SNN.L Share News (SNN)

(Alliance News) - Sanne Group PLC on Tuesday reported a "robust" performance in the first half as well as announcing an acquisition and agreement.

The provider of alternative asset and corporate services said its revenues from closed-ended fund structures were largely unaffected by the Covid-19 pandemic which is the reason for its resilient performance against the virus backdrop.

Despite emphasising its growth for the six months ended June 30, the company only gave figures for its new business wins with a performance equivalent to over GBP11 million of annualised new revenue.

Sanne Group did say that since the onset of the pandemic there has been a shift for a significant number of its clients in their focus which is now on portfolio management instead of new fund raising.

"Whilst acknowledging the continuing lack of clarity around the medium and longer-term economic impacts of the global Covid-19 pandemic, the first half performance of the group further demonstrates the resilience of its business model that is predicated on long-term recurring revenues, healthy margins and strong cash generation," the group said.

Additionally, Sanne Group announced an agreement to acquire Avalon Trust & Corporate Services Ltd as well as to a lift-out of Deutche Bank's trust company operations in Japan.

"Both transactions should help accelerate our growth ambitions in these jurisdictions as we are also acquiring the relevant trust company licences in each case," Sanne Group said.

Sanne Group shares were up 1.1% at 652.02 pence each in London on Tuesday mid-morning.

By Greg Roxburgh; gregroxburgh@alliancenews.com

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