Preliminary Results
03 March 2009
STM Group Plc (AIM:STM), the cross border financial services provider, announces its preliminary results for the year ended 31 December 2008.
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Year end highlights
- Revenue of £9.19 million (2007: £5.29 million*)
- Like for like organic revenue growth of 12%
- Profit before tax of £2.84 million (2007: £1.78 million*)
- EPS of 6.48 pence (2007: 5.29 pence*)
- Raised £2.8 million (gross) through the issue of 4.7 million new ordinary shares at 60 pence in March 2008
- As part of ongoing acquisition strategy, successfully acquired and integrated:
- St George Financial Services Limited, Jersey (renamed STM Fiduciaire Ltd)
- Portfolio of 200 Gibraltar companies from Jordans (Gibraltar) Limited
- Portfolio of 604 BUPA clients, resident in Spain
- Obtained financial services licences for:
- STM Nummos Life SL as insurance intermediary in Spain
- STM Life Assurance PCC Plc, Gibraltar, to write Class III, linked long term life business (insurance wrappers)
Post year end highlights
- Company management licence granted in BVI, subject to (standard) conditions
- STM Swiss AG office opened in Zurich for Ultra High Net Worth Individual clients
*11 months to 31 December 2007
Commenting on the results, Tim Revill, Chief Executive Officer, said: “2008 has obviously been a challenging year for everyone, but STM’s robust business model has, again, enabled the Group to meet market expectations. At the same time, STM has continued its acquisition and integration strategy and has extended the range of its services. The Group has implemented operational improvements which provide further capacity and scalability within the business. This coupled with the clear market opportunities mean that the Group remains confident about its prospects for 2009.
For further information, please contact:
| STM Group Plc | |
| Tim Revill, Chief Executive Officer | Tel: 00 350 200 51610 |
| www.stmgroupplc.com |
| Evolution Securities Limited | |
| Jeremy Ellis / Chris Clarke | Tel: +44 (0) 20 7071 4300 |
| www.evosecurities.com |
Media enquiries:
| Abchurch | |
| Henry Harrison-Topham | Tel: +44 (0) 20 7398 7702 |
| henry.ht@abchurch-group.com | www.abchurch-group.com |
Notes to editors
STM was formed in 2007 specifically to become a leading financial services group operating in the Corporate and Trustee Service Provider (CTSP) sector. The Company listed on the AIM market of the London Stock Exchange in March 2007. The traditional business of CTSPs is to administer and manage personal, family and commercial assets and income streams in tax efficient jurisdictions. The Company's aim is to grow through acquiring and consolidating high quality existing CTSPs which offer complementary products and services and that operate in complementary tax efficient jurisdictions to those provided by STM's first acquisition, the Gibraltar based CTSP, Fidecs Group Limited (“Fidecs”).
Fidecs is the second largest financial services firm in Gibraltar and employs over 101 people. It specialises in financial planning for both High Net Worth individuals (“HNWI”) moving to work, living or retiring overseas or making cross-border investments, and for entrepreneurial, predominantly, owner-managed businesses, expanding into or re-locating to other, frequently lower tax, jurisdictions. It also includes an insurance management division, specialising in providing set up and management services to newly formed insurance companies operating out of Gibraltar. For the nine months of trading, since the acquisition of Fidecs Group on the 28 March 2007, to 31 December 2007, STM Group reported revenue of £5.29 million with pre tax profit of £1.78 million and for the subsequent 6 months to 30 June 2008 the reported revenue was £4.26m with pre tax profits of £1.43million.
In June and August 2007 STM acquired two Gibraltar based CTS providers, the Atlas Group of companies and Parliament Corporate Services Limited. These two acquisitions further consolidated STM's leading position in Gibraltar. The Group expanded into the Channel Islands in December 2007, with the purchase of Compagnie Fiduciaire Trustees Limited. In June 2008, STM increased its presence in the Channel Islands with the acquisition of St George Financial Services Limited.
The CTSP market is fragmented in nature, comprising a small number of very large international financial services groups and a large number of relatively small trust and company management businesses regulated by, and operating out of, a single jurisdiction.
Further information on STM Group can be found at www.stmgroupplc.com