- Investment company Investec warned on profit amid 'challenging' market conditions that had been exacerbated recently by the ongoing public health and economic effects of the Covid-19 outbreak.

Adjusted operating profit was expected to fall 7% to 14% from £732m seen last year, with adjusted earnings per share is expected to be 16% to 23% behind last year's 60.9p, driven by 'lower operating performance and effective tax rate normalisation in South Africa,' the company said.

Net asset value per share was expected to be between 425p-to-450p, compared with 434.1p last year and tangible net asset value was expected to be between 385p-to-405p, compared with 386.0p.

The bank and wealth adjusted operating profit was expected to fall 16% to 22% from £552m seen last, with growth in net interest income partially offset by lower associate and trading income, Investec said.

At 8:29am: [LON:INVP] Investec PLC share price was -5.05p at 133.7p

Story provided by