Sanne Group issues half-year trading statement and acquisition update

Posted: 25/07/2022

Alternative asset and corporate services provider Sanne has provided a trading update for the six months ended 30 June 2022 as well as an update on the recommended cash acquisition of the group by a subsidiary of Apex Group.

Trading update

Sanne has reported a strong performance in the half-year to 30 June, with a return to double-digit organic revenue growth, record new business wins and continued strong cash generation.

The group delivered revenue growth of 25.8% and profit margins within management's expected range. This included a sharply improved constant currency organic revenue growth rate of 11.2%, as well as benefits from the three acquisitions completed in 2021 – STRAIT, Cinven and PraxisIFM's Fund division.

The first half of 2022 has also seen Sanne deliver a record level of new business wins, despite the uncertainty created by the group having been in an offer period for more than a year. 

The annualised value of new business wins in the period was up 24.8% on the same period in the prior year to £19.6m (2021: £15.7m) and the pipeline remains healthy.

Good progress has been made integrating the three acquisitions completed in 2021. 

Further progress has also been made in the group's technology strategy, in particular developing the data analytics and portal products rolled out to clients over the last two years.

The period has also seen continued strong cash generation with operating cash conversion ahead of the 90% guidance.

Acquisition update

The group has announced separately that all regulatory clearances have been received in relation to the acquisition by Apex and that the hearing to sanction the scheme will be held in the Royal Court of Jersey on 2 August. If sanctioned, it is expected to become effective on 4 August.

Martin Schnaier, CEO of Sanne Group, said: "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. 

"It also reflects the qualities recognised by Apex in acquiring the group and it should ensure this transformational combination creates a leading end-to-end service provider to the alternative assets market. 

"We are confident in the benefits this deal should bring for our clients and our people across the globe."

• To view the full London Stock Exchange announcement click here

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