HEPS is expected to decline 10 to 20% to between 372c and 418c. The decline was driven by the negative fair-value movement in Ninety One following the transaction closing in February, as well as weaker market conditions in Morocco and India. EPS is expected to increase 24 to 34% to 607 to 656c, but this is distorted by one-off gains from the disposal of the Sanlam Investments active asset manager and the dilution of Sanlam’s Shriram Finance stake. Business volumes and net client cash flows remained strong, providing some offset.
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