Interim Results for the six months ended
30 June 2008
09 September 2008
STM Group Plc (AIM:STM), the cross border financial services provider, announces its interim results for the six months ended 30 June 2008.
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FINANCIAL HIGHLIGHTS
- Profit before tax for the first half of the year was up 111% to £1.43 million (30 June 2007*: £0.68 million)
- Revenue for the period rose 154% to £4.26 million (30 June 2007*: £1.68 million)
- Basic earnings per share rose by 24% to 3.16 pence (30 June 2007*: 2.55 pence
- Maiden interim dividend per share proposed of 0.2 pence payable on Friday 17 October 2008
- Further acquisition finance secured in March through institutional equity placing raised £2.82 million
* Comparative period was for five months only and included only 3 months of trading results
OPERATIONAL HIGHLIGHTS
- Continued healthy organic growth of acquired businesses. STM Fidecs revenue to June 2008 up 10% on a like for like basis to £3.47 million (2007: £3.16 million ).
- Two acquisitions made in the first half of the year:
- A portfolio of 188 companies in Gibraltar in January 2008; and
- St. George Financial Services in Jersey in June 2008
- Leading presence now built up in Gibraltar CTSP sector, with significant presence now being achieved in Jersey
- Launch of STM Life Assurance PCC Plc
- Strengthening of senior management with hiring of new Gibraltar and Jersey CEO and IT Development Director, to build a single Group-wide business intelligence platform
- CTSP market remains robust, with STM securing a number of substantial new client instructions
- Visibility and predictability of revenue remains excellent, with few signs of adverse affects of credit crunch
Commenting on summary and outlook, Tim Revill, CEO said :
“The CTSP sector remains robust, with significant opportunities for consolidation activity, providing confidence in our stated “buy and build” strategy. The Group will continue to focus on both maintaining double digit organic growth and seeking out earnings enhancing complementary acquisitions in existing and new jurisdictions. During the period, we’ve taken important steps by investing in both new senior personnel and IT infrastructure. The strengthening of our management team at both Group and operational level has provided a very strong base to take us through the next level of growth.
I am pleased with our progress so far in 2008, as evidenced by our proposed maiden interim dividend, something that we stated as an objective at the time of our admission to AIM early last year. The second half of our financial year is traditionally the stronger of the two in terms of earnings and with further acquisitions in various stages of negotiation, we remain confident of achieving the market’s expectation for the full year.”
For further information, please contact:
| STM Group Plc | |
| Tim Revill, Chief Executive Officer | Tel: 00 350 200 51610 |
| www.stmgroupplc.com | |
| Daniel Stewart & Company Plc | Tel: +44 (0) 20 7776 6550 |
| Lindsay Mair / Chloe Ponsonby |
Media enquiries:
| Abchurch | |
| Henry Harrison-Topham | Tel: +44 (0) 20 7398 7702 |
| henry.ht@abchurch-group.com | www.abchurch-group.com |