TIDMSTM
RNS Number : 8479X
STM Group PLC
01 September 2022
STM Group Plc
("STM", the "Company" or the "Group")
Completion of Acquisition, Trading Update, Board Changes
Notice of Interim Results & Investor Presentation
STM Group Plc (AIM: STM), the cross border financial services
provider , announces the completion of the acquisition of the
portfolio, net assets and trustee companies of the SIPP and SSAS
businesses from Mercer Ltd, a trading update for the 6 months to 30
June 2022, Board changes and notice of its Interim Results
announcement.
Completion of Acquisition
Further to the announcement made on 26 July 2022, STM is pleased
to announce the completion of the acquisition of the portfolio, net
assets and trustee companies of the SIPP and SSAS businesses, from
Mercer Ltd.
Trading Update
STM expects to report revenue for the six months to 30 June 2022
of approximately GBP11.3m (2021: GBP11.4m) with both the Pensions
and Life Assurance businesses showing an uplift in revenue compared
to the previous half year position. Gibraltar and Malta revenues
remain consistent and in line with management expectations. The
corporate pensions business revenues continue to grow, however
revenues in the UK SIPP business are behind plan as not all
strategic partners are fully live. The Group expects to report
EBITDA for the period of approximately GBP1.4m (H1 2021: GBP1.5m)
and net cash as at 30 June 2022 of GBP17m (2021: GBP16.5m).
As previously stated, new business levels in the first half of
2022 were slower than anticipated, however the Board anticipates a
healthy uplift in new business flow for its Life Assurance
businesses in relation to certain of the Group's annuity products,
as well as increased new business flows for its SIPP business
through strategic partners.
In this regard, STM is pleased to announce that the Options SIPP
is partnering with IG Group to provide its pension SIPP wrapper.
The solution will enable clients to invest using IG's share dealing
and model portfolio services. This service will launch shortly and
be made available to new and existing IG clients.
As part of STM's strategic partner program, the Group
anticipates that other core products will also be available in the
near future via these platforms.
Development of the target operating model continues to improve
efficiency and increase margins, primarily driven by the roll-out
of the internal administration system and the automation of
processes.
Given the opportunities in relation to new business revenue, the
Board remains confident that 2022 overall profit expectations will
be met.
Appointment of new Chair
The Company is pleased to announce the appointment of Mr Nigel
Birrell as non-executive Chairman with immediate effect. Concurrent
with this appointment, Duncan Crocker has resigned from the Board
with immediate effect, as indicated in the announcement dated 4
August 2022.
Mr Birrell has served as the Chief Executive Officer of
Lottoland Group since May 2014. Lottoland is an online bet on
lottery operator based in Gibraltar, which operates across multiple
territories and has 16 million customers. Mr Birrell has overseen
Lottoland's geographic and product expansion into multiple markets.
Prior to this, Mr Birrell was a group director on the executive
board of bwin.party digital entertainment plc (now Entain plc) the
then world's leading on-line gaming business.
Prior to bwin.party, Mr Birrell was a main board director of the
FTSE 250 media group HIT Entertainment PLC ("HIT").
In his early career, Mr Birrell worked as an investment banker
with both Dresdner Kleinwort Benson and later Donaldson, Lufkin
& Jenrette (now Credit Suisse). He holds a Bachelor of Laws
(LLB) from the University of London (Queen Mary College) and is a
Solicitor of the Senior Courts of England and Wales.
Mr Birrell is non-executive Chairman of Duke Royalty Limited
(AIM listed) and also holds a number of other private company
non-executive positions.
Commenting on the Board appointment Alan Kentish, Chief
Executive Officer, said :
"On behalf of the Company I am delighted to welcome Nigel to the
Board and thank Duncan for his contribution. Nigel brings
considerable public company and financial services experience and
has a track record of growing businesses."
Notice of Interim Results
The Company expects to announce its full Interim Results for the
6 months to 30 June 2022 on 14 September 2022.
Investor Presentation - 2pm on 14 September 2022
Chief Executive Office, Alan Kentish, and Chief Financial
Officer, Nicole Coll, will be hosting a remote presentation to
review the 2022 Interim Results and prospects at 2pm on 14
September 2022.
The presentation will be hosted through the digital platform
Investor Meet Company. Investors can sign up to Investor Meet
Company and add to meet STM Group Plc via the following link
https://www.investormeetcompany.com/stm-group-plc/register-investor
.
For those investors who have already registered and added to
meet the Company, they will automatically be invited.
Questions can be submitted pre-event to STM@walbrookpr.com or in
real time during the presentation via the "Ask a Question"
function.
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 / Emily Watts - 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
8780
Mob: +44 (0) 797 122
1972
STM@walbrookpr.com
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
Further disclosure pursuant to Schedule Two, paragraph (g)
(i)-(viii) of the AIM Rules for Companies is set out below.
Director's full name: Nigel Norman Birrell
Age: 59
Current Directorships Past Directorships
Lottohelden Limited Serum Limited
Lottoland Limited European Lotto and Betting Ltd
Lottoland ESOP Limited 649agentur.com Ltd
Lottohelden EU Limited Gluck Limited
United Lottery Solutions Limited European Lotto and Betting Ltd
(Gibraltar Branch)
Lottoland Services Limited EU Lotto Ltd
Lottoland CZ Limited Lottoland Ltd
Lottoland Australia Pty Limited Lottohelden Ltd
Lottoland Holdings Limited Lottoland (Australia) Investments
Pty Ltd
Deutsche Lotto Und Sportwetten Domain Venture Partners PCC
Ltd (Gibraltar Branch) Limited
Deutsche Lotto Und Toto-Agentur Everso Limited
Ltd (Gibraltar Branch)
Crucial Compliance Limited Oceana Limited
Pixtel Limited
Duke Royalty Limited
Southern Rock Insurance Company
Limited
Daisy Services Limited
The Gibraltar Betting and Gaming
Association Limited
Mr Birrell was appointed to Domain Venture Partners PCC Limited
on 1 November 2016 and resigned on 11 April 2018. Within 12 months
of when Mr Birrell resigned Domain Venture Partners PCC Limited was
placed into a solvent court administration. The administration is
ongoing.
.
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