Sanne Group results don’t prop up price

The price of shares in FTSE 250 asset manager Sanne Group (LON:SNN) slipped 2.84% to 651p (as of 12:05 BST) after it provided interim results for the six months ended 30th June. Net revenues were up by 10.7% and statutory pre-tax profits increased threefold, but the increase in profits was a more modest 27% in underlying terms. Management said that, although trading conditions remained uncertain, there had been signs of progress during the third quarter and results for the full year were on track to meet expectations.

CEO Martin Schnaier commented: “The changes that we have made to the business over the past fifteen months have enabled the Group to deliver a resilient financial performance during the first half despite the backdrop of the COVID-19 pandemic. Our ambition remains to provide high quality, professional services to our clients and this year we have particularly focused on technology across the Group which I see as a really exciting development. Operationally we have prioritised the health, safety and wellbeing of all our people and I would like to thank everyone for their continued efforts in delivering uninterrupted quality service to our clients. We remain excited about the long-term opportunities for the business and committed to our stated strategy“.