24 June 2021
At the Annual General Meeting of STM Group Plc (AIM:STM), the cross-border financial services provider, to be held at 10am today, the Chairman, Duncan Crocker will make the following statement:
"I am pleased to confirm that the Group continues to perform in line with management's expectations as we approach the end of the first half of our financial year. The key deliverables of our three-year strategy remain the focus of the business, and we have achieved a number of milestones during the first six months of 2021.
"Notably, the four large IT projects to move our administration systems on to our chosen platforms are in the final stages of completion, and we have achieved one of our stated aims of exiting the Corporate and Trustee services sector.
"Our focus going into the second half of 2021 is to accelerate new business revenue so as to improve profit margins against our cost base, which is largely fixed, and will invariably mean some refinement to our operating model. We will continue to seek opportunities to expand our distribution reach and product range by partnering with firms that wish to offer a pension or life wrapper solution to their client base.
"We remain committed to improving our overall capital management structure, and to delivering earnings enhancement from further acquisitions.
"None of this would be possible without the hard work of the management team and my STM colleagues as a whole, and I would like to thank them for the continued progress that we have made despite the ongoing challenges that Covid-19 has created.
"I look forward to the Company issuing a more detailed trading update as part of a pre-close statement for the half year ending 30 June 2021."
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Officer
Therese Neish, Chief Financial Officer
Via Walbrook PR
Matt Goode / Emily Watts - Corporate Finance
Tim Redfern / Richard Chambers - ECM
Tel: +44 (0) 20 7220 0500
Tom Cooper / Anysia Virdi
Tel: +44 (0) 20 7933 8780
Mob: +44 (0) 797 122 1972
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