30 Jul 2010 07:00
| 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.
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For further information, please contact:
| STM Group Plc |
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| Colin Porter, Chief Executive Officer colin.porter@stmgroupplc.im | Tel: 00 350 200 42686 www.stmgroupplc.com |
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| Alan Kentish, Chief Financial Officer alan.kentish@stmgroupplc.im | Tel: 00 350 200 78614
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| Evolution Securities | Tel: +44 (0) 20 7071 4300 |
| Jeremy Ellis / Chris Clarke | www.evosecurities.com |
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| finnCap | Tel: +44 (0)20 7600 1658 |
| Tom Jenkins / Marc Young | www.finncap.com |
Media enquiries:
| Abchurch |
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| 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
Stm Grp. (STM)