City briefs: Trakm8; Secure Trust Bank
The finance boss at Coleshill telematics data provider Trakm8 is to step down.
Jon Furber will return to a private equity firm and be replaced by Jon Edwards, who will take up the role of chief financial office at the beginning of October.
Edwards has been employed by the group for over 14 years, for many of those years as the group financial controller and more recently as group operations director.
John Watkins, executive chairman, said: “On behalf of the board, I would like to thank Jon Furber for his significant contribution to the group and wish him well for the future. We look forward to welcoming Jon Edwards to the board.”
Solihull-based Secure Trust Bank says it expects profits before tax to be “materially ahead” of current market expecations for 2021.
The board considers current market expectations for the financial year ending 31 December 2021 are an average profit before tax of circa £29.5m within a range from around £26.4m to £36.8m.
The bank says there is “sufficient evidence” that its IFRS 9 impairment provisions in the current financial year are expected to be significantly lower than the preceding year.
A statement read: “The board remains cautious on the near to medium term UK economic outlook and will maintain a prudent provisioning policy, in case economic conditions worsen in the second half. The benefit arising from reduced provisioning levels is expected to be less marked in the financial year ending 31 December 2022, given the increasing lending activity and the IFRS 9 provisioning required on new lending.”
The group will announce its interim results for the six months ended 30 June 2021 on 5 August.
