STM Group PLC - AGM Trading Update
("STM" or "the Company" or "the Group")
AGM Trading Update
STM acted quickly to implement working from home and workplace practices to meet government guidelines and ensure the safety of employees and customers. These protocols currently remain in place; however senior management is working towards formulating a 'return to office' policy which can be rolled out subject to updated government guidance.
Customer service levels have been maintained during this period with a limited impact being seen on the Group's ability to service existing customers and onboard new business. New business pipelines continue to build, albeit conversion timelines on flexible annuity remain slower than anticipated. Trading in the first four months of the year has been in line with the Board's revised expectations.
STM's implementation of its Target Operating Model and IT projects to improve performance and enhance operating margins continue as planned. Additionally, the launch of the Group's new
Growth through acquisition remains core to STM's medium term ambitions and the Board continues to actively pursue acquisitions that will strengthen the Group's position as a niche pensions administrator in the
The judgment handed down on
The recurring revenue business model and strength of the Group balance sheet gives the Board confidence that STM is well placed to navigate the challenges presented by the current COVID-19 pandemic, and can continue to pursue its growth strategy as we emerge from this period of uncertainty.
The Board will provide a trading update for the six months to
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information, please contact:
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Tel: Via Walbrook
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Tel: +44 (0) 20 7220 0500
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Tel: +44 (0) 20 7933 8780
Mob: +44 (0) 797 122 1972
Notes to editors:
STM is a multi-jurisdictional financial services group which is listed on the AIM Market of the
Today, the Group has operations in the
STM's growth strategy is focussed on both organic initiatives and strategic acquisitions.
Further information on
This information is provided by RNS, the news service of the
Quick facts: STM Group PLC
Market Cap: £20.2 m
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