STM Group PLC Trading Update & Notice of Results (9402T)
12 January 2017 - 6:00PM
UK Regulatory
TIDMSTM
RNS Number : 9402T
STM Group PLC
12 January 2017
STM Group Plc
("STM", the "Company" or the "Group")
Trading Update and Notice of Results
STM Group Plc (AIM: STM), the cross border financial services
provider, is pleased to announce a pre-close trading update and
notice of final results.
Trading Update
The Board is pleased to announce that the Group has traded in
line with market expectations of profit before tax of GBP2.7
million for 2016 (2015 actual: GBP2.7 million). As was anticipated,
the pricing initiative taken by the Board in the earlier part of
the year has significantly increased the take-on of new business
for its QROPS international pensions product with new policies for
the second half of the year up by circa 50 per cent on the first
half of the year and 27 per cent on the second half of 2015. As
previously indicated, whilst this strategy resulted in a reduction
in first year profitability, it does result in an increased level
of recurring revenue for future years. This leaves STM well placed
to deliver significant growth in revenue and profit in 2017.
Update on integration of London & Colonial acquisition
The Board is please to confirm that the integration of the
acquisition of London & Colonial made in October 2016 into the
STM Group continues to run smoothly, with the anticipated
integration gains and contribution to profits expected for 2017
starting to come to fruition.
Appointment of Head of Enterprise Risk Management
In addition to the appointment of Robin Ellison as a
non-executive director on 22 December 2016, the Board is pleased to
announce a further strengthening of STM's corporate governance
structure with the creation of the senior management position of
Head of Enterprise Risk Management. This role will be carried out
by Marina Dominguez Steglich who will be joining the STM team in
March 2017. Marina has held senior operational and regulatory roles
within the banking industry for over 20 years, and will bring a
further level of oversight and governance to STM's operations.
Commenting on the achievements of 2016 and prospects for the
Group, Alan Kentish, CEO of STM said:
"STM has made some significant strategic and operational
decisions during 2016 to pursue the London & Colonial
acquisition as well as to implement the market leading pricing
initiative in its international pensions businesses; both of which
have proved beneficial to the Group and strengthen growth
prospects.
"With the recently announced appointment of Robin Ellison as a
further non-executive director to the Board, as well as Marina
joining as Head of Enterprise Risk Management, we continue to build
on our governance and reporting structure.
"We head in to 2017 knowing that recurring revenue streams from
our highly profitable pensions and life businesses have never been
higher, giving us cause for optimism for the year ahead."
Notice of Final results
STM will announce its Final results for the 12 months to 31
December 2016 on 14 March 2017.
The information communicated in this announcement includes
inside information for the purposes of Article 7 Regulation
596/2014.
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Officer Tel: 00 350 200 42686
alan.kentish@stmgroupplc.com www.stmgroupplc.com
Therese Neish, Chief Financial Officer Tel: 00 350 200 42686
therese.neish@stmgroupplc.com
FinnCap www.finncap.com
Matt Goode / Emily Watts - Corporate Finance Tel: +44 (0) 20 7220
Mia Gardner - Corporate Broking 0500
Walbrook www.walbrookpr.com
Tom Cooper / Paul Vann Tel: +44 (0) 20 7933
8780
Mob: +44 (0) 797 122
1972
tom.cooper@walbrookpr.com
Notes to editors:
STM is a multi jurisdictional financial services group which is
listed on the AIM Market of the London Stock Exchange. The Group
specialises in the delivery of a wide range of financial service
products to professional intermediaries and the administration of
assets for international clients in relation to retirement, estate
and succession planning and wealth structuring.
Today, STM has operations in Gibraltar, Malta, Jersey, Spain and
UK, through its acquisition of London & Colonial Holdings Ltd
in September 2016. The Group is looking to expand through the
development of additional products and services that its ever more
sophisticated clients demand. STM has developed a specialist
international pensions division which specialises in Qualifying
Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK
Pension Schemes (QNUPS) and UK SIPPs. STM has a Gibraltar Life
Insurance Company, STM Life plc, which provides life insurance
bonds - wrappers in which a variety of investments, including
investment funds, can be held.
Further information on STM Group can be found at
www.stmgroupplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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