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Alternative asset and corporate services provider Sanne, which recently agreed to be acquired by Apex, booked a 19% fall in first-half profit as currency headwinds squeezed its margins.
Pre-tax profit for the six months through June decreased to £9.4 million, down from £11.6 million year-on-year, even as revenue rose 8.1% to £90.7 million.
Underlying pre-tax profit edged back 0.5% to £22.2 million, though it rose 6.4% in constant currency terms.
The company's operating margin contracted by 100 basis points to 26.4%.
Sanne didn't declare an interim dividend, in light of the Apex deal.
'I am delighted by the continued strategic progress that the company has achieved so far this year, despite the macro-economic uncertainty that prevails,' chief executive Martin Schnaier said.
'The business has continued to demonstrate its resilience and in the first half we have delivered material new business wins that will further drive future revenue momentum.'