Sanne Group shares gained 0.5% to 918.9p in late morning trading on Monday after the firm announced strong performance in HY1 2022, including a return to double-digit organic revenue growth of 25.8%.
The company reported record new business wins and continued decent cash generation, with operating cash conversion ahead of the previous 90% management guidance.
Sanne Group reported profit margins within management expectations, including a sharply improved constant currency organic revenue growth rate of 11.2%.
The group added its expansion was also aided by its three acquisitions completed in 2021.
The firm said the annualised value of new business wins in the financial period was up 24.8% to £19.6 million against £15.7 million in HY1 2021, with a healthy business pipeline going forward.
Sanne Group confirmed its technology strategy had been making good progress, with particular success in its data analytics and portal products rolled out to its client base over the last two years.
Meanwhile, the company noted all regulatory clearances for the acquisition by Apex had been cleared, and that the Scheme Sanction Hearing to sanction the scheme has been scheduled to be held in the Royal Court of Jersey on 2 August 2022.
If the Court sanctions the scheme, Sanne Group confirmed it expected it to become effective on 4 August 2022.
“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,” said Sanne Group CEO Martin Schnaier.
“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.”