30th Jan 2019 11:27
LONDON (Alliance News) - STM Group PLC on Wednesday said it intends to invest in growth in its current financial year after it saw a decline in revenue and profit in 2018.
In addition, STM appointed Peter Marr as chief operating officer with immediate effect. Marr is a former COO of mutual society Police Mutual. Prior to that, he was operations director at Capita Insurance Services.
The financial services provider said it expects to deliver revenue of GBP21.3 million in 2018 and pretax profit of GBP3.9 million, down 0.9% and 2.5%, respectively, year-on-year.
On an underlying basis, stated net of insurance technical releases and one-off revenue and costs, revenue and pretax profit in 2018 grew by 1.5% to GBP20.5 million and by 16% to GBP3.7 million, respectively.
"2019 will be a year of consolidation and investment, but with a new enlarged and experienced board, we will have all the building blocks in place for our ambitious short term growth and acquisition strategy,"said Chief Executive Alan Kentish.
STM expects to announce its 2018 results on March 26.
The stock was trading 5.3% lower on Wednesday at 54.00 pence each.
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