17 December 2010
The Board of STM Group PLC (AIM:STM), the cross border financial services provider, is pleased to announce, as expected, that trading has been strong in the second half of the year particularly from the Group's two core business units in trust and company management in Gibraltar and Jersey. The Group's Jersey operation was strengthened further during the year with the acquisition of Zenith Trust Company Limited and the enlarged division has now been successfully integrated and is performing in-line with management's expectations.
The Group is also pleased to report that its newly opened Malta office has made a promising start since its establishment. The Maltese operating licenses were obtained in November 2010 and STM Malta is shortly expected to take on its first new insurance management client. Furthermore, STM Malta has generated significant interest from clients in the Group's international pension products. The Board is confident of capitalising on Malta as a key jurisdiction for the Group.
Accordingly, the Board is confident of the Group meeting market expectations for the current financial year ending 31 December 2010, reflecting solid performance in the period. A further trading update is expected to be made in January 2011 ahead of the Group reporting its preliminary results in early March 2011.
For further information, please contact:
|STM Group PLC|
|Colin Porter, Chief Executive Officer
|Tel: 00 350 200 42686www.stmgroupplc.com|
|Alan Kentish, Chief Financial Officer
|Tel: 00 350 200 78614|
|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|
|Henry Harrison-Topham / Mark Dixon||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