StockMarketWire.com - Trust and fund administration services provider Sanne Group posted a 13% slide in first-half profit after rising revenue was offset by a fall in margins owing to investment spending.

The company also said it had acquired Madrid-based loan agency administration specialist AgenSynd for an upfront payment of €11.4m plus a performance-based earn out.

Pre-tax profit for the six months through June fell to £10.9m, even as revenue rose 17% to £65.9m.

The company's underlying operating profit margin slipped to 30.3%, down from 37.1% on-year.

Sanne declared an interim dividend of 4.6p per share, up 9.5% on-year.

'These results demonstrate the continuing momentum in our business and the result of the investment we are making to enhance our platforms and capabilities,' chief executive Dean Godwin said.

'We delivered a strong performance in our core alternatives divisions and we continue to broaden our geographic presence and client offering.'

'Our most recent acquisitions in Mauritius and Luxembourg are integrating successfully and contributing to the group's performance and we are pleased to announce today the acquisition of AgenSynd, which further expands our European footprint and capabilities within the private debt market.'

'We will build on this progress in the second half of the year, given the strong new business pipeline, and remain confident in meeting our expectations for the full year.'





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