Last checked at 17 Dec 2010 07:00
Press Release | 17 December 2010 |
STM Group Plc
("STM" or the "Group")
Trading Update
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.
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For further information, please contact:
STM Group Plc | |
Colin Porter, Chief Executive Officer colin.porter@stmgroupplc.im | Tel: 00 350 200 42686 www.stmgroupplc.com |
Alan Kentish, Chief Financial Officer alan.kentish@stmgroupplc.im | 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 |
Media enquiries:
Abchurch | |
Henry Harrison-Topham / Mark Dixon | Tel: +44 (0) 20 7398 7702 |
henry.ht@abchurch-group.com | www.abchurch-group.com |
Notes to editors:
STM is an international financial services group which is listed on the AIM Market of the London Stock Exchange and made its first acquisition in 2007. The Group specialises in estate and succession planning and wealth structuring for high net worth individuals and their families. STM's clients include entrepreneurs, celebrities, sports stars and affluent retirees.
STM's strategy is to grow organically and by acquisition, in particular looking for businesses and jurisdictions which provide a complimentary offering to the Group. Today, STM has operations in Gibraltar, Spain, Jersey, Switzerland and Malta. The Group is also looking to expand through the development of additional products and services that its ever more sophisticated clients demand.
In order to achieve this, STM has, for example, incorporated a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments - including investment funds - can be held. STM has developed a specialist international pensions division which specialises in QROPS, QNUPS and EFRBS. The growth in Jersey, through the acquisition of Zenith, has coincided with the introduction of the Jersey Foundation legislation which has resulted in a growing number of enquiries and resultant business.
Further information on STM Group can be found at www.stmgroupplc.com