The increase takes Investec’s operating profit for the six months to the end of September to £30.8m, up from last year’s £22.9m.
The firm said the increase was supported by a rise in average funds under management as well as net inflows of £0.4bn.
Operating margins also “improved”, Investec said, though total funds under management slipped slightly, from £40.4bn as reported in March, to £40bn in the results posted today. The strong Rand also held Investec back as a group, with chief executive Stephen Koseff commenting that earnings would normally have been higher.
Updating investors, Investec said that over recent years its wealth business had “expanded its footprint” across the UK and had now successfully integrated Williams de Broe, which it acquitted in 2011 for £230m, into its existing operations.
Koseff said: "We have delivered results at the top end of what we anticipated, despite a sharp fall in the Rand without which we would have shown a 13% increase in earnings.
“We have worked hard to deal with many of the legacy issues within the group and will continue to take decisive action in order to ensure Investec is in the right shape to take advantage of the recovery in the world economy and markets."
Bernard Kantor, managing director of Investec, added that there had been growth in the “majority” of the group’s businesses, and elsewhere issues would be tackled “head-on” to trigger a turnaround.
