News blog
STM Group
- BY: Andrew Hore |
- POSTED: 03/03/2009 |
STM Group reported better than expected 2008 profits.
The Gibraltar-based offshore trust and company management services provider increased profits by 27% to £2.84m on revenues of £9.19m.
A final dividend of 0.4p a share was announced, taking the total to 0.6p a share.
Revenues are not based on investment performance so they are not volatile. STM has been granted a licence to undertake company management services in BVI and has set up an office in Zurich. The European Court of Justice has confirmed that Gibraltar is entitled to its own tax regime.
STM has net cash of £3.21m, although there are shareholder loans of £1.37m to offset against this. STM also has a bank facility of £4m to help finance acquisitions.
This year’s trading has started well. Former house broker Daniel Stewart forecasts 2009 profits of £3.4m.
At 42.5p a share, STM is valued at £18.2m and it is trading on a prospective 2009 multiple of six.
The problems with the former Equity Special Situations Ltd shareholding have been sorted out for the time being at least. This has helped the share price recover but it still has a long way from its high even though the company’s performance continues to be good.
© 2025 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|