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Sanne Group shares jump on profit increase

Stock Markets Mar 19, 2021 11:41
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By Samuel Indyk

Investing.com – Shares in UK based asset management company Sanne Group PLC (LON:SNNS) jumped on Friday after the company reported an increase in profit in 2020.

Profits were up 16% to £45mln following an 8% increase in revenue to £170mln in 2020. The FTSE 250 listed company was outperforming the index with shares up over 5% at 11:30GMT with the mid-cap index lower by 0.5%.

The company said there was a pick-up in new business wins in the fourth quarter, resulting in annualised new business revenue of approximately £22.5mln, slightly down from £24.5mln in 2019.

“Sanne has delivered a robust financial performance in 2020 and continued to make progress against our strategic priorities,” said Group CEO Martin Schnaler. “Looking ahead, whilst the COVID-19 pandemic remains ongoing, we are encouraged by the positive trends we have seen in recent months.”

The company also managed to grow its dividend in the 2020 financial year, boosting it 4.3% to 14.7p per share.

“Sanne is one of those elite businesses that made it through the pandemic without seeking government assistance, whilst growing revenues, profits and dividends at the same time,” said Hargreaves Lansdonwn’s Steve Clayton in an emailed statement. “That’s a reflection of the durability of their business model."

Sanne Group shares jump on profit increase
 

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