STM Group's reported revenue rose 7.5% from £22.4m to £24.1m with recurring revenues accounting for the bulk (91%) of this figure, according to its audited final results for the 12 months ended 31 December 2022.
In a statement on 27 June, STM further highlighted that all personal pension businesses (with the exclusion of the Mercer acquisition) were now on one administration system, and the launch of the Malta occupational pension on a straight through processing technology.
The multi-jurisdictional business also reported that corporate pensions (auto-enrolment) effectively negated most of the financial impact of the "small pots" legislation by negotiating share of investment management fees.
The UK proposition was growing as a key jurisdictional focus following the integration of UK acquisitions, it said, and centralisation of the business development function had driven increased "top line" growth, with a new group head of business development joining earlier in the year.
Analysis of value chain had identified further opportunities to generate revenue and profits, including interest sharing policy, while it further pointed to a "revitalised PLC board, as well as some changes at senior management level".
Alan Kentish, chief executive, said: "These results demonstrate the solid underlying performance of our business, in a market which continues to evolve and present opportunities for an independent such as STM.
"We are conscious that we have not yet realised our true potential and are working towards a revised strategy to maximising the opportunities and to deliver shareholder value. Progress has been made in 2023 and we look forward to updating the market at the earliest opportunity."
