(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.
In the six months to June 30, the financial services provider reported revenue growth of 26%, with profit margins in line with management expectations. Sanne said this was due to a sharp improvement in its constant currency organic revenue growth rate.
Sanne said its annualised value of new business wins was up 25% against the prior year at a record GBP19.6 million. The previous year the figure stood at GBP15.7 million.
"The strong performance in the first half of 2022 is testament to Sanne's strengths and market reputation as we have seen record levels of new business wins and organic revenue growth return to our targeted double digit levels," said Chief Executive Martin Schnaier.
Separately, the firm also announced on Monday that all regulatory clearances have been received in relation to its acquisition by Apex Group Ltd.
In August 2021, Apex and Sanne came to a takeover agreement of 920 pence per share, valuing Sanne at GBP1.51 billion. Apex had battled it out with private equity firm Cinven Ltd for the signature of Sanne.
Sanne is a FTSE 250-listed provider of asset management services. Shares in the firm were up 0.7% at 920.00 pence on Monday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
