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Sanne Group sees half-year profits fall as margins decline, but still confident of meeting full-year expectations

For the six months to June 30, the FTSE 250-listed firm reported a 1.5% fall in underlying pre-tax profits to £19.4mln as its underlying operating profit margin fell to 30.3%, down from 37.1% a year earlier.
Outsourcing
Dean Godwin, Sanne’s chief executive officer said the group remains "confident in meeting our expectations for the full year“

Sanne Group PLC (LON:SNN) has reported a fall in half-year profits reflecting a decline in margin, although the outsourced corporate and fund administration specialist raised its interim dividend and remains confident of meeting full-year expectations.

For the six months to June 30, the FTSE 250-listed firm reported a 1.5% fall in underlying pre-tax profits to £19.4mln as its underlying operating profit margin fell to 30.3%, down from 37.1% a year earlier.

READ: Sanne downgraded to 'add' by Numis Securities

However, the group’s half-year revenue increased by 19.5% to £65.9mln, and a confidence going forward led the firm to raise its interim dividend by 9.5% to 4.6p, up from 4.2p a year earlier.  

Dean Godwin, Sanne’s chief executive officer commented: "These results demonstrate the continuing momentum in our business and the result of the investment we are making to enhance our platforms and capabilities. We delivered a strong performance in our core alternatives divisions and we continue to broaden our geographic presence and client offering.

“Our most recent acquisitions in Mauritius and Luxembourg are integrating successfully and contributing to the Group's performance and we are pleased to announce today the acquisition of AgenSynd which further expands our European footprint and capabilities within the private debt market."

He added: "We will build on this progress in the second half of the year, given the strong new business pipeline, and remain confident in meeting our expectations for the full year.“

Sanne also announced the appointment of RBC Capital Markets as its joint corporate broker alongside Investec Bank, with immediate effect.

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