10th Sep 2019 12:09
(Alliance News) - STM Group PLC on Tuesday said it continues to evaluate acquisition opportunities, as it posted a sharp rise in first half pretax profit.
STM, which provides retirement, estate and succession planning and wealth structuring, made a pretax profit of GBP3.4 million for the six months to June 30, up 58% from GBP2.1 million in the year ago period. The sharp rise was attributed to a one-off positive accounting adjustment of GBP2.4 million.
Revenue increased 10% year-on-year to GBP11.9 million from GBP10.8 million.
The company said it continues to look for earnings enhancing or strategic acquisitions, however, the timing of the sale process remains varied with many of the acquisition targets being privately owned. Our ambition remains that acquisitive growth will form a meaningful part of our overall growth rate, STM added.
"The second half of the year is about concluding the initiatives commenced in the first six months so that these benefits start to materialise. My expectations of seeing both top line growth and PBT uplift as a result of our recent investment programme remains strong," said STM Chief Executive Officer Alan Kentish.
STM declared an interim dividend of 0.75 pence per share, up from 0.7p paid a year ago.
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