LONDON (ShareCast) - (Sharecast News) - Financial services provider STM said the first half of its trading year had progressed in line with management's expectations, underpinned by its underlying recurring revenue stream and a steady flow of new business.
A particular driver of new business has been for the international SIPP.

STM's integration of overseas pension scheme specialist Harbour has progressed according to plan with full integration of the business into STM Malta expected to be completed by the end of August.

The Harbour acquisition, for which STM was given approval back in February 2018, was expected to be "moderately" earnings enhancing for the full year.

The AIM-listed firm noted that its board was continuing to look for earnings enhancing acquisitions of pension administration businesses in both the international pensions market, as well as that of the UK domestic market.

STM revealed that it has been continuing to build on its governance framework, and as such, has appointed a group internal auditor and has taken the decision to recruit a chief operating officer to join its existing executives.

In addition to the search for a COO, the recruitment of a new chairman and an additional non-executive director was in "the final stages", with the company expecting to update the market on this in the "near future".

"We look forward to the second half of 2018 with confidence in our robust business model and remain on track to achieve current management expectations for the full year," STM said.

STM will post its interim results for the six months ended 30 June on 11 September.

As of 0940 BST, STM shares had shot up 5.13% to 61.50p.

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