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16 Jan 2014 07:00
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PRESS RELEASE
For immediate release
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16 January 2014
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SECURE TRUST BANK PLC
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PRE-CLOSE TRADING UPDATE
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Secure Trust Bank PLC ("STB" or the "Group") today issues a pre-close trading update ahead of its preliminary results announcement for the year ended 31 December 2013 scheduled for 20 March 2014.
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The Group has traded well during the last quarter of 2013 and as a result expects to report profit before tax for 2013 in line with market expectations.
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The Group has been investing in its Retail Finance business and is pleased to announce a number of important positive developments including the agreement of a new five year contract with the Association of Cycle Traders and a renewal of a term contract with Evans Cycles. Good progress is also being made in the season ticket market. A number of Premiership Football clubs have agreed to use V12 to provide their season ticket funding for next season. A season ticket finance proposition has also been developed for travel and one of the rail franchises will begin to promote this offering very shortly. In overall terms the pipeline of opportunities being explored by V12 continues to expand.
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The Group further notes that demand for its deposit products remains strong and continues to attract new fixed rate deposits with 3, 5 and 7 year maturities, which are attractively priced for both the Group and the customers. This strategy provides robust term funding and positions the balance sheet to cover a scenario where interest rates rise faster than some are currently forecasting.
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STB enters its 60th year since incorporation with strong capital and liquidity positions, a clear strategy to maximise the potential of its existing Retail Finance, Motor and Personal Unsecured Lending activities while diversifying into secured lending areas to broaden the Group's overall business. In addition STB continues to work on an on-going pipeline of organic and external business opportunities.
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-ENDS-
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Enquiries:
Secure Trust Bank PLC Β Henry Angest, Non-Executive Chairman Andrew Salmon, Non-Executive Director Β | Tel: 020 7012 2400 |
Paul Lynam, Chief Executive Officer Neeraj Kapur, Chief Financial Officer Β | Tel: 0121 693 9100 |
David Marshall, Director of Communications | Tel: 020 7012 2400 Β |
Canaccord Genuity Limited (Nominated Adviser) Β Lawrence Guthrie Sunil Duggal Β | Tel: 020 7665 4500 |
Canaccord Genuity Limited (Broker) Β Roger Lambert Lucy Tilley Β | Tel: 020 7523 8000 |
Bell Pottinger Β Ben Woodford Dan de Belder | Tel: 020 7861 3232 |
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