Sanne Group PLC Trading Statement (2227U)
28 Luglio 2020 - 8:00AM
UK Regulatory
TIDMSNN
RNS Number : 2227U
Sanne Group PLC
28 July 2020
28 July 2020
Sanne Group plc
(SANNE or the Group)
Trading update for six months ended 30 June 2020
SANNE, the global provider of alternative asset and corporate
services, today provides a trading update for the six months ended
30 June 2020.
Trading Update
SANNE has delivered a robust first half performance with revenue
growth, underlying operating profit margin improvement and one-off
FX gains driving strong underlying EPS growth.
Revenues from existing closed-ended fund structures continued to
be largely unaffected by the on-going COVID-19 pandemic which
underpins the resilient nature of SANNE's business. This
performance has driven another period of top line growth and year
on year underlying operating profit margin improvement, which
continued to benefit from the cost control initiatives taken during
the second half of 2019.
The resilient nature of the Group's business model has been
further demonstrated by a strong cash performance, with underlying
operating cash conversion for the first half expected to be more
than 100%.
Operationally, the Group benefitted from the recent years of
platform investment as the business transitioned to working
practices that prioritised the safety and wellbeing of our staff.
The shift to remote working across our global footprint has been
seamless and we have maintained our high levels of client service
delivery.
Whilst our existing book of business remains largely unaffected
so far given the non-discretionary nature of the work that we
undertake, since the onset of the pandemic there has been a shift
for a significant number of our clients in their focus, towards
portfolio management and away from new fund raising. We expect this
to be temporary but it has had an impact on new fund launches,
caused some delays to closing of new funds and therefore slightly
dampened revenue growth, particularly during Q2. Despite prevailing
conditions, the business has delivered a robust new business wins
performance equivalent to over GBP11m of annualised new
revenue.
Continued strategic evolution
In addition to the acquisition of Inbhear Fund Services already
announced in the first half, SANNE has undertaken two additional
transactions to augment the Group's newest jurisdictions in Cayman
and Japan.
In Cayman, SANNE has entered into agreement to acquire Avalon
Trust & Corporate Services Limited and in Japan, the Group has
agreed to a lift-out of Deutsche Bank's trust company operations.
Both transactions should help accelerate our growth ambitions in
these jurisdictions as we are also acquiring the relevant trust
company licences in each case. The transactions are subject to
local regulatory approval and are expected to complete in the
second half of the year.
The disposal of the Group's Jersey-based Private Client business
completed on 1 July 2020.
Outlook
Whilst acknowledging the continuing lack of clarity around the
medium and longer-term economic impacts of the global COVID-19
pandemic, the first half performance of the Group further
demonstrates the resilience of its business model that is
predicated on long-term recurring revenues, healthy margins and
strong cash generation. This, together with the performance to date
and an encouraging pipeline of new business opportunities, gives
the Board confidence in both delivering a full year performance in
line with its expectations, as well as the long-term strategic
opportunity.
The Group will announce its interim results for the half year
ended 30 June 2020 on Wednesday 9 September 2020.
Enquiries:
Sanne Group plc
Martin Schnaier, Chief Executive Officer
James Ireland, Chief Financial Officer +44 (0) 1534 722 787
Tulchan Communications LLP
Tom Murray
Harry Cameron +44 (0) 20 7353 4200
Notes
SANNE is a leading global provider of outsourced alternative
asset and corporate business services. Established for over 30
years and listed as a FTSE 250 company on the Main Market of the
London Stock Exchange, SANNE employs around 1,800 people worldwide
and administers structures and funds that have in excess of GBP250
billion of assets.
Key clients include leading alternative asset managers, global
financial institutions, family offices and international
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.
sannegroup.com
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END
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