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 expectations.
This strong performance was underpinned by an underlying recurring revenue stream and a flow of business applications particularly involving the International self-invested personal pension.
The integration of the Harbour Pensions acquisition in February is progressing according to plan and is expected to be completed by the end of August, becoming earnings enhancing for the full year.
STM continues to look for acquisitions in the UK domestic and International pensions market.
The group is building on its governance framework, and has appointed an internal auditor, as well as look for a Chief Operating Officer, to allow the Chief Executive Alan Kentish to focus more on group strategy.
In addition, the appointment of a new chairman and non-executive director is in its final stages but is yet to be completed.
"We look forward to the second half of 2018 with confidence in our robust business model and remain on track to achieve current management expectations for the full year," STM said in a statement.
STM Group will publish its interim results on September 11.
Shares in STM Group were up 4.9% at 61.39 pence on Wednesday.
Stm Grp. (STM)