Half Year Results 

Sanne blunted by margin deterioration

Sanne blunted by margin deterioration

For Sanne's (SNN) investors, reports of a record level of new business wins and 13 per cent organic revenue growth might give the impression the alternative asset and corporate business services provider enjoyed a bumper first half. But margins are the protagonist of this story, particularly after the July update forewarned of a four percentage point contraction, which translated into a 3.1 per cent like-for-like decline in underlying operating profit. Statutory earnings were also weighed down by £13m in non-underlying costs.

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