STM Group sees only 'limited impact' from Covid-19
By Iain Gilbert
Date: Thursday 06 Aug 2020
(Sharecast News) - Financial services provider STM said on Thursday that it had seen only a "limited impact" on its ability to service existing customers and onboard new business from the ongoing Covid-19 pandemic.
STM said its new business pipeline remained "healthy" and had continued to grow month-on-month, although it did acknowledge that conversion timelines on flexible annuity and bulk transfers of work-place pensions were slower than previously anticipated, primarily due to the pandemic.
The AIM-listed group also stated the anticipated acceleration in conversions in its workplace pensions and the London and Colonial flexible annuity pipelines would be required in the second half of the year in order for it to hit new business revenue targets.
Operationally, STM said it had continued to keep "a strong control on costs", which in turn protected margins and profit expectations.
Looking forward, STM stated it was progressing a plan to safely bring more staff back to the office environment and said it maintained a "strong balance sheet and a market-leading position".
As of 1030 BST, STM shares are down 4% at 26.40p.
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