Wednesday, 12 September 2018 09:21

STM Group relocates to become more ‘UK centric’

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International Sipp provider STM Group hopes relocating will allow it to be more “UK centric”, the firm’s interim results have revealed.

The company posted positive results for the six months ended 30 June, with pre-tax profits up from £1.9m in 2017 to £2.1m this year.

Revenue was also boosted from £10.2m to £10.8m.

The figures for 2017 had been adjusted for the £0.5m release of L&C technical expense reserve.

The results showed the company had increased its cash holdings from £11.4m to £16.3m, a 43% rise.

 

The firm also pointed to a number of operational highlights including the “relocation of Plc head-office” to provide “a more UK centric focus.”

It also hailed its “successful integration of the Harbour acquisition.”

Subsidiary STM Life is set move to Malta, the report revealed, a relocation the firm said was as a result of a “group review of Brexit implications.”

STM also appointed a new chairman and non-executive director which it says will give it further depth and experience.

Alan Kentish, STM chief executive, said: “The various trading divisions across the group have collectively performed in line with management expectations during the first half of the year, and have delivered a solid set of underlying financial results.

“This performance gives the board confidence in meeting management expectations for the full year.
 
“The successful integration of Harbour demonstrates the model for future acquisitions as and when further opportunities arise.”
 
He added: “The board continues to implement its three year de-risking strategy by looking to introduce more financial services products for both the expatriate market, as well as the UK market, across the pension and life sectors. 

“In addition, we continue to challenge our processes and systems as part of a programme to increase our profit margins.
 
“We look forward to updating the market with further news as the year progresses.”

 

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