(Alliance News) - Shares in STM Group PLC rose on Wednesday as it said it expects its earnings for 2020 to surpass 2019.
The stock was trading 11% higher at 29.92 pence each on Wednesday morning in London.
The London-based, Isle of Man-registered financial services provider said it expects 2020 revenue of GBP24.0 million, earnings before interest, tax, depreciation and amortization of GBP3.6 million, and pretax profit of GBP2.0 million. For comparison, in 2019, STM posted pretax profit of GBP3.9 million on revenue of GBP23.3 million. Ebitda for 2019 was GBP3.5 million.
STM also announced the departure of Chief Financial Officer Therese Neish who has been with the company for over 17 years and was made CFO in 2014. No reason was given for her departure.
The company has commenced the search for a replacement and expects to announce a new hire before the end of Neish's notice period.
"We would all like to thank Therese for her contribution during a period where we have significantly transformed the business and made a number of complementary acquisitions. We are grateful for her ongoing support in ensuring a seamless transition during the appointment and on-boarding of a successor and wish her the very best for the future," said Chief Executive Alan Kentish.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Stm Grp. (STM)