(Alliance News) - Sanne Group PLC said Wednesday it expects to report double-digit revenue growth for 2019, on strong growth in Asia Pacific & Mauritius and in North America.
The FTSE 250 fund administrator also announced an agreement to acquire Inbhear Fund Service Ltd and Inbhear Management Services Ltd, collectively a fund administration platform, for up to EUR14.4 million.
The total price includes an upfront payment of EUR6.6 million, and an earn-out over the next three years capped at EUR7.8 million.
The acquisition is conditional on regulatory clearance, and is expected to be completed on March 1. Once completed, Sanne said it expects to benefit from a physical presence in the Cayman Islands, and an enhancement in its existing Dublin capabilities.
For 2019, Sanne expects to report 16% revenue growth, driven mainly by Europe, Middle East & Africa, Asia Pacific & Mauritius, and North America. For 2018, Sanne reported revenue at GBP143.0 million.
The annualised value of new business wins is set to remain flat at GBP24.5 million in 2019, but with good momentum running into 2020 and significant wins falling into the new year.
In addition, Sanne said it expects to report an underlying operating profit margin in line with expectations.
Looking ahead, Sanne's strategic review of its Jersey-based Private Client business is ongoing, and is now at an advanced stage.
Sanne will publish its annual results on March 19.
Shares in Sanne were down 0.7% at 596.00 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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