- Cross border financial services provider STM Group said it expected to book a small fall in annual profit owing to a technical reserves release from its insurance unit.

Revenue for the year through December was expected to fall to £21.3m, down from £21.5m on-year.

Pre-tax profit would fall to £3.9m, down from £4.0.

Excluding a £0.5m technical reserve release from London & Colonial Assurance underlying pre-tax profit was expected to rise 15% to £3.7m.

STM also announced that it had appointed Peter Marr as chief operating officer.

Marr had previously served as COO of mutual socieity Police Mutual and operations director of Capita Insurance Services.

'Whilst 2018 started off as a challenging year for STM, there is no doubt that our management team responded admirably and as a result of the Deloitte review we move into 2019 as a stronger and more robust business,' chief executive Alan Kentish said.

'Notwithstanding the challenges, we are pleased to have delivered a year of growth and been active in making two strategically significant acquisitions.'

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