Sanne delivers double-digit organic revenue growth in H1

Financial services company Sanne Group said on Monday that it had delivered "a strong performance" in the six months ended 30 June, with a return to double-digit organic revenue growth, record new business wins, and continued strong cash generation.

Sanne stated interim revenues had risen 25.8%, while profit margins were said to be within management's expected range as the group benefitted from "a sharply improved" constant currency organic revenue growth rate of 11.2% and benefits from the three acquisitions completed by the company in 2021.

The FTSE 250-listed group said the first half of 2022 had seen new business wins rise 24.8% year-on-year to £19.6m, despite "inherent uncertainty" stemming from the business having been in an offer period for more than a year.

Sanne added that the period had also seen continued strong cash generation, with operating cash conversion ahead of its 90% guidance.

Separately, Sanne stated that all regulatory clearances had been received in relation to its acquisition by Apex Acquisition Company, with a hearing to sanction the scheme set to be held in the Royal Court of Jersey on 2 August.

Chief executive Martin Schnaier 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 that this transformational combination creates a leading, end-to-end service provider to the alternative assets market, with unmatched capabilities and scale. As we now look forward to joining Apex, we are confident in the benefits that this deal should bring for our clients and our people across the globe."

As of 0830 BST, Sanne shares were up 0.77% at 921.0p.

Reporting by Iain Gilbert at Sharecast.com