RNS Number : 8516U


04 August 2022

STM Group Plc

("STM" or "the Company" or "the Group")

Board Changes and Trading Update

STM Group Plc (AIM: STM), the cross border financial services provider, announces that Malcolm Berryman has confirmed to the Board that he is standing down ahead of today's Annual General Meeting.

As a result, resolution 5 is being withdrawn from today's meeting.

In addition, Duncan Crocker has indicated his intention to stand down as Chairman within the next month, with the appointment of a successor underway.

With regards to trading, the first half of the year has continued to be slower than anticipated largely because of new business revenues in the UK taking longer to materialise than predicted. However, the pipeline remains encouraging and therefore management believe that their 2022 overall profit expectations will be met. A more detailed trading update, covering the six-month period to 30 June 2022, will follow around the time of completion of the Premier Pensions acquisition from Mercer, previously announced on 26 July, scheduled to be 31(st) August.

Alan Kentish, Chief Executive of STM commented: "In our 2021 Interim results we highlighted our strategy to evolve the business and operating model around the growth opportunities for STM. To that end, we will be making a number of appointments in the coming months to refresh the Board around the future strategy of the Group.

"I would like to thank Duncan and Malcolm for their contribution and wish them the best for the future. We are seeking to appoint a new independent chair and independent non-executive director in the very near future, who will continue to support management's growth expectations for the business."

For further information, please contact:

 STM Group Plc 
 Alan Kentish, Chief Executive Officer            Via Walbrook PR 
  Nicole Coll, Chief Financial Officer             www.stmgroupplc.com 
 finnCap                                          www.finncap.com 
 Matt Goode / Abigail Kelly - Corporate Finance   Tel: +44 (0) 20 7220 
  Tim Redfern / Richard Chambers - ECM             0500 
 Walbrook                                         www.walbrookpr.com 
 Tom Cooper / Joseph Walker                       Tel: +44 (0) 20 7933 
                                                  Mob: +44 (0) 797 122 

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, Australia 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


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(END) Dow Jones Newswires

August 04, 2022 02:00 ET (06:00 GMT)

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