Sanne sees revenue grow despite takeover ‘distractions’
In August it agreed to a £1.5 billion takeover from Apex Group.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The bosses of Sanne have said that they managed to push past the distraction caused by a series of takeover bids to post significant growth.
The asset manager saw turnover push up 16.5% to £203.7 million and has benefited from a recovery in the market for alternative assets.
In August it agreed to a £1.5 billion takeover from Apex Group after a battle of the suitors between Apex and Cinven, a private equity firm based in London.
2021 has seen a strong financial performance from the group, with impressive double-digit growth and maintenance of healthy profit margins and cash conversion
Chairman Rupert Robson and chief executive Martin Schnaier, in a joint statement on Friday, said: “Despite the material distractions arising from well-publicised offers for the company during the year, 2021 has seen a strong financial performance from the group, with impressive double-digit growth and maintenance of healthy profit margins and cash conversion.”
The business reported a loss of £2.2 million before tax in 2021, from a £20.5 million profit the year before.
They said that Sanne has started to see good returns from its investment in business development and product specialist teams. The investment has happened over the last three years and has helped grow the company’s revenue.
“It is particularly pleasing to see this result given that the group was the subject of takeover speculation and a formal offer period for the majority of the year,” they said.
It won £33.4 million in new business last year, which is more than 48% higher than the year before and a record high for the business.
“We have also successfully completed three acquisitions in the year to both drive growth and expand the group’s geographic footprint and augment our capabilities in our target end markets,” the bosses said.