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Investec Says First-Half Profit Drops as Costs Rise

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Sept. 13 (Bloomberg) -- Investec Plc, which owns a bank and money manager in South Africa and the U.K., said first-half earnings fell after revenue growth stalled and costs gained.

Adjusted earnings per share in pounds is expected to be lower than the prior year, the Johannesburg- and London-based company said in a statement today, without giving figures. Operating profit for the six months ended September is expected to be “in line” with the comparable period last year, it said.

Investec, which was founded in Johannesburg in 1974 and listed its shares in London in 2002, has been hurt by weakness in the rand, the U.K.’s recession and rising mortgage impairments in Australia. Having made three all-share acquisitions in Britain in a decade, Investec’s return on equity has fallen below South African peers.

Investec, which is scheduled to release first-half results on Nov. 20, fell as much as 3 percent in London trading and dropped 1.2 percent to 52 rand in Johannesburg, its lowest in more than a month.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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