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Investec Limited Incorporated in the Republic of South Africa Registration number 1925/002833/06 JSE share code : INL NSX share code : IVD BSE share code : INVESTEC ISIN : ZAE000081949 LEI : 213800CU7SM604UWOZ70 Investec group pre - close trading update and trading statement Investec plc Incorporated in England and Wales Registration number 3633621 LSE share code : INVP JSE share code : INP ISIN : GB00B17BBQ50 LEI : 2138007Z3U5GWDN3MY22 23 September 2021 Investec today announces its scheduled pre - close trading update for the interim period ending 30 September 2021 ( 1H2022 ) . An investor conference call will be held today at 09:00 UK time / 10 : 00 South African time . Please register for the call at www.investec.com/investorrelations . Commentary on the group's financial performance in this pre - close trading update represents the five months ended 31 August 2021 and compares forecast 1H2022 to 1H2021 ( 30 September 2020 ) . 1H2022 earnings guidance For the six months ending 30 September 2021 , the group expects : ● Adjusted operating profit before tax between £ 265 million and £ 293 million ( or 86 % to 106 % ahead of 1H2021 ) ( 1H2021 : £ 142.5 million ) . O O The Southern African business ' adjusted operating profit at least 50 % ahead in Rands for the period ( 1H2021 : R2 184 million , £ 99.1 million ) . The UK business ' adjusted operating profit at least 125 % higher than the prior period ( 1H2021 : £ 43.4 million ) . Adjusted earnings per share between 21.5p and 24p ( or 92 % to 114 % ahead of 1H2021 ) ( 1H2021 : 11.2p ) , Basic earnings per share between 20.2p and 22.7p ( or 110 % to 136 % ahead of 1H2021 ) ( 1H2021 : 9.6p ) , and Headline earnings per share between 20.2p and 22.7p ( or 120 % to 147 % ahead of 1H2021 ) ( 1H2021 : 9.2p ) . 31 March 2022 ( FY2022 ) earnings range Based on current business momentum , for FY2022 , the group expects to report adjusted earnings per share above the upper end of the 36p to 41p range guided in May 2021 . Group overview Performance for the five months ended 31 August 2021 was characterised by good growth in revenue and lower impairments . Revenue was positively impacted by increased client activity across the business and lower funding costs . Risk management and risk reduction costs associated with the UK structured products book were immaterial . ECL charges were lower , aided by limited specific impairments and certain recoveries . The group has retained COVID - 19 related overlays to account for the uncertainty that remains in the economic environment . Operating costs have increased in line with activity and revenue levels ; however , efficiency ratios have improved as revenue increased ahead of costs . The average Rand / Pounds Sterling exchange rate appreciated by c.9 % over the period . 1