SIPP provider STM has reported half year, pre-tax profit down by £400,000 as negotiations over a takeover bid for the group are extended again.

The £39m bid for SIPP provider STM Group has been extended for a fourth time as chief executive Alan Kentish strives to buy a chunk of the company.

STM Group, parent company of SIPP provider Options, has reported a 44% drop in profit before tax for the six months ended 30 June.

STM Group, the international financial services provider which owns Carey Pensions, has reported a 48% drop in profit before taxation for the year ended 31 December.