News blog
STM Group
- BY: Andrew Hore |
- POSTED: 06/03/2012 |
Custodianship and client assets administrator STM Group has been hit by Europe’s financial woes.
There were fewer transactions handled by the core business in Gibraltar. Overall revenues declined from £10.5m to £9.83m in 2011. A profit of £1.25m was turned into a loss of £310,000.
The investment in STM Life and STM Switzerland has yet to pay off and there was a £150,000 write-off relating to these costs. There was also a £250,000 provision against irrecoverable debtors. There was also an additional amortisation charge of £500,000 which relates to the recent acquisition of Jersey-based Zenith Trust.
Net cash was £3.31m at the end of 2011. There is no dividend for 2011.
STM Malta is still in the early stages of building up its operations.
This year has started poorly. House broker finnCap has maintained its 2012 profit forecast at £700,000.
At 19p a share, STM is valued at £8.18m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2012_29.pdf
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