SNN.L Share News (SNN)

(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.
In an update for the year to the end of December 2021, the company said it has continued to see a "healthy recovery" in its end markets despite the ongoing coronavirus pandemic.

"The group's well invested platform has yielded an impressive new business performance during the year and expects to report annualised new business wins for 2021 in excess of £32m for the full year." This is a 40% increase on the prior year "and should provide further momentum for 2022 and beyond", it said.

Sanne also updated the market on its £1.5bn acquisition by Apex Group, noting that antitrust clearances have been granted in Malta, Guernsey and the US.

"Sanne and Apex also continue to make headway with the regulatory change of control approvals required to effect the scheme, with approvals in Mauritius, Malta and Cayman already received," it said.

The two companies are hopeful that all the remaining regulatory and antitrust conditions will be satisfied by the time of the scheme sanction hearing and expect the scheme could become effective towards the end of the first quarter of next year.

"A further update and notice of the time and date of the scheme sanction hearing will be given in due course," Sanne said.