STM Group plc (GB:STM) has released an update.
STM Group PLC, a cross-border retirement solutions and life assurance products provider, reported a 17% revenue increase in 2023, buoyed by recurring income streams and a successful Mercer portfolio acquisition. Despite higher adjusted profits, the company saw a significant dip in profit before taxation due to costs related to a proposed acquisition by Jambo. Additionally, STM has agreed on an acquisition deal with Jambo SRC Limited, subject to regulatory approvals, and has entered a lucrative commercial contract with Smart Pension Limited.
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