STM declares return to 'robust' health in 2018 and appointment of new COO

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STM declares return to 'robust' health in 2018 and appointment of new COO

STM Group, the cross-border financial services provider, today announced a trading update for the 12 months to 31 December 2018 and the appointment of a chief operating officer to the firm's board.

The Group expects to deliver revenue of £21.3m, on revenues of £21.5m for 2017 and a profit before tax of £3.9m for 2018, down slightly on £4m for 2017. This represents underlying revenue of £20.5m and underlying profit before tax of £3.7 million, an increase on the £3.2m reported for the previous year, demonstrating year-on-year growth in key metrics of the underlying business. 

Additionally, the company announced that Peter Marr has been appointed as chief operating officer of STM and has joined the board of directors with immediate effect. Marr formally worked as COO of Police Mutual, one of the UK's largest affinity mutual societies providing insurance, mortgages and savings products to its members, overseeing a staff in excess of 600 people. Prior to that Peter was Operations Director at Capita Insurance Services. He has a record of delivering improvements and efficiencies to organisations that he has previously worked in.

The appointment of the COO is the final major appointment for the Group in enhancing its governance and risk management framework. Part of this process was commenced in early 2017 with the appointment of a Head of Enterprise Risk Management and was enhanced further in 2018 with the appointment of a group internal auditor. As well as the COO appointment, the Group has also recently appointed a full-time group counsel and company secretary, to take over from Elizabeth Plummer who will retire later on in the year. These appointments, together with key appointments to the Board over the past 12 months who each bring with them significant depth of experience, will add to the robustness of the business, STM said in a statement.

Challenging start
Alan Kentish, CEO of STM Group commented: "While 2018 started off as a challenging year for STM, there is no doubt that our management team responded admirably and as a result of the Deloitte review we move into 2019 as a stronger and more robust business.

"I am delighted that Peter Marr has joined the team, and he will no doubt be a valuable asset in helping the executives to deliver increased value and confidence to our shareholders and our wider stakeholders."

UK-based STM has offices in Gibraltar, Malta, the Isle of Man, Jersey and Spain.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.