- Cross-border financial services group STM booked a lower annual profit, partly owing to it recording a one-off bargain purchase gain in the previous year.

Pre-tax profit for the year through December decreased to £2.0 million, down from £3.9 million year-on-year.

Revenue increased to £24.0 million, from £23.3 million, though underlying pre-tax profit before the bargain purchase gain fell to £2.4 million, down from £2.6 million.

STM declared a full-year dividend of 1.4p per share, down from 1.5p year-on-year.

'Whilst the year has had challenges, we have achieved a great deal in progressing our three-year transformation and growth strategy,' chief executive Alan Kentish said.

'We see 2021 being a year where a number of strategic initiatives come to fruition that will build on efficiencies within the business.'

'There is an energy and focus for the remainder of 2021 in building some key partnerships that will help drive new business volumes.'

'Additionally, our acquisition pipeline is active and expected to be a pillar of our future growth.'

"STM is an increasingly streamlined and more focused business. The board is optimistic for its future and looks forward to updating on progress in 2021.'

At 8:43am: [LON:STM] STM Group PLC share price was 0p at 28.5p

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