Pensions group STM’s pre-tax profits fell 72% in 2023 as the takeover by Pension SuperFund Capital continues to rumble on.

The £39.8m acquisition of pension services and SIPP provider STM by Guernsey-based investment vehicle Pension SuperFund Capital has been extended for another month after the firms said it was taking longer than expected to receive regulatory approvals.

Pension services and SIPP provider STM has been acquired by Guernsey-based investment vehicle Pension SuperFund Capital in a £39.8m deal that was extended several times since first being announced in July.

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.