are calculated by reference to a tangible asset, for example property, aircraft or shares.

∗∗ The EBITDA, cash flows and property values have been stressed on an investment-by-investment and loan-by-loan basis in order to obtain favourable and unfavourable valuations.

 

In determining the value of level 3 financial instruments, the following are the principal input that can require judgement:

Credit spreads

Credit spreads reflect the additional yield that a market participant would demand for taking exposure to the credit risk of an instrument. The credit spread for an instrument forms part of the yield used in a discounted cash flow calculation. In general a significant increase in a credit spread in isolation will result in a movement in fair value that is unfavourable for the holder of a financial instrument.

Discount rates

Discount rates (including WACC) are used to adjust for the time value of money when using a discounted cash flow valuation method. Where relevant, the discount rate also accounts for illiquidity, market conditions and uncertainty of future cash flows.

Volatilities

Volatility is a key input in the valuation of derivative products containing optionality. Volatility is a measure of the variability or uncertainty in returns for a given derivative underlying. It represents an estimate of how much a particular underlying instrument, parameter or index will change in value over time.

Cash flows

Cash flows relate to the future cash flows which can be expected from the instrument and requires judgement.

EBITDA

The earnings before interest, taxes, depreciation and amortisation of the company being valued. This is the main input intoa price-earnings multiple valuation method.

Price-earnings multiple

The price-to-earnings ratio is an equity valuation multiple. It is a key driver in the valuation of unlisted investments.

Property value and precious and industrial metal prices

The property value and precious and industrial metal prices is a key driver of future cash flows on these investments.

Underlying asset value

In instances where cash flows have links to referenced assets, the underlying asset value is used to determine the fair value. To the extent possible, the underlying asset valuation is derived using observable market prices sourced from broker quotes, specialist valuers or other reliable pricing sources.

Fair value of financial assets and liabilities at amortised cost

At 30 September 2024

Carrying amount

Fair value approximates carrying amount

Balances where fair values do not approximate carrying amounts

Fair value of balances that do not approximate carrying amounts

£'000

Assets

 

 

 

 

Cash and balances at central banks

4 807 365

4 807 365

Loans and advances to banks

1 132 894 

1 132 894 

Non-sovereign and non-bank cash placements

385 665

385 665

Reverse repurchase agreements and cash collateral on securities borrowed

2 891 914 

1 517 818

1 374 096 

1 374 392 

Sovereign debt securities

3 758 476

11 560

3 746 916 

3 770 265

Bank debt securities

167 806 

8 767 

159 039 

153 682 

Other debt securities

725 928 

51 354 

674 574 

684 901 

Loans and advances to customers

28 260 216 

13 655 092 

14 605 124 

14 491 954 

Own originated loans and advances to customers securitised

306 081 

306 081 

Other loans and advances

139 028 

87 850 

51 178

51 239 

Other assets

1 293 585 

1 293 585 

 

43 868 958

23 258 031

20 610 927

20 526 433

Liabilities

 

 

 

 

Deposits by banks

2 843 008

411 406

2 431 602 

2 470 082

Repurchase agreements and cash collateral on securities lent

1 035 568 

462 176 

573 392

575 338 

Customer accounts (deposits)

38 163 360

21 362 876 

16 800 484

16 851 889

Debt securities in issue

1 460 644

256 540

1 204 104 

1 206 154 

Liabilities arising on securitisation of own originated loans and advances

220 106 

220 106 

Other liabilities

1 444 560 

1 443 514 

1 046 

304 

Subordinated liabilities

1 011 339

311 034

700 305

727 577 

 

46 178 585

24 467 652

21 710 933

21 831 344

 

Investec plc

Incorporated in England and WalesRegistration number: 3633621LSE ordinary share code: INVPJSE ordinary share code: INPISIN: GB00B17BBQ50LEI: 2138007Z3U5GWDN3MY22

Ordinary share dividend announcement

In terms of the DLC structure, Investec plc shareholders registered on the United Kingdom share register may receive all or part of their dividend entitlements through dividends declared and paid by Investec plc on their ordinary shares and/or through dividends declared and paid on the SA DAN share issued by Investec Limited.

Investec plc shareholders registered on the South African branch register may receive all or part of their dividend entitlements through dividends declared and paid by Investec plc on their ordinary shares and/or through dividends declared and paid on the SA DAS share issued by Investec Limited.

Declaration of dividend number 44

Notice is hereby given that interim dividend number 44, being a gross dividend of 16.50000 pence (2023: 15.50000 pence) per ordinary share has been declared by the Board from income reserves in respect of the six months ended 30 September 2024, payable to shareholders recorded in the shareholders' register of the Company at the close of business on Friday 13 December 2024.

• For Investec plc shareholders, registered on the United Kingdom share register, through a dividend payment by Investec plc from income reserves of 16.50000 pence per ordinary share

• For Investec plc shareholders, registered on the South African branch register, through a dividend payment by Investec Limited, on the SA DAS share, payable from income reserves, equivalent to 16.50000 pence per ordinary share.

The relevant dates relating to the payment of dividend number 44 are as follows:

Last day to trade cum-dividend

On the Johannesburg Stock Exchange (JSE)

On the London Stock Exchange (LSE)

Shares commence trading ex-dividend

On the Johannesburg Stock Exchange (JSE)

On the London Stock Exchange (LSE)

Record date (on the JSE and LSE)

Payment date (on the JSE and LSE)

 

Tuesday 10 December 2024

Wednesday 11 December 2024

 

Wednesday 11 December 2024

Thursday 12 December 2024

Friday 13 December 2024

Tuesday 31 December 2024

Share certificates on the South African branch register may not be dematerialised or rematerialised between Wednesday 11 December 2024 and Friday 13 December 2024, both dates inclusive, nor may transfers between the United Kingdom share register and the South African branch register take place between Wednesday 11 December 2024 and Friday 13 December 2024, both dates inclusive.

Additional information for South African resident shareholders of Investec plc

• Shareholders registered on the South African branch register are advised that the distribution of 16.50000 pence, equivalent to a gross dividend of 379.92900 cents per share (rounded to 380.00000 cents per share), has been arrived at using the Rand/Pound Sterling average buy/sell forward rate of 23.02600, as determined at 11h00 (SA time) on Wednesday 20 November 2024

• Investec plc United Kingdom tax reference number: 2683967322360

• The issued ordinary share capital of Investec plc is 696 082 618 ordinary shares

• The dividend paid by Investec plc to South African resident shareholders registered on the South African branch register and the dividend paid by Investec Limited to Investec plc shareholders on the SA DAS share are subject to South African Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions as legislated)

• Shareholders registered on the South African branch register who are exempt from paying the Dividend Tax will receive a net dividend of 380.00000 cents per share paid by Investec Limited on the SA DAS share

• Shareholders registered on the South African branch register who are not exempt from paying the Dividend Tax will receive a net dividend of 304.00000 cents per share (gross dividend of 380.00000 cents per share less Dividend Tax of 76.00000 cents per share) per share paid by Investec Limited on the SA DAS share.

By order of the Board

 

David Miller

Company Secretary

20 November 2024

Investec Limited

Incorporated in the Republic of South Africa Registration number: 1925/002833/06 JSE share code: INLJSE hybrid code: INPRJSE debt code: INLV NSX ordinary share code: IVD BSE ordinary share code: INVESTEC ISIN: ZAE000081949 LEI: 213800CU7SM6O4UWOZ70

Ordinary share dividend announcement

Declaration of dividend number 137

Notice is hereby given that interim dividend number 137, being a gross dividend of 380.00000 cents (2023: 352.00000 cents) per ordinary share has been declared by the Board from income reserves in respect of the six months ended 30 September 2024 payable to shareholders recorded in the shareholders' register of the Company at the close of business on Friday 13 December 2024.

The relevant dates relating to the payment of dividend number 137 are as follows:

Last day to trade cum-dividend

Shares commence trading ex-dividend

Record date

Payment date

Tuesday 10 December 2024

Wednesday 11 December 2024

Friday 13 December 2024

Tuesday 31 December 2024

The interim gross dividend of 379.92900 cents per share (rounded to 380.00000 cents per ordinary share) has been determined by converting the Investec plc distribution of 16.50000 pence per ordinary share into Rands using the Rand/Pound Sterling average buy/sell forward rate of 23.02600 at 11h00 (SA time) on Wednesday 20 November 2024.

Share certificates may not be dematerialised or rematerialised between Wednesday 11 December 2024 and Friday 13 December 2024 both dates inclusive, nor may transfers between the Botswana and/or Namibia share register/s and the South African branch register take place between Wednesday 27 November 2024 and Friday 29 November 2024 both dates inclusive.

Additional information to take note of

• Investec Limited South African tax reference number: 9800/181/71/2

• The issued ordinary share capital of Investec Limited is 295 125 806 ordinary shares

• The dividend paid by Investec Limited is subject to South African Dividend Tax (Dividend Tax) of 20% (subject to any available exemptions as legislated)

• Shareholders who are exempt from paying the Dividend Tax will receive a net dividend of 380.00000 cents per ordinary share

• Shareholders who are not exempt from paying the Dividend Tax will receive a net dividend of 304.00000 cents per ordinary share (gross dividend of 380.00000 cents per ordinary share less Dividend Tax of 76.00000 cents per ordinary share).

By order of the Board

 

 

Niki van Wyk

Company Secretary

20 November 2024

 

Investec plc

Incorporated in England and WalesRegistration number 3633621JSE ordinary share code: INPLSE ordinary share code: INVPISIN: GB00B17BBQ50 LEI: 2138007Z3U5GWDN3MY22

Registered office

30 Gresham Street, LondonEC2V 7QP, United Kingdom

Auditor

Deloitte LLP

Registrars in the United Kingdom

Computershare Investor Services PLCThe Pavilions, Bridgwater Road, BristolBS99 6ZZ, United Kingdom

Company Secretary

David Miller

Investec Limited

Incorporated in the Republic of South AfricaRegistration number 1925/002833/06JSE ordinary share code: INLJSE hybrid code: INPRJSE debt code: INLVNSX ordinary share code: IVDBSE ordinary share code: INVESTECISIN: ZAE000081949 LEI: 213800CU7SM6O4UWOZ70

Registered office

100 Grayston DriveSandown, Sandton2196, South Africa

Auditors

Deloitte & TouchePricewaterhouseCoopers Inc.

Transfer secretaries in South Africa

Computershare Investor Services (Pty) LtdRosebank Towers, 15 Biermann Avenue, Rosebank2196, South Africa

Company Secretary

Niki van Wyk

Directors

Philip Hourquebie1 (Chair)Fani Titi2 (Chief Executive)Nishlan Samujh2 (Finance Director)Henrietta Baldock1 (Senior Independent Director)Stephen Koseff2Nicky Newton-King2Jasandra Nyker2 Vanessa Olver2 Diane Radley2 Brian Stevenson1

1 British

2 South African

Zarina Bassa and Philisiwe Sibiya stepped down from the Board on 8 August 2024.

Sponsor

Investec Bank Limited

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IR BCBDBRUDDGSG
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