STM, the multi-jurisdictional financial services group based in Malta, announced profits and revenue on a par with 2017 as its full-year results were published this morning.
The company reported revenue for 2018 of £21.4m, slightly down on £21.5m in 2017. Profit before tax for the period was £4m, the same figure as for 2017, although profit margins increased by 2% to 18%. The company described its figures as "healthy" coming in a period of "operational progress."
Commenting on the results and prospects for STM Alan Kentish, CEO, said: "We are pleased with another solid profitable year at STM, which has been coupled with significant operational progress within the Group. Our management, governance and risk structures have been strengthened to ensure that we are well placed to integrate our recent acquisitions, meet our industry compliance needs and can rely on a robust infrastructure to support future growth.
The focus on acquisitions will be in relation to UK workplace master trusts, QROPS legacy books of business in Malta or Gibraltar, and UK based SIPP operators."
"Our markets continue to evolve and present opportunities for well funded operators. STM intends to be at the forefront of product development and sector consolidation and has a refined short-term strategy to maximise this opportunity."
Actively seek acquisitions
Kentish explained that 2019 will see the full integration of the Carey business with its UK SIPP businesses that will give some "substantial efficiency savings".
This integration will dovetail with the drive towards a single IT policy administration system across the company. In addition, the company says it will continue to actively seek out new acquisitions.
The focus on such acquisitions will be in relation to UK workplace master trusts, QROPS legacy books of business in Malta or Gibraltar, and UK based SIPP operators. STM Group shares were trading 2.2% higher on Tuesday morning at 47.50p each.