- STM Group said, looking ahead to H2, directors are confident the group is performing ahead of existing expectations with management now expecting revenue of £19.8m and pretax profit of £3.2m.

"The UK 2017 Spring Budget presented challenges for STM, however I am pleased with how, as a business and a management team, we are starting to overcome them," said CEO Alan Kentish.

"As expected, our core profitability was unaffected by the budget, given our well recognised and understood recurring revenue model. We feel confident that we have the tools and infrastructure to grow our profit line substantially for the foreseeable future.

"With the possibility of some straight-forward 'bolt-on' acquisitions in the QROPS sector, along with the imminent launch of our Australian pension offering, and some further efficiencies in how we process our existing business coming on stream shortly, we are currently optimistic about the Group's growth prospects."

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