3rd Sep 2013 11:37
LONDON (Alliance News) - STM Group PLC Tuesday reported an increase in pretax profit and revenue for the first half, reflecting a strong performance across the business.
The financial-services company said pretax profit increased to GBP546,000 for the period ended 30 June 2013 from GBP19,000 in 2012, while revenue increased to GBP6.6 million, from GBP5.1 million.
Revenue for the company's pension division increased to GBP3.0 million from GBP1.2 million, and revenue for the life division increased slightly to GBP0.20 million from GBP0.13 million.
However, the company's main offering, the corporate and trustee services division, reported a decrease in revenue to GBP2.9 million, down from GBP3.2 million.
"This decrease in revenues is reflective of the challenging CTS market-place given the financial climate," STM said.
STM's gross cash balance stood at GBP4.7 million at the end of the period, up from GBP3.4 million at the end of December, having repaid external borrowings of GBP0.16 million during the period.
Bank borrowings also decreased to GBP0.75 million, compared with GBP1.26 million last year.
STM said the board continues to review the dividend policy and at this stage proposes that no interim dividend be paid.
STM shares were trading at 27.98 pence Tuesday morning, up 0.48 pence, or 1.8%.
By Anthony Tshibangu; [email protected]
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