Sanne Group PLC Trading Update (5379W)
August 02 2018 - 2:00AM
UK Regulatory
TIDMSNN
RNS Number : 5379W
Sanne Group PLC
02 August 2018
2 August 2018
Sanne Group plc ("SANNE" or "the Group")
Trading statement and notice of results
SANNE, the global provider of alternative asset and corporate
services, today provides a trading update for the six months ended
30 June 2018.
The Group's core business lines have continued to see both good
growth in revenues on a constant currency basis as well as further
momentum in securing new business. New business won in the first
half from both new and existing clients totalled approximately
GBP11.5 million (2017: GBP10.0m) on a projected annualised fee
basis.
The Group's Alternatives businesses saw good organic performance
in EMEA and North America. EMEA also benefited from the acquisition
of LIS in Luxembourg which completed in February 2018 and is
performing well. Continued investment in growth initiatives in our
Asia Pacific and Mauritius region following the acquisition of IFS
in 2017, has delivered organic growth (on a constant currency
basis) in the first half of 2018. This business is performing in
line with expectations and growth will increase as the benefits of
these initiatives are realised.
The Group's Corporate and Private Client (CPC) business has been
broadly flat on the same period in the prior year. The corporate
and institutional businesses performed in line with expectations
offsetting the impact of a decline in the private client
business.
The first half performance across the Group's different
businesses as well as the unusually high first half weighting of
last year's results means that the Group's organic growth
expectations for the full year will exceed the first half organic
growth rate, on a constant currency basis. Overall, revenues for
the full year are expected to return to the Group's traditional
pattern of being second half weighted driven by continued organic
growth momentum.
As previously announced, the Group continues to invest in
infrastructure, strengthening our capabilities to address the
global opportunities as the alternative fund management market
expands. As with the second half results in 2017, this investment
will result in lower reported margins in the first half of 2018,
although the timing of this investment and the resultant benefits
are expected to drive an improved result in the second half and for
the full year. The Group has also experienced an effective tax rate
in the period that was lower than expected.
Given the good performance in the first half, together with the
Group's pipeline of new business wins, the Board continues to
expect that results for the full year will be in line with its
expectations.
The Group will announce its interim results for the six months
ended 30 June 2018 on Tuesday 11 September 2018.
Enquiries:
Sanne Group plc
Dean Godwin, Chief Executive Officer
James Ireland, Chief Financial Officer +44 (0) 1534 722 787
Investec Bank plc
Garry Levin / David Flin
Edward Thomas / Neil Coleman +44 (0) 20 7597 5970
Tulchan Communications LLP
Tom Murray +44 (0) 20 7353 4200
Notes
About Sanne
SANNE is a leading global provider of alternative asset and
corporate services. Established for over 30 years and listed as a
FTSE 250 company on the Main Market of the London Stock Exchange,
SANNE employs more than 1,200 people worldwide and administers
structures and funds that have in excess of GBP200 billion of
assets.
Key clients include alternative asset managers, financial
institutions, family offices, UHNWIs and corporates.
SANNE operates from a global network of offices located in
leading financial jurisdictions, which are spread across the
Americas, Europe, Africa and Asia-Pacific.
www.sannegroup.com
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END
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