STM to quit Gibraltar for UK HQ
The cross-border financial services provider STM Group is to move its headquarters out of Gibraltar by the end of January.
The group will establish its head office to the UK, where it currently has a regional office.
Separately, the group posted its end of year results on Wednesday for the year to 31 December 2017. The company anticipates a profit before tax of not less than £3.8m (up from £2.8m in 2016).
Alan Kentish, CEO of STM, said: “With the UK budget instantly curtailing most of our new Rops business in March and the exceptional circumstances of 4Q, 2017 has certainly brought its unexpected challenges. Pleasingly, however, management was able to react proactively which allowed the business to perform in line with management expectations.
“The Group’s annual recurring revenue continues to underpin our business. However, 2017 has resulted in significant changes to our geographic footprint and business proposition – an upsizing of our UK business and less reliance on our Gibraltar and Malta pension businesses.
“Such a repositioning of our business is time consuming and required some integration during 2017. This investment brings opportunities in 2018 to improve our profit margins,” Kentish added.
STM Group’s shares, which are listed on the AIM, were up 8.7% Wednesday morning on news of the closure.