STM Group has revealed it will target UK-based SIPP operators and workplace maters trusts as its latest results showed profits remained stable at £4m.

The group, which bought Carey Pensions last month, has pledged to seek out further acquisitions in its full year results for the year ended 31 December.

Referring to the takeover of Carey and future direction of the business an accompanying report read: “2019 will see the full integration of the Carey business with our UK SIPP businesses that will give some substantial efficiency savings in the short and medium term.

“This integration will dovetail with the drive towards a single IT policy administration system group wide for all personal pension and life businesses that will allow for further improvements in our operating margins.

“In addition, the company will continue to actively seek out new acquisition opportunities.

“Focus on such acquisitions will be in relation to UK workplace master trusts, QROPS legacy books of business in Malta or Gibraltar, and UK based SIPP operators where the opportunity arises.”

Elsewhere the results showed a pre-tax profit freeze of £4m - the same as the previous year.

Revenue for the period fell from £21.5m to £21.4m and net cash and cash equivalents increased by £500,000 to £15.6 million.

Alan Kentish, chief executive, said: “We are pleased with another solid profitable year at STM, which has been coupled with significant operational progress within the Group. 

“Our management, governance and risk structures have been strengthened to ensure that we are well placed to integrate our recent acquisitions, meet our industry compliance needs and can rely on a robust infrastructure to support future growth.
 
“Our markets continue to evolve and present opportunities for well funded operators. 

“STM intends to be at the forefront of product development and sector consolidation and has a refined short-term strategy to maximise this opportunity.”