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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April 16, 2021 02:00 ET (06:00 GMT)