Johannesburg – Investec, owner of a bank and money manager in South Africa and the UK, expects to report fiscal full-year operating profit that is little changed after the rand weakened against the British pound, hurting earnings when converted into the UK currency.

Excluding the impact of currency translations, the company will report a “solid increase” in operating profit in the 12 months through March, Investec, which is based in Johannesburg and London, said in a statement on Friday.

Impairments are expected to be about 20 percent lower than the prior year, it said.

Investec, which also has operations in Australia, makes the bulk of its operating profit in South Africa, where the rand has dropped 19 percent against the pound since the beginning of March 2015.