09 March 2010
09 March 2010
STM Group PLC (AIM:STM), the cross border financial services provider, announces its preliminary results for the year ended 31 December 2009.
The full results are available to
- Revenue of £8.5 million (2008: £9.2 million)
- Profit before tax of £0.7 million (2008: £2.8 million)
- EPS of 1.57 pence (2008: 6.48 pence)
- Strong balance sheet with cash of £3.8 million at year end – Cash generated from operating activities £0.9 million
- Final dividend of 0.4 pence, payable on 4 June 2010, representing a total dividend for 2009 of 0.6 pence
- Trading revenues (excluding treasury management fees) maintained year on year despite difficult economic conditions
- Organic growth of 7% in Gibraltar CTS division
- Acquired CTS business in Luxembourg to add further cross-border capabilities to the Group, subject to regulatory approval New products launched, including International Life bond and EFRBS
- Set up STM Swiss in Zurich, now gaining traction
Tim Revill, founder of STM's first acquisition, Fidecs Group Limited, has today announced that he will be stepping down from his current role as Chief Executive Officer but will remain on the board as Deputy Chairman. Colin Porter, currently Chief Operations Officer will take up the role of Chief Executive Officer with immediate effect.
Commenting on the results, Tim Revill, Deputy Chairman, said: "The early part of 2009 saw the economies of the world and the global banking system at their most depressed and unstable level in living memory. Most entrepreneurs deferred decisions, whilst they waited to see the outcome. STM's business is to provide financial advice and appropriate administrative structures for investors and entrepreneurs making cross-border commitments. The lower level of client activity, the slower take-up of our new financial products and consequently the Group's revenue in 2009 did not reach our expectations at the beginning of the year.
"However, our business has now stabilised and we see that confidence and financial activity is gradually returning to near normal levels. This, together with STM's wider international presence and the Group's new products, gives the Board confidence that 2010 should show considerable improvement in our results."
For further information, please contact:
|Colin Porter, Chief Executive Officer||Tel: 00 350 200 42686|
|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|
|Henry Harrison-Topham / Mark Dixon||Tel: +44 (0) 20 7398 7702|