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Sanne sees full year underlying EPS in line despite FX impact
Sanne, a FTSE 250 provider of alternative asset and corporate administration services, said on Tuesday that 2017 underlying earnings per share are anticipated to be in line with the board's expectations despite the adverse impact from currency movements, thanks to continued momentum in the second half.
The group said that following its half-year report back in September, it has continued to see momentum through the second half of the year, with steady progress on the integration of each of its acquired businesses. However, it has also seen some adverse impact from FX translation given its increased exposure to US dollar earnings following the acquisitions of FLSV Fund Administration Services LLC in the US and the IFS Group in Mauritius.
Sanne also said that aligned to the latest guidance from the Financial Reporting Council, shared-based payments relating to its performance share plan and annual bonus plan will be included in underlying earnings from now. This amounted to non-cash amounts of around £700,000 and £1.6m in each of the years ended 31 December 2016 and 2017 respectively.
The company is due to release its results for the year to 31 December 2017 next month.
At 0900 GMT, the shares were down 6.2.% to 671p, tracking sharp falls in the broader equity market.