21st Mar 2016 11:03
LONDON (Alliance News) - Sanne Group PLC said Monday that its forward momentum was strong at the end of 2015, though it posted a lower pretax profit for that year, after the costs of its initial public offering and other exceptional charges offset a rise in revenue.
Sanne, which provides outsourced corporate and fund administration, raised GBP141.6 million when it listed on the Main Market of the London Stock Exchange last April 1. Its clients include alternative asset managers, financial institutions and corporates.
The company said pretax profit for the year ended December 31 was GBP2.4 million, down from GBP7.8 million a year earlier. Sanne had GBP23.9 million in operating expenses in 2015, including exceptional items, up from GBP11.4 million a year earlier. The 2015 costs included GBP6.9 million in transaction costs of the IPO and GBP2.7 million in share-based payments made as part of a restructuring, which offset the 28% rise in revenue to GBP45.6 million from GBP35.6 million.
Adjusted operating pretax profit, which excludes exceptional costs, was up 79% to GBP14.5 million from GBP8.1 million.
Sanne said it will pay a full-year dividend of 7.0 pence per share, up from 4.9p in 2014.
"A great deal has been achieved during 2015 which has seen Sanne achieve strong growth across its core business activities while successfully completing an initial public offering on the London Stock Exchange," said Chief Executive Dean Godwin.
"The board sees continued opportunities for growth despite market uncertainty. A healthy level of new business wins in 2015 means there is a strong forward momentum, particularly within those business lines focused on the alternatives markets," Godwin added.
Shares in Sanne were trading flat at 350.00p on Monday, well above its IPO price of 200p.
By Hannah Boland; [email protected]; @Hannaheboland
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