Menu
 

INVESTOR RELATIONS

Latest Results

Final Results for the 12 months ended 31 December 2017

Download
The full results are available to
view and download in PDF format

STM Group Plc (AIM: STM), the multi-jurisdictional financial services group, is pleased to announce its audited final results for the 12 months ended 31 December 2017.

Chairman's statement

It gives me great pleasure to present the financial results for the year ended 31 December 2017, which represent a strong set of full year results and a record year of profitability for the Group.

The acquisition of London & Colonial in late 2016 has borne fruit during 2017 and has allowed us to quickly adapt to market changes so as to protect our new business stream. We have delivered a significant amount of cost savings by merging administrative processes across the Group whilst ensuring that the existing recurring revenue book continues to perform in a predictable and solid manner. We were also pleased to make the acquisition of Harbour Pensions Limited which subsequently completed post year end after receiving regulatory approval from the Malta Financial Services Authority.

As previously disclosed we have experienced regulatory issues in some of the jurisdictions in which we operate over the last few years. The Board's objective is to address and minimise any risk in this area. Importantly, in early 2017 the appointment of a Head of Enterprise Risk Management (ERM) for the Group was made as part of further improving our corporate governance framework. Already in 2018 we have made important changes to our Corporate Governance arrangements, including proposed further appointments of NEDs to the subsidiary boards and the Group will be continuing to make more improvements over the rest of 2018.

One of the Group Board's primary responsibilities is to ensure the provision of effective corporate governance. To this end, the Board is undertaking a full review of every aspect of governance well in advance of the AIM requirement to comply or explain against a recognised Corporate Governance Code by September 2018.

I am particularly pleased that my long term views regarding the potential benefits of re-locating the Group head-office from Gibraltar to the UK is now well underway. I feel that the business becoming more UK orientated will further build investor confidence, improve efficiency, and open further UK business opportunities for the Group.

The Board has a medium term vision and a strategy to continue to deliver enhanced profitability, whilst at the same time de-risking the business further by continuing to expand the Group's product range and its intermediary base whilst keeping costs firmly under control.

Finally, I have chaired the Board for the past three years, having also served as a non-executive for the four years preceding that, and have enjoyed my time working with the team to make STM a success. However, after seven years of service I have made the decision to retire and enjoy more time with my family, and I therefore will not be standing for re-election at the forthcoming AGM in May 2018, with my retirement becoming effective on 23 May 2018. This in turn leaves the Board perfectly placed for the appointment of one or more UK based non-executive directors to reflect the new London head office status, with the Board having already begun the recruitment process
I would like to take this opportunity to personally thank all of the Group's directors, executive and staff for their efforts in making 2017 such a success, and will avidly follow STM's continued success in the future.

 

Michael Riddell
Chairman

 

Page last up-dated: 27 March 2018

 

"STM Group PLC strives to be the provider of choice for cross-border investors, entrepreneurs and expatriates by offering clear, innovative and impartial financial and commercial solutions which help clients protect and grow their investments."