(Alliance News) - Sanne Group PLC on Wednesday said it remains "excited" about the opportunities ahead after its business has shown good resilience during the first half of 2020.
The FTSE 250-listed asset fund administrator reported net revenue of GBP83.9 million for the six months to the end of June, up 11% compared to GBP75.9 million a year earlier. On a constant currency basis, revenue increased by 9.5%.
Revenue growth reflects the resilience of Sanne's client book, it said, but the Covid-19-related slowdown in new fund activity has hurt performance in the second quarter.
Sanne said it adapted quickly to Covid-19 lockdowns with no interruption to client service, as its platform allowed a smooth shift in working patterns.
Pretax profit for the first half of 2020 totalled GBP11.6 million, nearly tripled from GBP3.8 million a year prior.
Sanne declared a dividend of GBP4.8 pence a share, up 2.1% from 4.7p paid a year ago.
"The changes that we have made to the business over the past fifteen months have enabled the group to deliver a resilient financial performance during the first half despite the backdrop of the Covid-19 pandemic," said Chief Executive Martin Schnaier.
"We remain excited about the long-term opportunities for the business and committed to our stated strategy," added Schnaier.
Sanne shares were trading 0.6% higher in London on Wednesday at 674.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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