November 27, 2019 / 7:49 AM / 14 days ago

STM Group warns on profit on UK pension market uncertainty

Nov 27 (Reuters) - Financial services provider STM Group 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.

$1 = 0.7794 pounds Reporting by Muvija M in Bengaluru, Editing by Sherry Jacob-Phillips

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