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Share Price: 57.50

Bid: 55.00

Ask: 60.00

Change: 0.00 (0.00%)

Spread: 5.00 (9.091%)

Open: 57.50

High: 57.50

Low: 57.50

Prev. Close: 57.50

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STM client numbers below expectations in Brexit aftermath

Wed, 13th Jul 2016 12:18

(ShareCast News) - STM Group, an international financial services provider, has had fewer clients sign up to their pension schemes than expected due to the uncertainty surrounding Brexit.The group's pension division particularly the Qualifying Recognised Overseas Pension Scheme (QROPS) has been the company's key growth driver over the last two years.In April, the group decided to change QROPS pricing structure in order to attract more clients. The establishment fee for an initial trial period of six months has been waved. The benefits of this outweigh the costs as each new client won has an expected fee generating life of 20-25 years.Despite a reasonable uplift in new QROPS applications in the last two months, the results did not match the management's expectations. The board attribute this to competitors' more aggressive pricing policies but more importantly the recent UK referendum.Uncertainty around the Brexit result has resulted in expatriates delaying their decision on whether to export their pension out of the UK into QROPS.However, the company believes the uncertainty can work in the firms favour in the future. "Now that the referendum outcome is known, and given the concerns about the UK economy, certain of our intermediaries believe that there is potential for an increase in QROPS applications by expatriates wishing to have more certainty on their pension benefits." The results of this uplift will most likely materilise later on in the year or the beginning of 2017.Interim chief executive Alan Kentish said: "It is still relatively early days to assess exactly how many new QROPS applications will result from the April pricing initiative however it has certainly put STM at the forefront of intermediaries' minds when they are advising their client base on the QROPS product."The group's expectations for the first half of the year are profit before tax at $1.2m and turnover at £7.9m, which is comparable with 2015 results. Meanwhile its balance sheet remains strong with net cash at £9m, which supports the recently announced dividend policy. Half year results ending 30 June 2016 will be released on 13 September 2016.Shares fell by 9.59% to 33p at 1210 BST on Wednesday.

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11 Sep 2018 15:00

STM Group posts decent first-half performance

(Sharecast News) - Financial services company STM Group released its unaudited interim results for the six months ended 30 June on Tuesday, reporting a 6% improvement in revenue year-on-year to £10.8m.

11 Sep 2018 13:15

STM Group Half Year Profit Falls After One-Off 2017 Acquisition Boost

LONDON (Alliance News) - STM Group PLC on Tuesday said its profit dropped in the first half of the year due to the release of an insurance reserve from a prior year acquisition.The services

3 Sep 2018 12:12

STM Appoints Former Legal & General Unit Director As Non-Exec Chairman

LONDON (Alliance News) - STM Group PLC on Monday said it appointed Duncan Crocker as non-executive chairman, with immediate effect.The financial services provider said Crocker has spent his

10 Aug 2018 08:33

STM Group Appoints Graham Kettleborough As Non-Executive Director

LONDON (Alliance News) - Cross-border financial services provider STM Group PLC said Friday that it has appointed Graham Kettleborough as an independent non-executive director with immediate was a

25 Jul 2018 12:50

STM Group First Half Performance In Line With Management Expectations

LONDON (Alliance News) - Cross border financial services provider STM Group PLC said on Wednesday that its performance in the first half of 2018 has been in line with management strong performance

25 Jul 2018 09:39

STM remains confident of metting full-year goals

(Sharecast News) - Financial services provider STM said the first half of its trading year had progressed in line with management's expectations, underpinned by its underlying recurring revenue stream and a steady flow of new business.

4 May 2018 12:33

DIRECTOR DEALINGS: STM Group Executive Sells Entire Stake

LONDON (Alliance News) - Financial services provider STM Group PLC said Friday that Lynette Chaudhary, international tax director of unit STM Fiscalis Ltd, sold all her shares in the sold 40,000

3 Apr 2018 09:39

UPDATE 1-Tech, trade fears weigh on European shares

* STOXX 600 down 1 pct * Tech sector falls 1.6 pct * Chipmakers STMicro, Infineon, ams tumble * Sodexo drops on downgrade * Mediaset jumps after Sky deal (Updates adds

3 Apr 2018 08:36

Tech, trade fears weigh on European shares

(For a live blog on European stocks, type LIVE/ in an Eikon news window) LONDON, April 3 (Reuters) - European stocks tumbled on Tuesday as investors entered the second

27 Mar 2018 11:00

New Self-Invested Personal Pension Product Boosts STM Group Revenue

LONDON (Alliance News) - Financial services firm STM Group PLC on Tuesday reported 42% growth in annual profit, as a new self-invested personal pension product boosted revenue

22 Mar 2018 17:40

UPDATE 2-European shares suffer as trade jitters, weak data weigh

* STOXX 600 down 1.6 pct to 2-week low * Banks, miners, tech lead sectoral fallers * Reckitt gains after pulling out of Pfizer race (Adds details, closing prices) By Helen and

22 Mar 2018 09:44

UPDATE 1-Trade jitters send European shares to two-week low

* STOXX 600 down 0.8 pct to 2-week low * Tech biggest faller as U.S. tariffs on China loom * Banks also suffer declines after less hawkish -

12 Jan 2017 09:37

STM Group trades in line with market expectations

(ShareCast News) - Cross-border financial services provider STM Group announced a pre-close trading update on Thursday, with the board reporting that the group traded in line with market expectations of profit before tax of £2.7m for 2016 - precisely in line with 2015's result. The AIM-traded firm s

25 Oct 2016 08:03

STM Extends Zero-Establishment-Fee Policy For Popular Pension Product

21 Oct 2016 07:59

STM Group completes £5.3m London & Colonial acquisition

(ShareCast News) - AIM listed financial services provider STM Group has completed the acquisition of rival London & Colonial Holdings, ahead of the expected timeline, for about £5.3m in order to enter the self-invested personal pension (SIPP) market. The acquisition is to be financed from STM's cash

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