Interim Results for the six months ended 30 June 2011
20 September 2011
STM Group PLC (AIM: STM), the cross border financial services provider, is pleased to announce its interim results for the six months ended 30 June 2011.
The full results are available to
- Revenue for the period increased 9% to £5.07 million (30 June 2010: £4.66 million)
- Operating profit before tax up to £0.79 million (30 June 2010: £0.77 million)
- Healthy balance sheet with cash of £3.31 million (31 December 2010: £3.70 million) having repaid £1.08 million of borrowings and deferred consideration
- Healthy net cash collection generated from operating activities of £1.03 million for the six months (30 June 2010: £0.60 million)
- EPS for period 1.21 pence (30 June 2010: 1.39 pence)
- Core CTS business trading in line with expectations demonstrating predictable and robust earnings
- Key acquisition of Zenith in Jersey in 2010 created critical mass and is performing in the line with management expectations
- New business and marketing initiatives increased, including business wins from new geographical areas
- Pensions division seeing significant increase in distribution network enquiries - this trend is expected to continue into the second half of the year
Commenting on the results and the prospects for STM, Colin Porter, CEO said:
The first half of 2011 has performed broadly in line with managements' expectations and continues to build on a solid 2010 performance. Considerable effort and resources have gone into business development and marketing which have resulted in enquiries being generated from new markets, which bodes well for the future. Innovative product variations have been a key feature for the first six months of the year with anticipated release of new pensions and life assurance savings products due during the fourth quarter of 2011, which will be very well received by our intermediary introducers.
The above, coupled with the robust and predictable performance of our core CTS business should result in a milestone change for the Group in 2012.
Finally, I would like to thank Bernard Gallagher, who was STM Group's Non-Executive Chairman since the 2007 flotation, for all his efforts and hard work over the years prior to him stepping down earlier this year. Julian Telling, our new Non-Executive Chairman, has taken up the role and I am delighted with his enthusiasm at the challenge of growing our business further.
For further information, please contact:
|STM Group PLC|
|Colin Porter, Chief Executive Officer||Tel: 00 350 200 42686|
|Alan Kentish, Chief Financial Officer||www.stmgroupplc.com|
|FinnCap||Tel: +44 (0) 20 7600 1658|
|Marc Young / Christopher Raggett - Corporate Finance||www.finncap.com|
|Simon Starr - Corporate Broking|
|Henry Harrison-Topham / Mark Dixon||Tel: +44 (0) 20 7398 7729|