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STM begins integration work after buying Harbour Pensions
Cross-border financial services provider STM Group announced on Wednesday that, following its announcement on 16 February, STM Malta has completed on the acquisition of Harbour Pensions.
The AIM-traded company said it would begin the integration process immediately, having already undertaken some preparation since the initial announcement in November last year.
As it noted in its announcement on 13 November, the complete integration of the Harbour business was expected to take around six months from completion.
The board said it believed the acquisition would be "moderately" earnings-enhancing in the first full financial year of ownership, with annualised profit contribution of £0.4m thereafter.
"This is a nice sized bolt-on acquisition for STM which will give a material uplift in the profitability of the STM Malta operation once fully integrated, and we look forward to welcoming the Harbour staff into the group," commented CEO Alan Kentish.
"We believe that there will continue to be further consolidation in the Recognised Overseas Pension Scheme (ROPS) market in both Malta and Gibraltar, and STM's opportunity, as well as challenge, is to be at the forefront of driving any such activity."