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Interim Results announcement for the six months ended 30 June 2009

08 September 2009

STM Group PLC (AIM:STM), the cross border financial services provider, announces its interim results for the six months ended 30 June 2009.

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Financial highlights

  • Revenue for the period of £4.13 million (30 June 2008: £4.26 million)
  • Profit before tax of £0.18 million (30 June 2008: £1.43 million)
  • Strong balance sheet with cash of £3.91 million (30 June 2008: £4.94 million)
  • Interim dividend per share proposed of 0.2 pence payable on 30 October 2009 (2008: 0.2 pence)

Operational highlights

  • Core CTS business trading in line with expectations, despite difficult market conditions and restructuring costs
  • Loss of significant treasury management fees now largely being replaced with new higher margin client wins
  • Integration and restructuring of STM Fiduciaire in Jersey now largely complete
  • Continued widening of geographic footprint:
    • STM Swiss in Zurich established; and
    • Acquisition of Citadel Group in Luxembourg, subject to regulatory approval
  • Strengthening of executive management team with appointment of Colin Porter as COO
  • New business and marketing initiatives increased, including senior hires

Commenting on the summary and outlook, Tim Revill, CEO said :

"The first half of 2009 has been one of consolidation, cost cutting and restructuring for the Group, which has resulted in an efficient and scalable platform upon which to grow. The Group's core business as a CTS provider remains robust, despite the wider global economic pressures. Whilst we are disappointed that the Jersey office and STM's insurance division are currently trading below our original expectations, new product offerings such as STM Life and new offices such as STM Swiss should begin to make contributions to the Group towards the end of the year, albeit at a slower rate than our revised expectations. The Group's cash position remains strong at just under £4.0 million enabling STM to continue to seek out suitable strategic and earnings enhancing bolt-on acquisitions to bring our smaller offices up to critical mass.

We suspected in late 2008 that this year would be challenging, but the depth of the economic slowdown has been more challenging than our industry anticipated. A direct consequence was that a number of our clients put off making investment decisions in the first half of this year and this translated into a lower level of activity and delayed take-up of new products and services for STM. In recent weeks we have witnessed signs that normal activity is slowly resuming, however we remain cautious about an immediate return to previous levels of growth."

 

For further information, please contact:

STMGroup Plc
Tim Revill, Chief Executive Officer Tel: +350 200 51610
Colin Porter, Chief Operating Officer www.stmgroupplc.com
Evolution Securities Limited 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
George Parker Tel: +44 (0) 20 7398 7719
[email protected] www.abchurch-group.com


UNITED KINGDOM

Options UK 
(part of STM Group Plc)
1st Floor Lakeside House
Shirwell Crescent
Furzton Lake
Milton Keynes
Buckinghamshire
MK4 1GA

UNITED KINGDOM

London & Colonial Services Limited
(part of STM Group Plc)
1st floor
21 Perrymount Road
Haywards Heath
West Sussex
RH16 3TP
UK

GIBRALTAR

PO Box 575
Montagu Pavilion
8-10 Queensway
Gibraltar
GX11 1AA

MALTA

San Gwakkin Building
Level 1
Triq is-Salib tal-Imriehel
Zone 4
Central Business District
Birkirkara, CBD4020
Malta

SPAIN

Edif. Sotovila
Plaza Mayor
P.N. de Guadiaro
Sotogrande
Cadiz
11311
Spain

HEAD OFFICE

Suite 315
5 Chancery Lane
London,EC4A 1BL
UK

REGISTERED OFFICE

1st Floor,
Viking House,
St Paul’s Square, Ramsey,
Isle of Man,
IM8 1GB.

STM is a multi-jurisdictional financial services group listed on AIM, a market operated by the London Stock Exchange.
The Group specialises in the administration of client assets in relation to retirement, estate and succession planning and wealth structuring.

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STM Group companies are regulated where required in their host jurisdictions.

STM in the UK (London & Colonial and Options UK): Financial Conduct Authority - STM in Gibraltar: Gibraltar Financial Services Commission - STM in Malta: Malta Financial Services Authority - STM in Spain: Director General de Seguros, Fondos y Pensiones: STM Nummos, SL figura inscrita en el Registro Mercantil de Cádiz, Tomo 1612, Hoja 6697, Libro 0, Folio 14. CIF B-11301199.

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