- Expatriate-focused financial services outfit STM Group said its annual profit grew by 43% after the introduction of a new self-invested personal pension product helped boost revenue.

Pre-tax profit rose to £4.0m, up from £2.8m in 2016, as revenue increased by 24% to £21.5m.

The company declared a final dividend of 1.2p per share, up from 1.0p in 2016.

'I am delighted that STM has delivered record profits for 2017, against a backdrop of a number of operational challenges,' chief executive Alan Kentish said.

'However, as a result of this our business now has a more UK regulated focus which I think is beneficial for all our stakeholders.'

'Moving into 2018, we have a solid recurring revenue platform on which to look to launch new products and to expand our distribution network as part of a strategy to make our business even more robust.'

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