Sanne confident of growth after Brexit due to business wins

Finance administration outsourcer Sanne said despite Bexit uncertainty, new business wins and a new acquisition gives it confidence for future growth.

In a trading update for the six months ended 30 June, the company won business from new and existing clients for about £6.5m on a projected annualised fee basis.

In the last six months the company bought businesses in Ireland and South Africa to develop its market share. On Friday the company also said it bought Sorato Trust, an associated corporate services business in the Netherlands, for €2m.

Sorato, founded in 1992, had been Sanne's business partner in the Netherlands for over five years and the acquisition supports the company’s growth strategy in Europe. Sorato reported earnings before interest, tax, depreciation and amortisation (EBITDA) of about €270,000 for the year to 31 December 2015.

Chief executive Dean Godwin, said: "We are pleased with the performance of the group in the first half and the continued new business wins gives us confidence in the future growth, despite the uncertainty the result of the EU referendum has created in some markets.

“The acquisition of Sorato also gives Sanne an in-house regulated capability in the Netherlands, a key jurisdiction we have identified to support our broader growth strategy in Europe. Sorato has a number of shared clients with Sanne and this will serve to strengthen the depth of the group's institutional client relationships."

Shares in Sanne were up 0.78% to 388p at 1202 BST.