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Trading Update

30 Jul 2010 07:00

RNS Number : 2030Q
STM Group PLC
30 July 2010
 



 

Press Release

30 July 2010

 

 

STM Group Plc

 

("STM" or the "Group")

 

Trading Update

 

STM Group Plc (AIM:STM), the cross border financial services provider, is pleased to provide the following trading update for the half year ended 30 June 2010.

 

Unaudited Group turnover for the first half of 2010 is expected to be materially up on the same period last year at approximately £4.65 million (H1 2009: £4.13 million), reflecting a solid performance from the Group's core CTS businesses in Gibraltar and Jersey and encouraging signs of improvements in trading across the Group's other emerging divisions. Integration of Zenith Trust Company in Jersey, STM's latest acquisition announced in April, has gone well and the Board is confident that Jersey will now become another "engine room" for the Group, alongside Gibraltar, providing significant and predictable earnings. The Group's unaudited administrative expenses for the period are broadly in line with management expectations at approximately £4.09 million (H1 2009: £3.95 million), the result of which is that the Group is trading in line with management expectations for the full year. Further information will be provided by STM at the time of the Group's Interim Results.

 

The Group's unaudited Interim Results for the six months ended 30 June 2010 are expected to be announced on Wednesday 15 September 2010. An analyst briefing to be given by Colin Porter (Chief Executive Officer) and Alan Kentish (Chief Financial Officer) will be held at 09.30 a.m. on Wednesday 15 September 2010 at the offices of Abchurch Communications, 125 Old Broad Street, London EC2N 1AR.

 

- Ends -

 

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 and Switzerland. 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 recent 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

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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