23 January 2019
Sanne Group plc ("SANNE" or "the Group")
Pre-close statement 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 end on 31 December 2018.
SANNE has seen strong performance in 2018 with the traditional second half weighting resulting in full year revenues in line with the Board's expectations as the Alternatives and Corporate businesses outperformed which more than offset continued headwinds impacting the South African Hedge platform and the Private Client business.
The second half saw record new business with sales wins in H2 representing c.£13.0m of additional annualised revenue.
The Group saw organic growth across its European and Asia-Pacific regions that exceeded expectations. The Mauritius business continued its progress of improving growth as further investment and management initiatives have proved successful. North America maintained its high levels of historic growth. The acquisitions made during the year also performed very well.
The second half also saw an improvement in underlying operating margins as the Group starts to see the benefits of the investment in people, processes and systems referred to at the half year. This improvement remained modest however as a result of additional investment made to improve SANNE's Private Client business, as well as supporting the strong growth in the Alternatives business. As a result of the revenue and margin performance, the Board expects to report underlying profit before tax for the year to 2018 broadly in line with its expectations.
The strong performance across the Group's Alternatives and Corporate businesses in the second half has continued in early 2019 and amongst other benefits has resulted in the Group expanding its fastest growing region, Asia-Pacific, with a new office opening in Japan during January 2019.
Given this strong momentum into 2019, coupled with the continued growth in levels of new business wins, the Board remains confident in the Group's prospects for 2019.
Notice of 2018 Results
The Group will announce its full year results for the year to 31 December 2018 on Friday 22 March 2019.
Sanne Group plc
Dean Godwin, Chief Executive Officer
Martin Schnaier, Chief Executive Officer Designate
James Ireland, Chief Financial Officer
+44 (0) 1534 722 787
Investec Bank plc
Chris Baird / David Flin
Edward Thomas / Neil Coleman
+44 (0) 20 7597 5970
RBC Capital Markets
+44 (0) 20 7653 4000
Tulchan Communications LLP
+44 (0) 20 7353 4200
SANNE is a leading global provider of alternative asset and corporate 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 1,400 people worldwide and administers structures and funds that have in excess of £215 billion of assets.
SANNE delivers tailored fiduciary services to a highly valued international client base through a global network of offices located in 18 leading financial jurisdictions, which are spread across the Americas, Europe, Africa and Asia-Pacific.
Clients are serviced through regional businesses which are led by managing directors with extensive asset class and market experience. They in turn are supported by multifunctional and skilled teams of professionally qualified people who are aligned to the specific requirements of each client, across one accredited platform.
SANNE leads in the provision of fund and corporate administration, AIFMD depositary and AIFM management company services. Specialist expertise exists in private debt and capital markets, real estate, private equity, hedge, loan agency, regulatory, corporate, executive incentives, private client, family office and investment treasury services.
Key clients include leading alternative asset managers, global financial institutions, family offices, UHNWIs and international corporates.
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