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INVESTOR RELATIONS

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Unaudited Interim Results for the six months ended 30 June 2017

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STM Group Plc (AIM: STM), the multi-jurisdictional financial services group, is pleased to announce its unaudited interim results for the six months ended 30 June 2017.

Chairman's Statement

I am pleased to present the Group's financial results for the six month period ended 30 June 2017 which show a strong uplift in profitability, despite the significant challenges that the UK Spring budget brought about.

STM's decision to enter the UK SIPP market in 2016 has enabled the Group to adapt its UK expatriate pension products offering in response to the changing legislation, thus protecting its new business revenue stream generated from its network of intermediaries.

Organic growth strategy for the Group remains targeted on the expansion of its various pension product offerings, including expectations of the launch of an Australian Superannuation solution which is HMRC compliant, as well as building on the life assurance wrapper distribution and product range.

Non-organic growth will be targeted through opportunistic purchases of books of QROPS business in Malta and Gibraltar, as circumstances allow.

It is also pleasing to note the successful integration of the London & Colonial business into the STM Group from the date of acquisition in October 2016. This re-structuring has led to direct cost savings, as well as a further release of the actuarially calculated expense reserve held in the L&C life business during the first six months of the year. It is anticipated that we will see additional releases in the foreseeable future as we move to the next phase of the integration of the life businesses.

The above component parts, coupled with the strong underlying predictable recurring revenue as we opened our doors to 2017, has resulted in record half-year profits for the Group which, in turn, bodes well for 2017 as a whole.

I would like to take this opportunity to thank the staff for their hard work in the first half of this year.

 

Michael Riddell
Chairman

 

Page last up-dated: 12 September 2017

 

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