STM Group PLC Date Change for Results Announcement (6610V)
April 16 2021 - 1:00AM
UK Regulatory
TIDMSTM
RNS Number : 6610V
STM Group PLC
16 April 2021
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 GBP24.0m,
EBITDA of GBP3.6m, PBT of GBP2.0m and net cash of GBP15.5m.
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Officer Via Walbrook PR
Therese Neish, Chief Financial Officer www.stmgroupplc.com
FinnCap www.finncap.com
Matt Goode / Emily Watts - Corporate Finance Tel: +44 (0) 20 7220
Tim Redfern / Richard Chambers - ECM 0500
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
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END
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