We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Stm Group Plc | LSE:STM | London | Ordinary Share | IM00B1S9KY98 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 57.50 | 55.00 | 60.00 | 57.50 | 57.50 | 57.50 | 10,183 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 24.42M | 844k | 0.0142 | 40.49 | 34.16M |
From Apr 2022 to Apr 2024
TIDMSTM
RNS Number : 3466Z
STM Group PLC
14 September 2022
14 September 2022
STM Group Plc
("STM", "the Company" or "the Group")
Unaudited Interim Results for the six months ended 30 June 2022
and
Investor Presentation
STM Group Plc (AIM: STM), the multi-jurisdictional financial services group, is pleased to announce its unaudited interim results for the six months ended 30 June 2022.
Financial Highlights:
Hot Features
Premium
2022 2022 2021 2021
(reported) (underlying)** (reported) (underlying)**
Revenue GBP11.3m GBP11.3m GBP11.4m GBP10.6m
------------- ----------------- ------------- -----------------
EBITDA* GBP1.4m GBP1.7m GBP1.5m GBP1.6m
------------- ----------------- ------------- -----------------
Profit before GBP0.5m GBP0.8m GBP0.9m GBP0.7m
taxation ("PBT")
------------- ----------------- ------------- -----------------
Profit before
other items
margin 12% 15% 13% 15%
------------- ----------------- ------------- -----------------
Earnings per
share 0.62p N/A 1.28p N/A
------------- ----------------- ------------- -----------------
Cash at bank GBP17.0m GBP16.5m
(net of borrowings)
-------------------------------- --------------------------------
Interim dividend 0.60p 0.60p
-------------------------------- --------------------------------
* EBITDA is defined as revenue from continuing operations less operating expenses i.e. profit from continuing operations before taxation, net finance income costs, depreciation, amortization, and non operating items such as bargain purchase gains and gains on the sale of investments
** Underlying statistics are net of certain transactions which do not form part of the regular operations of the business as further detailed in the table below
Operating Highlights:
-- Predictable recurring revenue remains a cornerstone of the business
-- UK Corporate Pensions business revenues continue to grow despite "small pot" legislation having come into effect
-- Strategic partnerships continue to be developed in the UK, for example Options SIPP is partnering with IG Group to provide its pensions SIPP wrapper
-- The Mercer SIPP and SSAS acquisition recently completed, post period end, adds further scale to the UK offering, in line with the strategy, doubling the UK SIPP & SSAS business
-- Further development of operating model to drive increased revenue growth
-- Significant new business now being generated in H2 2022 from our niche annuity products
Commenting on the results and prospects, Alan Kentish, Chief Executive Officer, said:
"As previously reported, the first six months of the year have been slower than anticipated for new business, although both the pensions and insurance businesses show an uplift in revenues relative to the prior year comparable period.
"The completion of the SIPP and SASS portfolio acquisition from Mercer Ltd as well as the continued development of several strategic partnerships in the UK further augment the Group's UK focus and provide scale for further growth. Equally, the Corporate pensions business continues to grow despite changes in legislation coming into effect.
"Cost management and operating efficiencies remain key areas of focus for the Plc board.
"Further to the recently announced Board changes, I take this opportunity to express my thanks to Duncan Crocker and Malcolm Berryman who recently stepped down from their roles as Chair and independent Non-Executive Director respectively. I equally take this opportunity to welcome Nigel Birrell as he assumes the role of Group Chair and as independent Non-Executive Director, I look forward to working closely with him in the coming months.
"There remain a number of exciting opportunities which, albeit slower to come to fruition than we would have liked, makes us optimistic for the future despite the unsettled macro-economic outlook. In particular, our niche annuity products are now starting to produce significant new business."
Investor Presentation: 2.00pm today, 14 September 2022
The Directors will hold a presentation to introduce STM Group Plc to investors and cover the Interim Results and prospects at 2.00 p.m. today, Wednesday 14 September 202 2 .
The presentation will be hosted through the digital platform Investor Meet Company. Investors can sign up to Investor Meet Company and add to meet STM Group Plc via the following link https://www.investormeetcompany.com/stm-group-plc/register-investor .
For those investors who have already registered and added to meet the Company, they will automatically be invited.
Questions can be submitted pre-event to STM@walbrookpr.com or in real time during the presentation via the "Ask a Question" function.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (as it forms part of retained EU law as defined in the European Union (Withdrawal) Act 2018).
For further information, please contact:
STM Group Plc Alan Kentish, Chief Executive Officer Via Walbrook PR Nicole Coll, Chief Financial Officer www.stmgroupplc.com finnCap Tel: +44 (0)20 7600 1658 Matt Goode / Emily Watts / Abigail Kelly- www.finncap.com Corporate Finance Tim Redfern / Richard Chambers - ECM
Media enquiries:
Walbrook PR Tel: +44 (0) 20 7933 8780
Tom Cooper / Joseph Walker Mob: +44 (0) 797 122 1972
STM@walbrookpr.com
Notes to editors:
STM is a multi-jurisdictional financial services group traded on AIM, a market operated by the London Stock Exchange. The Group specialises in the administration of client assets in relation to retirement, estate and succession planning and wealth structuring.
Today, the Group has operations in the UK, Gibraltar, Malta, Australia and Spain. STM has developed a range of pension products for UK nationals and internationally domiciled clients and has two Gibraltar life assurance companies which provide life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.
STM's growth strategy is focused on both organic initiatives and strategic acquisitions.
Further information on STM Group can be found at www.stmgroupplc.com
Chief Executive's Review
Overview
The first half of 2022 was slower than anticipated for new business, although both our pensions' businesses and life assurance businesses are showing an uplift in revenue compared to the previous half year position. Revenues from our businesses in Gibraltar and Malta remain consistent and in line with management expectations, but revenues in the UK SIPP business are behind plan as some strategic partners, whilst onboarded, have yet to fully roll out the product to their distribution network. UK Corporate pensions business revenues continue to grow despite the impact of the "small pots" legislation coming into force.
Recurring revenue, a cornerstone of our business, continues to hold up well and gives the predictability to build a strategy around organic growth. Like-for-like revenue comparison shows a steady uplift compared to the previous 2021 half year.
Operational expenses for the first six months were GBP10.8m (2021: GBP10.6m), broadly in line with management expectations, with overruns in certain businesses being compensated by savings in others. In relation to non-operational expenses, as classified as "other items" on the income statement, the non-cash item of amortisation of the client portfolios and IT development programs are higher than originally anticipated, leading to a reduction in the reported PBT number.
Optimisation of the operating model continues so as to improve efficiency and increase margins. This is primarily driven by the roll-out of our internal administration system and the automation of processes which will continue into the second half of the year, with margin improvements expected in second half year and into 2023.
Financial review
Financial performance in the period
The Group delivered revenue in the six months to 30 June 2022 of GBP11.3m (2021: GBP11.4m). The prior year included revenues from the Corporate Trust Services business of GBP0.8m which was disposed of in March 2021. Hence, on a like-for-like basis we have seen revenue growth of 7% across the pensions and life businesses.
Recurring revenues for the period have remained consistent whilst organic growth has been achieved in the UK Corporate pensions business and Gibraltar life business.
Profit before other items for the period is GBP1.4 million (2021: GBP1.5 million), with reported profit before tax of GBP0.5 million (2021: GBP0.9 million). During the period there have been a number of one-off and non-recurring costs such as costs associated with internal restructures. Thus, underlying profit before other items is GBP1.7 million (2021: GBP1.6 million) and underlying profit before tax of GBP0.8 million (2021: GBP0.7 million).
The reconciliation of reported measures to underlying measures is made up of items which are either non-recurring or exceptional and thus do not form part of the normal course of business. This reconciliation for all three key financial measures is shown in the table below:
RECONCILIATION OF REPORTED TO UNDERLYING MEASURES
REVENUE EBITDA PROFIT BEFORE
TAX
------------- ------------- ----------------
2022 2021 2022 2021 2022 2021
----- ------ ----- ------ ------- -------
GBPm GBPm GBPm GBPm GBPm GBPm
----- ------ ----- ------ ------- -------
Reported measure 11.3 11.4 1.4 1.5 0.5 0.9
----- ------ ----- ------ ------- -------
Add: integration and acquisition - - - - - -
costs for H1
----- ------ ----- ------ ------- -------
Add: other non-recurring costs - - 0.3 0.2 0.3 0.2
----- ------ ----- ------ ------- -------
Less: gain on sale of investments - - - - (0.1)
----- ------ ----- ------ ------- -------
Less: bargain purchase gain
and derivative asset - - - - - (0.2)
----- ------ ----- ------ ------- -------
Less: effect of disposal of
Companies and Trust Services (0.8) (0.1) (0.1)
----- ------ ----- ------ ------- -------
Underlying measure 11.3 10.6 1.7 1.6 0.8 0.7
----- ------ ----- ------ ------- -------
Cashflows
Cash and cash equivalents at 30 June 2022 were GBP18.1 million (2020: GBP18.3 million) with cash generated from operating activities being GBP1.2 million (2021: GBP1.2 million) thus exceeding our reported profit before tax.
Whilst cash balances have decreased compared to the same period for the prior year, they have remained fairly consistent since the half-year end.
During the period we also repaid GBP0.3 million of our bank loan with GBP1.1 million still outstanding. Net cash and cash equivalents as at 30 June 2022 was therefore GBP17.0 million (2021: GBP17.3 million). Whilst the Group had GBP4.4 million available in the credit facility as at the balance sheet date, this has been fully drawn down to fund the portfolio acquisition from Mercer that completed on 31 August 2022.
As would be expected for a Group which is regulated in several jurisdictions , a significant proportion of our cash balance forms part of the regulatory and solvency requirements. It is not possible to determine exactly how much of the cash and cash equivalents are required for solvency purposes as other assets can also be used to support the regulatory solvency requirement. However, the total regulatory capital requirement across the Group as at 30 June 2022 was GBP16.9 million.
The balance sheet also gives visibility of future revenue and cash generation and, in line with all administration services businesses, the Group had accrued income in the form of work performed for clients but not yet billed of GBP1.6 million as at the period end (2021: GBP1.5 million). This gives some visibility of revenue still to be billed and collected as cash at bank.
Additionally, deferred income relating to annual fees invoiced but not yet earned stood at GBP3.9 million (2021: GBP4.0 million). This figure also gives good visibility of revenue that is still to be earned through the Income Statement in the coming months.
Trade receivables as at 30 June 2022 were GBP3.4 million (2021: GBP3.1 million).
Dividend
I am pleased to announce that the Board has declared an interim dividend of 0.60 pence per share which is in line with the prior year. The interim dividend is expected to be paid on 16 November 2022 to those shareholders on the register on 21 October 2022. The ordinary shares will become ex-dividend on 20 October 2022.
Subject to trading continuing to perform in line with our revised expectations, the Board expects to propose a final dividend for the full year.
Review of operations
Pensions
The pensions administration businesses continue to be the cornerstone of our operations.
Pensions revenue for the period was GBP9.1 million (2021: GBP8.7 million) representing 81% (2021: 76%) of total Group revenues. Total revenue is split between GBP4.9 million for QROPS (2021: GBP4.9 million), GBP1.9 million (2021: GBP1.7 million) for the SIPP and SSAS businesses and a further GBP1.8 million (2021: GBP1.5 million) for the workplace pensions business. In addition, this year the Group also has a revenue contribution of GBP0.6 million (2021: GBP0.6 million) from third party administration and Group Pension Plans.
The recurring revenue percentage for this operating segment remains at 92%, and when combined with the relatively low attrition rates, remains a solid predictor of future divisional profitability.
Opportunities and challenges around the pensions businesses are focused on improving margins in the UK, as well as capitalising on volumes of new business from our strategic partners. Internationally, the focus is on increasing revenue through our occupational pension schemes for international businesses.
Life Assurance
Revenue for the combined Life Assurance businesses amounted to GBP1.9 million compared to GBP1.6 million in 2021. In a similar manner to the pensions operating segment, our life assurance business also has high levels of recurring fees.
Our flexible annuity products aimed at the UK market remain the key focus for sustainable organic growth within our life businesses. Conversion times for new business remain slow and unpredictable, and continued effort to expand our intermediary base is an important part of improving our new business numbers. In addition, the businesses are in the process of launching a suite of portfolio bonds for the UK market, which will produce a steady flow of new revenue, giving additional predictability to future organic growth. Distribution of these products will be via our strategic partners and thus additional costs for such products will be minimal.
Outlook
In the second half of 2022, we anticipate a healthy uplift in new business flow for our life assurance businesses in relation to certain of our annuity products, as well as increased new business flows for our SIPP business through our strategic partners; such an example being the recent announcement in relation to our partnering with IG Index.
However, a further benefit of our strategic partner program is that we anticipate that some of our other core products will also be made available soon via these platforms.
Having completed the acquisition of the SIPP and SSAS books from Mercer on 31 August, it is paramount that we integrate this business, and the staff, into our UK Options business in an orderly and efficient manner. The acquisition doubles our UK SIPP and SSAS business and will allow us to gain some benefits of scale. The team based in Cardiff is experienced and keen to bring its own new business relationships and opportunities into the STM family.
As previously announced, we anticipate the acquisition will generate approximately GBP0.87m in additional EBIT to STM's current UK business, Options, on an annualised basis, after a twelve month phased integration process. As a result of transaction costs of GBP0.3 million, and specific integration costs of GBP0.3 million, it is anticipated for the four months to 31 December 2022 that the acquisition will be a negative contribution of GBP0.3 million to the Group's result.
As we move forward towards the last quarter of 2022, we have made some significant changes within our board structure, as well as at subsidiary board level both at non-executive, as well as senior management level. All of the above is conducive to accelerating our revenue growth and improving our profit margins.
I look forward to updating the market with our progress in due course.
Alan Kentish
Chief Executive Officer
CONSOLIDATED INCOME STATEMENT
For the period from 1 January 2022 to 30 June 2022
Unaudited Unaudited
6 months 6 months Audited
to to Year to
30 June 30 June 31 December
2022 2021 2021
Notes GBP'000 GBP'000 GBP'000
Revenue 4 11,323 11,386 22,355
Administrative expenses (10,744) (10,629) (20,982)
------------------------------------ ------ ---------- ---------- -------------
Profit before other items 579 757 1,373
------------------------------------ ------ ---------- ---------- -------------
OTHER ITEMS
Gain on disposal of subsidiaries - 120 219
Gains on revaluation of
financial instruments - 222 406
Finance costs (99) (152) (330)
Movement on deferred consideration - - 330
Impairment of goodwill - - (798)
------------------------------------ ------ ---------- ---------- -------------
Profit before taxation 480 947 1,200
------------------------------------ ------ ---------- ---------- -------------
Taxation (111) (187) 542
------------------------------------ ------ ---------- ---------- -------------
Profit after taxation 369 760 1,742
OTHER COMPREHENSIVE INCOME
Items that are or may
be reclassified to profit
and loss
Foreign currency translation
differences for foreign
operations 13 (37) (33)
------------------------------------- ------ ---------- ---------- -------------
Total other comprehensive
income/(loss) 13 (37) (33)
------------------------------------- ------ ---------- ---------- -------------
Total comprehensive income
for the period/year 382 723 1,709
------------------------------------ ------ ---------- ---------- -------------
Profit attributable to:
Owners of the Company 305 800 1,749
Non-Controlling interests 64 (40) (7)
------------------------------------ ------ ---------- ---------- -------------
369 760 1,742
------------------------------------ ------ ---------- ---------- -------------
Total comprehensive income
attributable to:
Owners of the Company 318 763 1,716
Non-Controlling interests 64 (40) (7)
------------------------------------ ------ ---------- ---------- -------------
382 723 1,709
------------------------------------ ------ ---------- ---------- -------------
Earnings per share basic
(pence) 5 0.62 1.28 2.94
Earnings per share diluted
(pence) 5 0.62 1.28 2.94
------------------------------------ ------ ---------- ---------- -------------
The results for the period from 1 January 2022 to 30 June 2022 relate to continuing activities. The results for the period from 1 January 2021 to 31 December 2021 include both continuing and discontinued activities (see Note 6).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2022
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
Notes GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 1,317 1,692 1,663
Intangible assets 19,437 20,066 19,355
Financial assets 881 697 881
Deferred tax asset 76 85 76
Total non-current assets 21,711 22,540 21,975
------------------------------- ------ ---------- ---------- -------------
Current assets
Accrued income 1,550 1,447 1,311
Trade and other receivables 9 6,549 4,019 7,699
Receivables due from insurers 24,130 3,600 24,130
Cash and cash equivalents 8 18,118 18,574 18,207
------------------------------- ------ ---------- ---------- -------------
Total current assets 50,347 27,640 51,347
------------------------------- ------ ---------- ---------- -------------
Total assets 72,058 50,180 73,322
------------------------------- ------ ---------- ---------- -------------
EQUITY
Called up share capital 12 59 59 59
Share premium account 22,372 22,372 22,372
Retained earnings 14,734 13,836 14,429
Other Reserves (467) (482) (480)
------------------------------- ------ ---------- ---------- -------------
Equity attributable to
owners of the Company 36,698 35,785 36,380
Non-controlling interests (388) (485) (452)
------------------------------- ------ ---------- ---------- -------------
Total equity 36,310 35,300 35,928
------------------------------- ------ ---------- ---------- -------------
LIABILITIES
Current liabilities
Liabilities for current
tax 786 890 640
Trade and other payables 10 9,325 8,081 10,532
Provisions 24,130 3,600 24,130
------------------------------- ------ ---------- ---------- -------------
Total current liabilities 34,241 12,571 35,302
------------------------------- ------ ---------- ---------- -------------
Non-current liabilities
Other payables 11 1,074 1,774 1,628
Deferred tax liabilities 433 535 464
------------------------------- ------ ---------- ---------- -------------
Total non-current liabilities 1,507 2,309 2,092
------------------------------- ------ ---------- ---------- -------------
Total liabilities and equity 72,058 50,180 73,322
------------------------------- ------ ---------- ---------- -------------
CONSOLIDATED CASH FLOW STATEMENT
For the period from 1 January 2022 to 30 June 2022
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
Notes GBP'000 GBP'000 GBP'000
Operating Activities
Profit for the period/year before
tax 408 947 1,200
Adjustments for:
Depreciation of property, plant
and equipment 333 369 659
Amortisation of intangible assets 445 391 791
Impairment of goodwill - - 798
Taxation paid 35 (447) (14)
Unrealised gains on financial
instruments at FVTPL - (222) (406)
(Increase)/decrease in trade and
other receivables 1,150 (996) (2,226)
(Increase) in receivables due
from insurers - - (20,530)
Decrease/(increase) in accrued
income (239) 291 8
Increase/(decrease) in trade and
other payables (1,018) 817 (936)
Increase in provisions - 20,530
Net cash from operating activities 1,186 1,150 (126)
--------------------------------------- ------ ---------- ---------- -------------
Investing activities
Disposal of investments - 2,330 4,821
Purchase of property, plant and
equipment (13) (193) (352)
Increase in intangible assets (527) (546) (1,032)
Net cash used in investing activities (540) 1,591 3,437
--------------------------------------- ------ ---------- ---------- -------------
Cash flows from financing activities
--------------------------------------- ------ ---------- ---------- -------------
Proceeds from Bank loans - 500 900
Bank loan repayment (275) (138) (1,050)
Lease liabilities paid (473) (437) (469)
Dividends paid 7 - (505) (861)
Net cash from financing activities (748) (580) (1,480)
--------------------------------------- ------ ---------- ---------- -------------
Increase/(decrease) in cash and
cash
equivalents (102) 2,161 1,831
--------------------------------------- ------ ---------- ---------- -------------
Reconciliation of net cash flow
to movement in net funds
Analysis of cash and cash equivalents
during the period/year
Increase/(decrease) in cash and
cash equivalents (102) 2,161 1,831
Effect of movements in exchange
rates on cash and cash equivalents 13 4 (33)
--------------------------------------- ------ ---------- ---------- -------------
Balance at start of period/year 18,207 16,409 16,409
Balance at end of period/year 18,118 18,574 18,207 --------------------------------------- ------ ---------- ---------- -------------
STATEMENT OF CONSOLIDATED CHANGES IN EQUITY
For the period from 1 January 2022 to 30 June 2022
Foreign Shares
Currency Based
Share Share Retained Treasury Translation Payments Non-Controlling Total
Capital Premium Earnings Shares Reserve Reserve Total Interests Equity
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
------------- --------- --------- --------- --------- ------------ --------- --------- ---------------- ---------
Balance at
1 January
2021 59 22,372 13,541 (549) (60) 162 35,525 (445) 35,080
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
Profit for
the year - - 1,749 - - - 1,749 (7) 1,742
Other comprehensive income
Foreign
currency
translation
differences - - - - (33) - (33) - (33)
Transactions with owners, recorded directly in equity
Dividend
paid - - (861) - - - (861) - (861)
Changes in ownership interest
31 December 2021 and
1 January
2022 59 22,372 14,429 (549) (93) 162 36,380 (452) 35,928
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
Profit for
the year - - 305 - - - 305 64 369
Other comprehensive income
Foreign
currency
translation
differences - - - - 13 - 13 - 13
Transactions with owners, recorded directly in equity
Dividend
paid - - - - - - - - -
Changes in ownership interest
At 30 June
2022 59 22,372 14,734 (549) (80) 162 35,398 (388) (36,310)
------------- --------- --------- --------- --------- ------------ --------- --------- ---------------- ---------
NOTES TO THE CONSOLIDATED RESULTS
For the period from 1 January 2021 to 30 June 2022
1. Reporting entity
STM Group Plc (the "Company") is a company incorporated and domiciled in the Isle of Man and was admitted to trading on the London Stock Exchange AIM Market on 28 March 2007. The address of the Company's registered office is 18 Athol Street, Douglas, Isle of Man, IM1 1JA. The Group is primarily involved in financial services.
2. Basis of preparation
Results for the period from 1 January 2022 to 30 June 2022 have not been audited.
The consolidated results have been prepared in accordance with International Financial Reporting Standards ("IFRS"), interpretations adopted by the International Accounting Standards Board ("IASB") and in accordance with Isle of Man law and IAS 34, Interim Financial Reporting.
3. Significant accounting policies
The accounting policies in these consolidated results are the same as those applied in the Group's consolidated financial statements for the year ended 31 December 2021. No changes in accounting policies are expected to be reflected in the Group's consolidated financial statements for the year ended 31 December 2022.
4. Segmental Information
STM Group has four reportable segments: Pensions, Life Assurance, Corporate Trustee Services and Other Services. Each segment is defined as a set of business activities generating a revenue stream and offering different services to other operating segments. The Group's operating segments have been determined based on the management information reviewed by the CEO and Board of Directors.
The Board assesses the performance of the operating segments based on turnover generated. The performance of the operating segments is not measured using costs incurred as the costs of certain segments within the Group are predominantly centrally controlled and therefore the allocation of these is based on utilisation of arbitrary proportions. Management believes that this information and consequently profitability could potentially be misleading and would not enhance the disclosure above.
The following table presents the turnover information regarding the Group's operating segments:
Operating Segment Unaudited Unaudited Audited
6m 2022 6m 2021 2021
GBP'000 GBP'000 GBP'000
Pensions 9,072 8,690 17,597
Life Assurance 1,910 1,638 3,402
Other Services 341 284 582
---------------------------- ---------- ---------- ---------
11,323 10,612 21,581
---------------------------- ---------- ---------- ---------
Corporate Trustee Services - 774 774
Total 11,323 11,386 22,355
---------------------------- ---------- ---------- ---------
Analysis of the Group's turnover information by geographical location is detailed below:
Geographical Segment Unaudited Unaudited Audited
6m 2022 6m 2021 2021
GBP'000 GBP'000 GBP'000
Gibraltar 2,976 3,172 6,099
Malta 3,755 3.670 7,288
United Kingdom 4,251 3,822 7,952
Jersey - 445 445
Other 341 277 571
---------------------- ---------- ---------- ---------
11,323 11,386 22,355
---------------------- ---------- ---------- ---------
5. Earnings per Share
Earnings per share for the period from 1 January 2022 to 30 June 2022 is based on the profit after taxation of GBP368,000 divided by the weighted average number of GBP0.001 ordinary shares during the period of 59,408,088 basic.
A reconciliation of the basic and diluted number of shares used in the period ended 30 June 2022 and 30 June 2021 is as follows:
2022 2021
Weighted average number of shares 59,408,088 59,408,088
Share incentive plan - -
Diluted 59,408,088 59,408,088
=================================== =========== ===========
6. Discontinued operation
On 23 March 2021 the Group disposed of its Gibraltar company and trustee services ("CTS") and tax compliance businesses. On 8 May 2021 the Group disposed of its Jersey based CTS businesses. These businesses were previously classified as held-for-sale and are now discontinued operations.
There results for the discontinued operation included in the six month period ended 30 June 2021 and the year ended 31 December 2021 are shown below. There are no results for discontinued operations included in the six month ended 30 June 2022:
GBP'000
Revenue 785
Expenditure (736)
Results from operating activities 38
Income tax _
Results from operating activities,
net of tax 38
Gain on sale of discontinued operation 219
Profit from discontinued operation 257
---------------------------------------- --------
The profit from the discontinued operation is attributable entirely to the owners of the Company.
7. Dividends
The following dividends were declared and paid by the Group during the period:
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
0.0 pence (2021: 0.85 pence) per qualifying
ordinary share - 505 881
----------- ---------- -------------
8. Cash and cash equivalents
Cash at bank earns interest at floating rates based on prevailing rates. The fair value of cash and cash equivalents in the Group is GBP18,118,000.
9. Trade and other receivables
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
Trade receivables 3,421 3,077 3,921
Prepayments 723 581 508
Other receivables 2,405 3,962 3,270
-------------------
Total 6,549 7,620 7,699
------------------- ---------- ---------- -------------
10. Trade and other payables
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
Deferred income 3,869 4,014 3,579
Trade payables 547 549 638
Bank loan 550 552 550
Lease liabilities 638 651 747
Contingent consideration 56 700 170
Other creditors and accruals 3,665 5,215 4,848
---------- ----------
9,325 11,681 10,532
---------- ---------- -------------
The Company maintains a credit facility with Royal Bank of Scotland (International) Ltd for GBP5.50 million. The facility has a 5-year term with capital repayments structure over ten years and a final instalment to settle the outstanding balance in full at the end of the 5 years. At the period-end GBP1.6 million of this facility had been drawn down with GBP1.2 million outstanding. Interest on the drawn funds is charged at 3.5% per annum over the Sterling Relevant Reference Rate, with the undrawn balance charged at an interest rate of 1.75% per annum over the Sterling Relevant Reference Rate. The facility is subject to customary cashflow to debt service liability ratios and EBITDA to debt service liability ratio covenants tested quarterly and is secured by a capital guarantee provided by several non-regulated holding subsidiary companies within the Group and debenture over these companies. W hilst the Group had GBP4.4 million available in the credit facility as at the balance sheet date, this has been fully drawn down to fund the portfolio acquisition from Mercer that has completed on 31 August 2022.
11. Other payables - amounts falling due in more than a year
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
Lease liabilities 273 831 637
Bank loan 625 773 900
Other payables 175 170 91
1,503 1,774 1,628
---------- ---------- -------------
12. Called up share capital
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
Authorised
100,000,000 ordinary shares of GBP0.001
each 100 100 100
Called up, issued and fully paid
59,408,088 ordinary shares of GBP0.001
each 59 59 59
---------- ---------- -------------
13. Subsequent events
On 31 August 2022 STM completed the acquisition of the portfolio, net assets, and trustee companies of the SIPP and SSAS businesses, from Mercer Ltd for a total purchase price of GBP3.34m. The acquisition was funded through drawing down the of the unutilised portion of the RBS facility.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR BKNBDOBKDPCD
(END) Dow Jones Newswires
September 14, 2022 02:01 ET (06:01 GMT)
1 Year Stm Chart |
1 Month Stm Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
