(Alliance News) - Sanne Group PLC on Tuesday said it expects to meet its full-year revenue forecasts despite its corporate and private client units performing below expectations in the first half.
Sanne said its core Alternatives asset services unit is expected to offset weaker trading from the two units.
For the six months to June 30, the company reported a revenue rise of 19% to GBP78.7 million from GBP65.9 million. Pretax profit fell by 50% to GBP5.4 million from GBP10.9 million due to a 56% rise in non-underlying costs to GBP13.3 million from GBP8.5 million.
Sanne said its Alternatives Businesses "saw constant currency growth in the first half of 23% and 17% on a comparable organic basis". Performance of its Corporate Business unit was flat compared to last year the Private Client division declined year-on-year, the company added.
Sanne said: "The continued outperformance from Sanne's core Alternatives businesses gives the board confidence in the Group's full year revenue expectations, despite the challenges in the Corporate and Private Client business areas.
"The board therefore expects to report a full year underlying operating profit margin in the region of 28% to 30%."
The company increased its interim dividend by 2.2% to 4.7 pence per share from 4.6p per share.
Shares in Sanne were 1.4% lower at 564.00p each in London on Tuesday morning.
