Last checked at 29 Jan 2010 07:00
| Press Release | 29 January 2010 |
STM Group Plc
("STM" or "the Group")
Trading Update and Notice of Results
STM Group Plc (AIM:STM), the cross border financial services provider, today advises that it expects to deliver results for 2009 broadly in line with market expectations, despite the difficult market conditions over the last 18 months. The early signs are that activity across the sector is increasing and the directors are cautiously optimistic about the Group's prospects for 2010.
The Group also advises that it expects to announce its Preliminary Results for the year ended 31 December 2009 on Tuesday 9 March 2010.
An analyst briefing to be given by Tim Revill (Chief Executive Officer), Alan Kentish (Chief Financial Officer) and Colin Porter (Chief Operations Officer) will be held at 09.30 a.m. on Tuesday 9 March 2010 at the offices of Abchurch Communications Ltd, 125 Old Broad Street, London, EC2N 1AR.
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For further information, please contact:
| STM Group Plc | |
| Tim Revill, Chief Executive Officer | Tel: 00 350 200 78614 |
| tim.revill@stmgroupplc.im | www.stmgroupplc.com |
| Alan Kentish, Chief Financial Officer | Tel: 00 350 200 78614 |
| alan.kentish@stmgroupplc.im |
| 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 was formed in 2007 specifically to become a leading financial services group operating in the Corporate and Trustee Service Provider (CTSP) sector. The Company listed on the AIM market of the London Stock Exchange in March 2007. The traditional business of CTSPs is to administer and manage personal, family and commercial assets and income streams in tax efficient jurisdictions. The Company's aim is to grow through acquiring and consolidating high quality existing CTSPs which offer complementary products and services and that operate in complementary tax efficient jurisdictions to those provided by STM's first acquisition, the Gibraltar based CTSP, Fidecs Group Limited ("Fidecs").
Fidecs is the second largest financial services firm in Gibraltar and employs over 101 people. It specialises in financial planning for both High Net Worth individuals ("HNWI") moving to work, living or retiring overseas or making cross-border investments, and for entrepreneurial, predominantly, owner-managed businesses, expanding into or re-locating to other, frequently lower tax, jurisdictions. It also includes an insurance management division, specialising in providing set up and management services to newly formed insurance companies operating out of Gibraltar
In June and August 2007 STM acquired two Gibraltar based CTS providers, the Atlas Group of companies and Parliament Corporate Services Limited. These two acquisitions further consolidated STM's leading position in Gibraltar. The Group expanded into the Channel Islands in December 2007, with the purchase of Compagnie Fiduciaire Trustees Limited. In June 2008, STM increased its presence in the Channel Islands with the acquisition of St George Financial Services Limited. In July 2009 STM announced the acquisition of The Citadel Group of Companies based in Luxembourg subject to regulatory approval. For the year ending, 31 December 2008, STM Group reported revenue of £9.19 million with pre tax profit of £2.84 million and for the six months to 30 June 2009 STM the reported revenue was £4.13m with pre-tax profits of £0.18 million.
The CTSP market is fragmented in nature, comprising a small number of very large international financial services groups and a large number of relatively small trust and company management businesses regulated by, and operating out of, a single jurisdiction.
Further information on STM Group can be found at www.stmgroupplc.com