Last checked at 16 Apr 2021 07:00
STM Group Plc
("STM", the "Company" or the "Group")
Date Change for Results Announcement
STM Group Plc (AIM: STM), the cross-border financial services provider, announces that following conversations with their auditors, Deloitte, the Company's 2020 year end results will be delayed and it is expected that they will now be released in early May.
The delay is due to the ruling in relation to the Adams v Carey case as announced by the Company on 1 April 2021. A significant exercise is being carried out to determine whether the ruling has triggered an event which would require a provision, as defined by accounting standards, to be included in the Company's financial statements and, if so, requires audit testing to be carried out. The inclusion of any such provision within the financial statements is not expected to have any impact on the net asset figure or the results of the business due to the claim being covered by the Group's insurance policy and indemnities.
Audit work on all other areas has been substantially completed and no other material adjustments are expected.
STM confirms that the financial results remain in line with previous guidance, as stated in the trading update dated 3 February 2021. The Company expects to report 2020 Revenues of £24.0m, EBITDA of £3.6m, PBT of £2.0m and net cash of £15.5m.
For further information, please contact:
STM Group Plc |
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Alan Kentish, Chief Executive Officer Therese Neish, Chief Financial Officer | Via Walbrook PR www.stmgroupplc.com |
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FinnCap | www.finncap.com |
Matt Goode / Emily Watts - Corporate Finance Tim Redfern / Richard Chambers - ECM | Tel: +44 (0) 20 7220 0500 |
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Walbrook | www.walbrookpr.com |
Tom Cooper / Paul Vann | 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 which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring.
Today, STM has operations in UK, Gibraltar, Malta, Jersey and Spain. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand. STM has developed a specialist international pensions division which specialises in SIPPs, Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes (QNUPS). STM has two Gibraltar life assurance companies which provide life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.
Further information on STM Group can be found at www.stmgroupplc.com