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INVESTOR RELATIONS

Preliminary Results

Preliminary Results

08 March 2011

STM Group PLC (AIM:STM), the cross border financial services provider, announces its preliminary results for the year ended 31 December 2010.

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Year end highlights

Financial

  • Results and dividend in line with market expectations
  • Revenue of £10.5 million (2009: £8.5 million)
  • Profit before tax after exchange gains more than doubled to £1.5 million (2009: £0.7 million)
  • EPS up 85% to 2.90 pence (2009: 1.57 pence)
  • Strong balance sheet with cash of £3.7 million at year end
  • Final dividend of 0.4 pence, payable on 10 June 2011, representing a total dividend for FY2010 of 0.6 pence

Operational

  • Overall performance benefits from strategic focus and improving trading conditions
  • Trading revenues in STM's core business units maintained year-on-year, despite down-time for integration and new, upgraded back office software platform installation
  • Enhanced profit margins coming through as a result of a cost efficiency drive
  • Strategic acquisition of Zenith Trust Company Limited performing well, giving a significant business presence in Jersey. STM's "second engine room" is created
  • Significant investment in business development personnel and associated costs in 2010 expected to generate uplift in revenue from 2011
  • New products launched, including Malta QROPS product and EFRBS
  • New Malta operation trading profitably from commencement through organic growth
  • Current trading and outlook benefits from robust underlying revenue base, with billable fees providing pleasing revenue visibility for early part of 2011

Colin Porter, Chief Executive Officer of STM Group PLC, commented: "I am pleased to report results which clearly demonstrate that STM has progressed well over the past year and that confidence and financial activity is gradually returning to the sector. STM's wider international presence, extended financial product range and significant steps made in improving its operations particularly from a new business perspective mean that the Group remains confident about its prospects for 2011."

 

For further information, please contact:

STM Group PLC
Colin Porter, Chief Executive Officer
colin.porter@stmgroupplc.im
Tel: 00 350 200 42686 www.stmgroupplc.com

Evolution Securities Tel: +44 (0) 20 7071 4300
Jeremy Ellis / Chris Clarke www.evosecurities.com
   
finnCap Tel: +44 (0)20 7600 1658
Tom Jenkins / Marc Young www.finncap.com

Media enquiries:

Abchurch
Henry Harrison-Topham / Mark Dixon Tel: +44 (0) 20 7398 7702
henry.ht@abchurch-group.com www.abchurch-group.com

 

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