By GhostMail, Published May 27, 2026
Get ready for some odd percentage movements
Santova’s results for the year ended February 2026 have some rather odd headline numbers. Revenue and net interest income jumped by 88.3%, yet HEPS was down 6.4%!
It doesn’t take long to see why: the acquisition of Seabourne has suddenly made the group a lot bigger at revenue level. If you exclude Seabourne, then comparable revenue was down 1.8%.
Due to acquisition costs and other expenses related to the Seabourne deal, the net profit contribution from this deal wasn’t nearly as significant as the increase in revenue. This period isn’t a reflection of the steady-state economics, but Santova has warned that group operating margin will be structurally different in the post-Seabourne era. This is because they’ve acquired a business with lower margin offerings (and the hope of strong revenue growth).
