The financial services group said it expected adjusted earnings per share, which reflect profits on ordinary operations of 24-27 pence in the year to March 31, down from 33.9 pence a year earlier reflecting its spin-off of asset manager Ninety One.
"We are encouraged by the momentum we are seeing across our business, the continued recovery of markets and the positive developments related to COVID-19 vaccines," he added, though he added that the long-term impact of the pandemic remained uncertain. Investec said it had been hurt in 2020 by lower interest rates, falling client activity and currency depreciations, as well as hefty costs related to hedging on its British structured deposits book which was laid out at its interim results in November, souring investors.