(Alliance News) - Sanne Group PLC on Thursday reported double-digit revenue growth but saw profit fall on one-off costs.
Shares in the FTSE 250-listed trust and fund administration services provider were 13% higher at 529.00 pence each in London on Thursday morning.
In 2019, revenue rose 16% to GBP165.4 million from GBP143.0 million, though pretax profit fell 44% to GBP13.3 million from GBP23.7 million.
Sanne reported non-underlying items of GBP29.2 million, up 54% from the year prior. Before underlying items, pretax profit was 0.3% lower at GBP42.4 million.
Sanne raised its full-year dividend by 2.2% to 14.1 pence per share from 13.8p.
Chief Executive Officer Martin Schnaier said: "During 2019 we have continued to build on our strong market position and benefitted from the structural growth drivers within the alternative asset markets that we address. We have also worked successfully to address the challenges facing the business during the first half of the year. We made the decision to continue to invest in our platform to support our growth aspirations, expand our footprint and thereby continue to deliver the highest levels of client service.
"As we continue into 2020, our core business remains resilient and is underpinned by a robust model. This resilience has been critical for us to have coped well to date with the Covid-19 outbreak from an operational perspective. Many of our offices have been operating under business continuity plans with minimal impact on service delivery to our client."
Sanne said it is yet to see any "material impact" in its business from the outbreak of the virus, but added it is "monitoring the situation".
By Eric Cunha; ericcunha@alliancenews.com
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