(Alliance News) - Sanne Group PLC on Friday reported a leap in profit in 2020 thanks to increased demand for asset management services.
Shares were up 3.8% to 596.00 pence in London, the mid-cap outperforming the FTSE 250 index, which was down 0.6%.
Pretax profit more than doubled to GBP20.5 million, from GBP9.6 million in 2019. Revenue increased 7.7% to GBP169.7 million from GBP157.5 million.
London-based Sanne proposed a final dividend of 9.9p per share, bringing the total payout for 2020 to 14.7p per share. That's up from the 14.1p per share paid out for 2019.
Business picked up in the fourth quarter, with a "catch-up in delayed fund closing and an increase in new business wins". These trends are continuing into 2021 and demand for private asset alternatives remains high, the company said.
The company is optimistic for this year, saying it's confident it will deliver performance "at least in line with previous expectations" and return to double-digit organic revenue growth.
Chief Executive Martin Schnaier said: "We are encouraged by the positive trends we have seen in recent months. The long-trm prospects for the alternative assets industry remain highly attractive and the strong platform we have built means that Sanne is ideally positioned as markets improve."
By Ivan Edwards; ivanedwards@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
