STM Group PLC AGM Trading Update (1565Q)
June 17 2020 - 2:00AM
UK Regulatory
TIDMSTM
RNS Number : 1565Q
STM Group PLC
17 June 2020
STM Group Plc
("STM" or "the Company" or "the Group")
AGM Trading Update
STM Group Plc (AIM:STM), the cross-border financial services
provider, announces a trading update ahead of its Annual General
Meeting to be held at 11.00am today.
STM acted quickly to implement working from home and workplace
practices to meet government guidelines and ensure the safety of
employees and customers. These protocols currently remain in place;
however senior management is working towards formulating a 'return
to office' policy which can be rolled out subject to updated
government guidance.
Customer service levels have been maintained during this period
with a limited impact being seen on the Group's ability to service
existing customers and onboard new business. New business pipelines
continue to build, albeit conversion timelines on flexible annuity
remain slower than anticipated. Trading in the first four months of
the year has been in line with the Board's revised
expectations.
STM's implementation of its Target Operating Model and IT
projects to improve performance and enhance operating margins
continue as planned. Additionally, the launch of the Group's new UK
brand - 'Options, for your tomorrow' - post the integration of the
Carey Group has been completed successfully, with an accompanying
trade press and social media campaign rolled out to build its
profile and awareness.
Growth through acquisition remains core to STM's medium term
ambitions and the Board continues to actively pursue acquisitions
that will strengthen the Group's position as a niche pensions
administrator in the UK market.
The judgment handed down on 18 May 2020 in favour of Carey in
the Adams v Carey case represents an important clarification for
the pensions industry. For the first time, there is clear case law
for what is expected of a SIPP provider, although we note that the
judge has not yet determined whether he will allow an appeal.
Expectations are that the Financial Ombudsman Service will need to
take this precedent into account in any subsequent rulings.
The recurring revenue business model and strength of the Group
balance sheet gives the Board confidence that STM is well placed to
navigate the challenges presented by the current COVID-19 pandemic,
and can continue to pursue its growth strategy as we emerge from
this period of uncertainty.
The Board will provide a trading update for the six months to 30
June 2020 ahead of entering its close period in late July.
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 www.stmgroupplc.com
Alan Kentish, Chief Executive Officer Tel: Via Walbrook
Therese Neish, Chief Financial Officer
finnCap www.finncap.com
Matt Goode / Simon Hicks - 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
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 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,
Jersey 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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