ANGLO-SOUTH African company Investec has raised its earnings guidance following a rebound in revenue, with its UK wealth division growing nine per cent to £45bn.

Investec said its UK business' adjusted operating profit are now expected to be at least 125 per cent higher than the first half of 2021.

The bank and wealth manager said its trading performance was the result of increased client activity across the business and lower funding costs.

Investors cheered the update, with shares closing up 3.2 per cent to 301p last night.

Based on its latest results, which Invesyec said were "substantially ahead of the same period last year," Investec raised its earnings guidance per share to over 41p which was given as the upper end of a range in May.

Chief executive Fani Titi said: "The changes made to simplify and focus the group are bearing fruit, positioning the group well for the future. As Covid restrictions ease, we look forward to growth alongside our clients and increased face to face engagement, which is core to our values and culture."

Investec is due to publish its interim results for the six months ending 30 September later in November.

(c) 2021 City A.M., source Newspaper