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Cross-border financial services specialist STM reported a fall in annual profit after rising revenue was offset by expenses.
Pre-tax profit for the year through December declined to £3.9m, down from £4.0m on-year. Revenue rose 8.4% to £23.2m.
STM declared total dividends for the year of 1.50p, down 25% on-year.
'2019 has been a year of transition for the group as we move towards a more efficient and unified business,' chief executive Alan Kentish said.
'This has meant that the 2019 numbers have included some additional investments in infrastructure under our revised operating nodel, and we saw a timing delay in the uptake of certain new business initiatives.'
Kentish said the resilience of the company's business model would be tested by the Covid-19 crisis, but that it was confident its annual recurring fees, predominantly based on a fixed quantum rather than a percentage of assets under administration, gave a high degree of revenue visibility.
'An assessment of our business has indicated that based on existing interest rates and current depressed financial markets only £0.4m of our 2019 £18m of recurring revenue is at risk with a similar consequential risk to profitability,' he added.