25th Jul 2007 07:00
STM Group PLC25 July 2007 Press Release 25 July 2007 STM Group Plc ("STM" or "the Group") Trading Update STM Group Plc (AIM:STM), the cross border financial services provider, ispleased to announce an update on trading in respect of the period from itsadmission to trading on AIM on 28 March 2007 up to 30 June 2007. The Directors are pleased to confirm that trading is in line with theirexpectations and that they are comfortable with the current market forecasts forthe full year. The Group's divisions are reporting good results, with a healthypipeline of new client instructions throughout. STM expects to announce its maiden interim results to 30 June 2007 inmid-September 2007. A further announcement of the date of these results will bemade in due course. On 9 June 2007, STM announced that it had acquired the Atlas Group ("Atlas") fora maximum consideration of £0.65 million. The Directors are pleased to announcethat Atlas's integration is progressing ahead of time and budget, with Atlas'sheadquarters having already been transferred into the Gibraltar offices of STM'scurrent principal trading subsidiary, STM Fidecs, which should lead to materialcosts savings and benefits. The Company is currently in detailed discussions to acquire further CorporateTrustee Service Providers (CTSPs), including those operating in newjurisdictions. Acquisitions will only be made where they are expected to beearnings enhancing to the Group, and will benefit STM by expanding the STM brandand presence. Commenting on the trading update, Tim Revill, Chief Executive Officer, said: "The market for CTSPs continues to see robust growth and we are extremely pleasedwith the progress that STM has made since we joined AIM in March this year.With the successful acquisition of Atlas now under our belt, we will continue toprogress with our stated intention to buy and build existing CTSPs. We alreadyhave a number of potential CTSPs to add to the STM brand and we are confidentand excited about the future prospects for the Group." - Ends - For further information, please contact:STM Group PlcTim Revill, Chief Executive Officer Tel: 00 350 51610Matt Wood, Non-executive director Tel: +44 (0) 20 7752 0215 www.stmgroupplc.com Daniel Stewart & Company plcLindsay Mair / Chloe Ponsonby Tel: +44 (0) 20 7776 6550 Media enquiries:AbchurchHenry Harrison-Topham / Charlie Jack Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to editors STM was formed in 2007 specifically to become a leading financial services groupoperating in the Corporate and Trustee Service Provider (CTSP) sector. TheCompany listed on the AIM market of the London Stock Exchange on 28 March 2007.The traditional business of CTSPs is to administer and manage personal, familyand commercial assets and income streams in tax efficient jurisdictions. TheCompany's aim is to grow through acquiring and consolidating high qualityexisting CTSPs which offer complementary products and services and that operatein complementary tax efficient jurisdictions to those provided by STM's firstacquisition, the Gibraltar based CTSP, Fidecs Group Limited ("Fidecs"). Fidecswas acquired by STM upon its Admission to AIM and changed its name to STMFidecs. STM Fidecs is one of the largest financial services firms in Gibraltar andemploys 80 people. It specialises in financial planning for both High NetWorth individuals ("HNWI") moving to work, living or retiring overseas or makingcross-border investments, and for entrepreneurial, predominantly, owner-managedbusinesses, expanding into or re-locating to other, frequently lower tax,jurisdictions. It also includes an insurance management division, specialisingin providing set up and management services to newly formed insurance companiesoperating out of Gibraltar. In the year ended 31 December 2006, Fidecs reportedturnover of £5 million with post tax profit of £1.7 million. The CTSP market is fragmented in nature, comprising a small number of very largeinternational financial services groups and a large number of relatively smalltrust and company management businesses regulated by, and operating out of,single offshore jurisdictions. The HNWI market, a key market for CTSPs, hascontinued to expand strongly, due to buoyant stock markets, rising house pricesand global economic growth. Leading surveys estimated that aggregate global highnet worth wealth, would grow to US$40 trillion by 2008, an increase of some 40per cent. over 2004. 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 ExchangeRelated Shares:
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