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· As predicted, STM Pensions substantially contributing to Group turnover and profitability · Profitability impacted by £0.2m non-recurring operating costs · Distribution channels growing
http://www.investegate.co.uk/Article.aspx?id=201209180700044470M
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.
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. FINANCIAL HIGHLIGHTS · 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) OPERATIONAL HIGHLIGHTS · 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
http://www.investegate.co.uk/Article.aspx?id=201109200700105307O
STM prepares fireworks for 2011 By Lee Wild Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - STM, the cross-border financial services firm, more than doubled profits in 2010, in line with expectations, and “two little fireworks” could make 2011 a winning year. The company, which helps individuals and businesses with tax, legal, trust and pensions needs, made £1.5m before tax and after exchange gains, up from £0.6m in 2009. A 43% surge at the core corporate and trustee services (CTS) business to £7.6m pushed overall revenue to £10.5m, up 24% on the year before. That’s despite down-time for integration and new, upgraded back office software platform installation. Zenith, bought in April 2010 for £5.1m, has provided the much needed platform for Jersey. Revenue was £2.2m last year and analysts expect a full-year contribution for 2011, perhaps as much as £0.3m, to lift group profit to between £1.8m and £2m. Talking to ShareCast earlier, chief executive Colin Porter and finance boss Alan Kentish predicted “robust” organic growth this year, but were “incredibly excited” by prospects for their overseas pensions product aimed at ex-pats, one of the two “little fireworks”. About £1.5bn has been transferred out of the UK already, but the target market for qualifying recognised overseas investment schemes (QROPS) is almost £600bn, and there are few competitors, says STM. “Every 100 pensions we export is worth about £0.5m to us,” said Porter. “So, it doesn’t take much to change the profile of our revenue streams and profitability. Achieving 360 QROPS in a year could alter the profile quite dramatically.” Life bonds for offshore and overseas taxpayers, a product embraced by huge swathes of Europe, is firework number two. It will also be a focus for the current financial year. “Although only very early days, the growth potential in these two areas is significant for a business the size of STM,” reckon analysts at finnCap. Things haven’t gone quite as well in Switzerland though. It lost less in the second half than the first, but its days could be numbered. It has 3-6 months to start showing progress, ShareCast is told. “Current trading and outlook benefits from robust underlying revenue base, with billable fees providing pleasing revenue visibility for early part of 2011,” STM said. “The board views 2011 as a year in which to continue to consolidate the initiatives of previous years in order to deliver enhanced profitable growth. Acquisition activity is likely to be limited in 2011.” The Malta overseas pensions product (QROPS) has been approved by UK authorities and the pipeline and interest for this product is “growing significantly”. STM wants to double turnover to around £0.6m. “With the compa
Would appreciate any info you have on this one
And Activities are "Provision of Corporate and trustee services". Hmmm
Shares in STM Group, the cross boarder financial services provider, climb 5.8 percent, after the company says it expects results for 2008 to be inline with expectations, leading Daniel Stewart to repeat its strong 'buy' rating and 85 pence target price. Daniel Stewart says the update shows that STM continues to trade 'strongly', and it considers the company one of its favoured defensive plays in financials because of the earnings visibility. The broker, which has a 2009 pretax profit forecast of 2.9 million pounds for STM, says the company now trades on an unjustifiably low price to earnings ratio of 5.6 times, so the stock offers great value for investors.