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Sanne hikes interim dividend after decent first half

Wed, 09th Sep 2020 07:35

(Sharecast News) - Sanne reported net revenue growth of 9.5% in its first half on Wednesday, to £83.9m, which ot said reflected the "resilience" of its client book, as well as the second quarter Covid-19 related slowdown in new fund activity.
The FTSE 250 company said underlying operating profit was ahead 14% at £23m, while its underlying operating profit margin improved 210 basis points to 27.4% in the first half, as a result of actions taken in the second half of 2019.

It reported "strong" cash generation, with underlying operating cash conversion in excess of 100%.

New business was won with annualised revenue of around £11.1m in the first half, with an "encouraging" pick up since June as well.

During the period, Sanne acquired Inbhear to increase its Dublin capability, and open a new Cayman office.

Bolt-on acquisitions were also agreed in Cayman and Tokyo, to augment the company's presence and drive growth, with completion expected in the second half.

Sanne also completed the disposal of the Jersey private client business on 1 July.

Its board declared an interim dividend of 4.8p, up from 4.7p year-on-year, reflecting its confidence in the group's prospects.

Looking ahead, Sanne said that while economic uncertainty remained around the medium and longer term impact of Covid-19 and Brexit, the business model was "robust" in that revenues were long term, margins were "healthy" and the resulting cash flow generation was strong.

It said there were signs of market progress during the third quarter, with the firm's pipeline of new business continuing to grow.

Those observations gave the board confidence in delivering a full-year performance in line with its expectations, the directors said.

"The changes that we have made to the business over the past 15 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 officer Martin Schnaier.

"Our ambition remains to provide high quality, professional services to our clients and this year we have particularly focused on technology across the group, which I see as a really exciting development.

"We remain excited about the long-term opportunities for the business and committed to our stated strategy."

At 1004 BST, shares in Sanne Group were down 0.45% at 667p.
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4 Aug 2022 11:27

IN BRIEF: Sanne Group shares suspended on takeover by Apex

Sanne Group PLC - FTSE 250-listed asset management services provider - Reiterates that the Jersey Court has sanctioned its takeover by Apex Group Ltd on Tuesday. Thus, the acquisition has become effective, following delivery of a copy of the court order to the Registrar of Companies on Thursday. Says its shares have been suspended from 0730 GMT.

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2 Aug 2022 18:06

IN BRIEF: Apex's takeover of Sanne sanctioned by Jersey Court

Sanne Group PLC - FTSE 250-listed asset management services provider - Confirms that Jersey Court has sanctioned the scheme for Sanne's takeover by Apex Group Ltd.

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25 Jul 2022 09:39

Sanne returns to double-digit revenue growth in strong half

(Alliance News) - Sanne Group PLC said on Monday it returned to double-digit organic revenue growth in the first half of 2022, thanks to record new business wins and continued strong cash generation.

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25 Jul 2022 07:32

Sanne delivers double-digit organic revenue growth in H1

(Sharecast News) - Financial services company Sanne Group said on Monday that it had delivered "a strong performance" in the six months ended 30 June, with a return to double-digit organic revenue growth, record new business wins, and continued strong cash generation.

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23 May 2022 14:57

IN BRIEF: Sanne expects to complete Apex takeover in next quarter

Sanne Group PLC - London-based specialist alternative asset fund manager - Expects its acquisition by Apex Group Ltd to become effective during the third quarter of 2022. Sanne and Apex extend the long stop date to September 19. All other terms and conditions remain unchanged.

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1 Apr 2022 07:54

TOP NEWS: Sanne swings to annual loss on takeover expenses; revenue up

(Alliance News) - Sanne Group on Friday reported a swing to annual loss due to expenses related to its takeover by Apex Acquisition Co Ltd, but noted a rise in revenue on strong growth across all regions.

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1 Apr 2022 07:43

Sanne swings to loss as Apex takeover costs rise

(Sharecast News) - Corporate services provider Sanne Group reported an annual loss as costs increased due to its yet-to-be-completed takeover by Apex.

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1 Apr 2022 06:49

LONDON MARKET PRE-OPEN: Sanne loss widens on Apex takeover costs

(Alliance News) - Stocks in London are set for a flat start on Friday, with the monthly US jobs report for March the day's key data point.

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17 Dec 2021 09:43

Sanne upbeat on end-markets recovery ahead of Apex takeover completion

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17 Dec 2021 07:23

Sanne sees full-year new business wins up 40%

(Sharecast News) - Fund administrator Sanne said on Friday that it expects to report a jump in full-year new business wins amid a recovery in its end markets.

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5 Oct 2021 22:06

TRADING UPDATES: Inland gets Basildon permission; ICG assets grow

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24 Sep 2021 16:04

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14 Sep 2021 10:30

Sanne interim profit drops but eyes more organic revenue growth

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14 Sep 2021 09:38

Sanne interim profits dip but revenues rise

(Sharecast News) - Fund administration business Sanne reported a decline in interim profit on Tuesday but a rise in revenues as it said the good momentum seen in the first half is expected to continue into the second.

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