Investec reports 'strong results' as profits surge 21.6%

Despite poor market conditions

Investec reported a “strong financial performance” over the last year, maintaining inflows at £377m, as the firm’s adjusted operating profit increased 21.6%.

In Investec's report for the year up to 31 March 2023, the group said its funds under management had decreased 4.5% to £61bn, largely due to unfavourable market movements. Discretionary FUM saw £810m in inflows, which were offset by non-discretionary FUM outflows of £433m. Revenue for the group increased 14.6%, which it attributed to higher global interest rates and loan growth, as well as client acquisition and increased client activity. However, it reported a decrease in fee and commission income by 4.7%. Meanwhile, fixed operating expenditure grew by 11.3%, due to inflationary p...