Directorate Change, Trading Update and Notice of Results
19 January 2016
STM Group Plc (AIM: STM), the multi-jurisdictional financial services group, announces that Colin Porter, CEO of STM, yesterday tendered his resignation to pursue an opportunity in a non-competing industry in the United States. Colin will serve his 12 month notice period to ensure an orderly hand over and will work closely with the Board to support the transitionary period. Alan Kentish, Director of Product & Business Development and formerly Chief Financial Officer at flotation of the business in 2007 and executive director since then, will assume the role of Interim Chief Executive Officer as of 1 April 2016.
Trading Update & notice of Final Results
The Board announces that the Group has traded broadly in line with market expectations for 2015 of profit before tax of £2.7m (2014 actual: £1.7m). STM continues to invest in its business development infrastructure and product development capabilities, the benefits of which will be further seen in 2016.
STM will announce its Final Results for the 12 months to 31 December 2015 on Tuesday 1 March 2016. Colin Porter will be presenting the 2015 results with Alan Kentish and Therese Neish, STM's Chief Financial Officer.
Commenting on Colin Porter's resignation and prospects for the Group, Mike Riddell, Chairman of STM, said:
"The Board would like to thank Colin for his dedication and service to STM over the last five years. Colin, along with the rest of the Board, have been instrumental in developing STM into a profitable and robust business, with a core focus on the mainstream revenue streams of international pensions administration and Life Portfolio Bond wrappers. The market potential in these product areas is considerable which gives us confidence in our expectation of being able to deliver growth in profitable, highly visible annuity revenue streams going forward."
Colin Porter added:
"I feel proud to have led a Group that has delivered significant growth in terms of both revenue and profitability over the last three years, and believe that this is set to continue into the future. For my part, I have a very interesting opportunity that lays ahead in the United States, but have already given my assurances to the Board that I will work my notice as far as is required, and will help the further development of the Board in any way I can."
For further information, please contact:
|STM Group PLC||www.stmgroupplc.com|
|Colin Porter, Chief Executive Officer||Tel: + 350 200 42686|
|Alan Kentish, Product & Business Development Director||Tel: + 350 200 42686|
|Therese Neish, Chief Financial Officer||Tel: + 350 200 42686|
|finnCap||Tel: +44 (0) 20 7220 0500|
|Matt Goode / Christopher Raggett - Corporate Finance||www.finncap.com|
|Mia Gardner - Corporate Broking|
|Walbrook PR||Tel: +44 (0) 20 7933 8780|
|Tom Cooper / Paul Vann||Mob: +44 (0) 797 122 1972|
Notes to editors:
STM is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and in the administration of assets for international clients in relation to retirement, estate and succession planning, and wealth structuring.
Today, STM has trading operations in Gibraltar, Malta, Jersey, and Spain. It has also recently opened satellite offices in South East Asia, the Middle East, and South Africa. The Group continues to expand through the development of additional products and services that its ever-more sophisticated clients demand.
STM has, for example, a dedicated international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS) and Qualifying Non-UK Pension Schemes (QNUPS); it also has a Gibraltar Life Insurance Company, STM Life Assurance PCC 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