STOCK WATCH

SANNE Group shares slumped by more than a third after the fund administrator cut its earnings guidance.

It won a record £16m of business in the six months to the end of June, resulting in underlying revenue growth 13pc. The problem? Two words: profit margins, which will be lower than anticipated.

Both JP Morgan Cazenove and RBC cut their recommendations on the stock. Sanne had been a top pick for the latter. The shares closed down 33.8pc, or 254p, at 498p.