STM Group PLC - financial services provider - Delays publication of 2020 results to early May, in order to determine whether a recent UK court ruling against subsidiary Carey Pensions LLP will require a provision in the accounts. Carey was sued by a client over a bad investment. The High Court ruled in favour of Carey, but the Court of Appeal on April 1 ruled that Carey had to compensate the customer. STM is considering an appeal to the Supreme Court, and it notes that any provision is not expected to have an impact on net assets or results, as the claim is covered by insurance, plus indemnities secured at the time of acquiring Carey in 2019. STM said its financial results remain in line with guidance provided in February of pretax profit of GBP2.0 million on GBP24.0 million in revenue.
Current stock price: 29.75 pence, down 2.5% on Friday
Year-to-date change: down 0.8%
By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Stm Grp. (STM)