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Sanne Group H1 Underlying Operating Profit Rises; Organic Revenue Growth At 4.0%

Sanne Group plc (SNN.L) said its underlying operating profit from continuing operations were up 12.4% on a constant currency basis for the six months ended 30 June 2021. The Group said this reflects the robust net revenue and gross profit growth as well as an improvement in the overheads cost as a proportion of net revenues. The Group delivered double digit net revenue growth of 12.5%, on a constant currency basis. This has resulted in reported net revenue growth of 8.1%. Constant currency organic net revenue growth was 4.0% year-on-year.

For the six months ended 30 June 2021, profit before tax declined to 9.4 million pounds from 11.6 million pounds, last year. Earnings per share from continuing operations was 4.1 pence compared to 6.1 pence.

Underlying operating profit grew by 12.4% on a constant currency basis to 24.0 million pounds from 23.0 million pounds. Underlying earnings per share from continuing operations was 11.5 pence compared to 12.3 pence.

Turnover improved to 96.17 million pounds from 86.47 million pounds, last year. Net revenue increased to 90.7 million pounds from 83.9 million pounds.

On 25 August 2021, Sanne Group announced that the Board had reached an agreement with Apex Group Ltd on the terms of a recommended all cash offer to be made by Apex. As a result of the terms of the deal, the company will not be paying shareholders an interim dividend for 2021 and does not expect to pay a full year dividend either.

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