TIDMSTM
RNS Number : 3882I
STM Group PLC
12 August 2021
STM Group Plc
("STM", the "Company" or the "Group")
Trading Update, Notice of Results
& Investor Presentation
STM Group Plc (AIM: STM), the cross-border financial services
provider, announces a pre-close update for the six months to 30
June 2021 prior to the release of its interim results.
Trading Update
The Group continues to trade in line with management's
expectations for 2021.
Our various trading jurisdictions have performed broadly as
expected, with higher than anticipated revenue in relation to our
UK workplace pensions business offset by shortfalls on UK SIPP
business and on the flexible annuity product. Whilst the gaining of
new business revenue remains tougher than anticipated in certain
areas, costs have been managed accordingly.
Importantly, three of the four major IT projects relating to the
migration to our two core administration systems have now been
completed. However, there remains some ongoing development before
all anticipated efficiencies will be realised. The final migration
project for the Malta business is due to conclude by the end of
October. This will mean that all our private pension businesses, be
it SIPPs or QROPS, will be on our in-house administration platform,
allowing benefits to be realised across all businesses and members
for any future upgrades.
In addition, the first half year has seen the completion of the
successful integration of the Berkeley Burke businesses that were
acquired in August 2020, as well as completing the strategy to exit
the Corporate and Trustee Services sector ("CTS"), with the sale of
both its Jersey and Gibraltar CTS businesses, building the Group's
cash resources for future M&A opportunities.
We continue to manage the businesses in accordance with Covid-19
government guidelines applicable to each jurisdiction, ensuring
that we keep our staff safe whilst maintaining service levels to
our customers and other stakeholders.
Looking forward
We are pleased to confirm that we have successfully recruited a
new CFO, Nicole Coll. Nicole has spent most of her career in the
financial and banking sector with exposure to UK, Eurocentric and
American organisations. Nicole, who was previously employed at Bank
and Clients PLC as Chief of Finance and Operations, is expected to
join us in October allowing plenty of time for an orderly
handover.
Over the last couple of years, we have invested in, and
significantly improved the structure, control and governance of the
Group, and this coupled with the sale of the CTS businesses has
allowed us to review and challenge our existing operating
model.
As part of this review, the Plc board has agreed to reduce the
number of executive directors at Plc level from three to two, with
the current role of Chief Operating Officer being made redundant
during the second half of 2021. Pete Marr, the existing COO, has
agreed to step down in the fourth quarter of 2021 upon the
completion of an orderly handover to the two remaining
executives.
The focus for the second half of 2021, and going into 2022, is
the acceleration of new business revenues. As part of this drive,
the savings from the above restructuring will be invested into
business development resources, commencing with the creation of a
new role, Group Director of Business Development Strategy. This non
board role will ensure that the strategy for new business and
product initiatives are implemented across the Group, as well as
capitalising on cross-selling opportunities.
The second half of 2021 has already seen progress being made in
relation to additional distribution through partnership
collaborations and the relaunch of our short-term annuity product,
both of which will contribute to new business revenue for 2021.
Notice of Results
STM Group expects to announce its interim results on Tuesday 14
September 2021.
Investor Presentation
Chief Executive, Alan Kentish, and Chief Financial Officer,
Therese Neish, will be hosting a remote presentation to review the
2021 Interim Results and prospects at 1.30pm on Wednesday 15
September 2021.
The presentation will be hosted through the digital platform
Investor Meet Company. Investors can sign up to Investor Meet
Company and add to meet STM Group Plc via the following link
https://www.investormeetcompany.com/stm-group-plc/register-investor
.
For those investors who have already registered and added to
meet the Company, they will automatically be invited.
Questions can be submitted pre-event to STM@walbrookpr.com or in
real time during the presentation via the "Ask a Question"
function.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Officer Via Walbrook PR
Therese Neish, Chief Financial Officer www.stmgroupplc.com
FinnCap www.finncap.com
Matt Goode / Abigail Kelly - Corporate Finance Tel: +44 (0) 20 7220
Tim Redfern / Richard Chambers - ECM 0500
Walbrook www.walbrookpr.com
Tom Cooper / Paul Vann Tel: +44 (0) 20 7933
8780
Mob: +44 (0) 797 122
1972
STM@walbrookpr.com
Notes to editors:
STM is a multi-jurisdictional financial services group traded on
AIM, a market operated by the London Stock Exchange. The Group
specialises in the administration of client assets in relation to
retirement, estate and succession planning and wealth
structuring.
Today, the Group has operations in the UK, Gibraltar, Malta and
Spain. STM has developed a range of pension products for UK
nationals and internationally domiciled clients and has two
Gibraltar life assurance companies which provide life insurance
bonds - wrappers in which a variety of investments, including
investment funds, can be held.
STM's growth strategy is focussed on both organic initiatives
and strategic acquisitions.
Further information on STM Group can be found at
www.stmgroupplc.com
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END
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