Confident STM eyes acquisition opportunities

FINANCIAL services provider STM Group edged ahead again yesterday as the group said it was confident of achieving the market's expectations for the full year.

The company, which floated on AIM at the end of March, reported pre-tax profits of 676,000 for the period from 1 February to 30 June on revenue of 1.68 million.

STM, which has a market capitalisation of 24m, said "significant" opportunities for consolidation activity remain in the corporate and trustee services provider sector.

Chief executive Tim Revill said: "The company will continue to focus on both accelerating organic growth and seeking out earnings-enhancing acquisitions in both existing and new jurisdictions."

Revill said a number of acquisitions were under negotiation in Gibraltar and also in the Channel Islands, a new jurisdiction for the firm.

"As we approach the last quarter of the year we are confident of achieving the market's expectation for the full year," he said.

"The continued strong demand for our services and enhanced productivity levels ... have led the way in delivering the increased revenue."