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STM Group PLC - London-based cross border financial services provider - Announces a new interest sharing policy with some of its pension members. Says STM has been negotiating with its banking partners to obtain the best rates and when this policy comes into force on July 1, it is expected to contribute at least £1 million annualised profit before tax going forward. Further, states income generated from client assets is expected to be higher in the current year than in the year prior as a result of the increasing interest rates. Explains both these uplifts will compensate for lower than expected new business and some significant non-recurring costs incurred such as the third party costs in relation to the strategic review. Adds recurring administration revenue from existing customers remains in line with management expectations. Current stock price: 24.50 pence 12-month change: down 6% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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