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STM Group warns on profit on UK pension market uncertainty

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By Reuters

(Reuters) – Financial services provider STM Group <STMG.L> said on Wednesday it expects its 2019 underlying earnings to fall by a third, as new business applications within its pension segment were lower than originally budgeted.

STM, listed on London’s junior stock market, forecast an annual underlying pretax profit of 2.5 million pounds ($3.21 million), compared with 3.7 million pounds reported last year.

The slowdown was partly due to some uncertainties and concerns in the general UK pension sector, the company said.

(Reporting by Muvija M in Bengaluru, Editing by Sherry Jacob-Phillips)