15 December 2008
STM Group PLC (AIM:STM.L), the cross border financial services provider, today issues the following trading update.
STM continues to deliver strong performance and the Group expects to deliver results for 2008 at least in line with market expectations, despite the broader economic downturn. As previously stated, STM's business is not dependent upon the value of the underlying assets which the Group administer, whilst the value of these assets may fluctuate due to wider market conditions, STM's income arises largely from fixed fees and fees based on time spent in administration.
This week the Group will move all of its Jersey based staff and operations into the newly completed Jersey head office, Windward House, in the new financial district of St Helier. STM anticipates being able to add further to our Jersey operations during the early part of 2009.
Tim Revill, Chief Executive Officer, comments: The market for our services remains robust. Clear visibility of future earnings for 2009 forecasts and beyond coupled with strong market conditions, as evidenced by some significant new client wins in recent weeks, mean we remain confident about the future."
For further information, please contact:
|Tim Revill, Chief Executive Officer
|Tel: 00 350 51610
|Matt Wood, Non-executive director
|Tel: +44 (0) 20 7752 0215
|Daniel Stewart & Company Plc
|Tel: +44 (0) 20 7776 6550
|Lindsay Mair / Stewart Dick
|Tel: +44 (0) 20 7398 7702
Notes to editors:
STM is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and in the administration of assets for international clients in relation to retirement, estate and succession planning, and wealth structuring.
Today, STM has trading operations in Gibraltar, Malta, Jersey, and Spain. It has also recently opened satellite offices in South East Asia, the Middle East, and South Africa. The Group continues to expand through the development of additional products and services that its ever-more sophisticated clients demand.
STM has, for example, a dedicated international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS) and Qualifying Non-UK Pension Schemes (QNUPS); it also has a Gibraltar Life Insurance Company, STM Life Assurance PCC PLC, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.
Further information on STM Group can be found at www.stmgroupplc.com