28th Jan 2021 10:13
(Alliance News) - Sanne Group PLC said its expects to post annual earnings per share in line with company expectations after resilient trading.
The London-based fund and corporate services firm said it forecasts an underlying EPS for 2020 in line with its expectations and consistent with its December 7 trading update, which also guided for an annual underlying EPS "in-line with expectations".
Although the market backdrop in the second half of 2020 was hurt by the ongoing Covid-19 pandemic, Sanne said it "continues to trade resiliently" as a rise in client activity converted into new fourth quarter business wins.
For 2020 as whole, annualised new business wins amounted to GBP22.5 million, down from GBP24.5 million in 2019.
"This result should provide good growth momentum for 2021 and beyond," Sanne said.
Furthermore, the company manages a strong cash performance, with underlying cash conversion exceeding 90% for 2020.
"Sanne remains confident that the medium and long-term prospects for the industry are compelling and continues to focus on ensuring the group is well-placed to take advantage of the significant structural growth drivers in its markets," said Sanne.
The company expects to post its annual results on March 19.
Shares in Sanne were down 0.2% at 558.07 pence in London on Thursday morning.
By Anna Farley; [email protected]
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