Sanne Group PLC Trading update, acquisition and notice of results (2184B)
29 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMSNN
RNS Number : 2184B
Sanne Group PLC
29 January 2020
29 January 2020
Sanne Group plc
(SANNE or the Group)
Trading update, acquisition and notice of results
SANNE, the global provider of alternative asset and corporate
services, today provides a pre-close update following the end of
the Group's financial year to 31 December 2019.
Trading Update
SANNE continues to benefit from structural growth in demand for
services to alternative asset managers. The Board expects to report
full year revenue growth of c.16%, which was principally driven by
strong double digit growth rates in the EMEA, Asia Pacific and
Mauritius, and North America segments. The Channel Islands book
delivered a broadly flat result following the previously announced
headwinds in the Private Client and Corporate businesses. The Group
continues to see good new business win activity, with full year
annualised new business wins expected to be c.GBP24.5m for 2019
(2018: GBP24.5m) and good momentum continuing into 2020 with some
significant wins falling into the New Year.
Good progress has been made in the second half in addressing the
issues highlighted in the Group's July trading update with the
second half underlying operating profit margin showing a
significant improvement on the first half. As a result, whilst
continuing to invest in growth initiatives, the Group expects to
report a full year underlying operating profit margin in line with
expectations.
SANNE has also continued to see strong cash conversion through
the second half, with underlying operating cash conversion for the
full year expected to be in excess of 100%.
The Board expects to report underlying earnings per share for
the year to 31 December 2019 in line with its revised expectations,
following the July 2019 trading update, and remains confident in
the future prospects for the Group.
Acquisition and strategic review
SANNE is pleased to announce that it has entered into an
agreement to acquire Inbhear Fund Service Limited and Inbhear
Management Services Limited (together "Inbhear") for an upfront
consideration of EUR6.6m and an earn-out over the next three years
capped at EUR7.8m. Inbhear is a fund administration platform that
establishes a physical presence in Cayman for the Group, as well as
enhancing our existing Dublin capabilities and client base. The
acquisition is expected to complete on 1 March 2020 following
regulatory clearance. The transaction is expected to be earnings
neutral in 2020 due to the increased investment in the Cayman
business and earnings enhancing from 2021 onwards.
The strategic review of the Group's Jersey-based Private Client
business remains ongoing and is now at an advanced stage.
Notice of 2019 Results
The Group will announce its full year results for the year to 31
December 2019 on Thursday 19 March 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 +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 more than 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, UHNWIs 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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