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| 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 | 7,892 | 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 2019 to Apr 2024
TIDMSTM
RNS Number : 4235Q
STM Group PLC
12 September 2017
STM Group Plc
("STM", "the Company" or "the Group")
Unaudited Interim Results for the six months ended 30 June 2017
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 2017.
Financial Highlights:
Hot Features
Premium
2017 2016 Change
----------------------------------- --------- -------- -------
Revenue GBP10.7m GBP7.9m +36%
----------------------------------- --------- -------- -------
Revenue (net of 2016 acquisition) GBP8.3m GBP7.9m +5%
----------------------------------- --------- -------- -------
Earnings before interest,
taxation, depreciation
and amortisation ("EBITDA") GBP2.9m* GBP1.3m +118%
----------------------------------- --------- -------- -------
Profit before taxation GBP2.4m* GBP1.2m +100%
----------------------------------- --------- -------- -------
Profit before taxation
(net of 2016 acquisition) GBP1.5m GBP1.2m +25%
----------------------------------- --------- -------- -------
Earnings per share 3.89p* 2.27p +71%
----------------------------------- --------- -------- -------
Cash at bank (net of borrowings) GBP11.4m GBP9.3m +20%
----------------------------------- --------- -------- -------
Interim dividend 0.6p 0.5p +20%
----------------------------------- --------- -------- -------
* stated including impact of GBP0.5m release of L&C technical expense reserve
Operational Highlights:
-- Recurring revenue for the period of GBP8.0 million (2016: GBP6.0 million) -- Successful launch of International SIPP product as an alternative to QROPS
-- Continued smooth integration of the L&C acquisition, maintaining predictable revenue stream and delivering annualised direct cost savings of GBP0.7m
-- Further release of GBP0.5m L&C technical expense reserve, with potential for further releases
-- Increased deferred income shows visibility of revenue stream
Commenting on the results and prospects for STM, Alan Kentish, Chief Executive Officer, said:
"It is pleasing to be able to announce that the 2017 interims have delivered record six month profits for STM, despite the unprecedented UK Spring budget announcement that effectively curtailed new QROPS business by 80%.
"It goes to the core of the STM proposition of the predictable and dependable recurring revenue model that underlying profitability was maintained, whilst the flexibility and innovation of our management team has allowed us to start replacing that lost new business stream, with the International SIPP.
"There is no doubt that the International SIPP catering for the UK expatriate market is a healthy replacement for the expected reduced new business volumes in our QROPS market-place. The fact that the product is more straight-forward to understand as compared to a QROPS, supported by the fact that it is administered by a UK regulated firm, has attracted the interest of the UK expat.
"Furthermore, it is pleasing to see that the re-structuring and cost savings initiated as part of the L&C acquisition, as planned by management, are now bearing fruit in relation to direct cost savings as well as a release of technical reserves to profit from the life assurance company. This was an easy-win for STM, and it is anticipated that there will be further releases in the foreseeable future.
"Following the strong performance to date, and looking forward therefore to the rest of the year, the Board is confident that the Group is performing ahead of existing expectations."
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information, please contact:
STM Group Plc
Alan Kentish, Chief Executive Tel: 00 350 200 42686
Officer
Therese Neish, Chief Financial www.stmgroupplc.com
Officer
finnCap Tel: +44 (0)20 7600
1658
Matt Goode / Emily Watts - Corporate www.finncap.com
Finance
Mia Gardner - Corporate Broking
Media enquiries:
Walbrook PR Tel: +44 (0) 20 7933 8780
Tom Cooper / Paul Vann Mob: +44 (0) 797 122 1972
tom.cooper@walbrookpr.com
Notes to editors:
STM is a multi jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring.
Today, STM has operations in UK, Gibraltar, Malta, Jersey and Spain. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand. STM has developed a specialist international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes (QNUPS). STM has a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.
Further information on STM Group can be found at www.stmgroupplc.com
Chairman's Statement
I am pleased to present the Group's financial results for the six month period ended 30 June 2017 which show a strong uplift in profitability, despite the significant challenges that the UK Spring budget brought about.
STM's decision to enter the UK SIPP market in 2016 has enabled the Group to adapt its UK expatriate pension products offering in response to the changing legislation, thus protecting its new business revenue stream generated from its network of intermediaries.
Organic growth strategy for the Group remains targeted on the expansion of its various pension product offerings, including expectations of the launch of an Australian Superannuation solution which is HMRC compliant, as well as building on the life assurance wrapper distribution and product range.
Non-organic growth will be targeted through opportunistic purchases of books of QROPS business in Malta and Gibraltar, as circumstances allow.
It is also pleasing to note the successful integration of the London & Colonial business into the STM Group from the date of acquisition in October 2016. This re-structuring has led to direct cost savings, as well as a further release of the actuarially calculated expense reserve held in the L&C life business during the first six months of the year. It is anticipated that we will see additional releases in the foreseeable future as we move to the next phase of the integration of the life businesses.
The above component parts, coupled with the strong underlying predictable recurring revenue as we opened our doors to 2017, has resulted in record half-year profits for the Group which, in turn, bodes well for 2017 as a whole.
I would like to take this opportunity to thank the staff for their hard work in the first half of this year.
Michael Riddell
Chairman
Chief Executive's Review
Overview
I am pleased to present the interim results for the six months ended 30 June 2017. Whilst the events in that time have, by any stretch of the imagination, tested management's capabilities and the resilience of the Group's business model, I am delighted to announce that the Group has overcome these challenges to report record profitability for a six month period.
The resulting challenges for the Group, as a result of the UK Spring budget changes are well documented and led management to re-define its pension administration services to the UK expatriate market, with the launch of the UK International SIPP proposition from its offices in Haywards Heath.
As previously indicated, early signs of the take-up of the International SIPP remain encouraging and have already gone a significant way to replacing the fall-off of new QROPS applications. The fact that the product is more straight-forward to understand as compared to a QROPS, supported by the fact that it is administered by a UK regulated firm has attracted the interest of UK expats.
Other business units continue to perform in line with expectations, including the full integration of the London & Colonial (L&C) acquisition of the 4(th) quarter of 2016. As part of this integration, management continues to reduce the cost base of the L&C life assurance business. In addition, the reporting actuary at the six months reporting date has reduced the required level of expense reserve to be carried by the company.
It is this new SIPP business, along with the solid predictable underlying recurring revenue stream and the release of part of the expense reserve within L&C that has allowed the Group to post a record half-year profit before tax of GBP2.4 million (2016: GBP1.2 million).
Financial results
For the six month period ended 30 June 2017 the Group recorded a 36 per cent. increase in turnover to GBP10.7 million (2016: GBP7.9 million) after a GBP2.4m contribution from L&C (2016: GBP0.0m). Excluding the impact of the L&C acquisition, revenue growth was 5 per cent. Profit before tax for the period amounted to GBP2.4 million (profit margin of 23%) compared to GBP1.2 million for the period ended 30 June 2016 (profit margin of 15%). Like for like profits for 2017 (excluding the impact of the L&C acquisition) amount to GBP1.5 million and hence up 25% on 2016.
Pleasingly, all component parts of the Group's trading operations have performed in line with management expectations having taken into account the changing environment within our pension administration divisions. Solid and predictable recurring revenue on a monthly basis has been a key component in being able to achieve enhanced profits across the Group. This, in conjunction with managing costs, particularly in relation to the reduction in QROPS new business post March 2017, has also allowed better profit margins to be achieved.
The results and financial information set out below for the six months to 30 June 2017, include a full six months contribution for the London & Colonial acquisition.
In line with previous years, STM continues to receive a refund on a proportion of the tax paid to the Malta tax authorities on dividends declared to the holding company which has resulted in a lower effective tax rate. This is predominantly as a result of timing and is expected to revert to normal rates by the year end.
In line with all administration services businesses and, as per previous years, the Group had accrued income in the form of work performed for clients but not yet billed of GBP1.0 million as at the period end (2016: GBP1.5 million). The Group's accounting policy for accrued income in relation to the pensions business is based on the number of new business applications received but for which an invoice has not yet been raised. Invoices are raised once the pension funds are received and the fees can be taken. The decrease in accrued income as compared to 30 June 2016 is evenly split between pensions and CTS, with the former being as a result of the reduced QROPS business. This gives some visibility of revenue still to be billed and collected as cash at bank.
In addition, deferred income relating to annual fees invoiced but not yet earned stood at GBP4.0 million (2016: GBP2.6 million). The Group's accounting policy for its pension businesses is for first year fees to be recognised in full at the time of receiving the application with a proportion of the second year fees and beyond to be deferred over the year in which the fee relates. Consequently, deferred income continues to increase as more and more invoices for second year fees and subsequent years are raised as the Group continues to attract more clients. Pleasingly, this gives good visibility of revenue that has still to be earned through the Profit and Loss account in the coming months. The increase in deferred income is predominantly due to the L&C life assurance company.
Trade receivables as at 30 June 2017 were GBP2.3 million as compared to GBP1.8 million in the previous year.
During 2016, the Company took out a bank loan of GBP3.3 million to finance the acquisition of London & Colonial in October 2016 which has resulted in financing costs of GBP0.2 million (2016: GBP0.0 million).
Cash and cash equivalents at 30 June 2017 were GBP14.7 million (30 June 2016: GBP9.3 million). The increase is partly due to the acquisition of L&C as well as continued profitability. Of this balance some GBP10.9 million (30 June 2016: GBP4.9 million) currently represents regulatory cash or assets supporting capital solvency requirements. More importantly, and demonstrating the visibility and robustness of the business model, cash generated from operating activities amounted to GBP4.1 million (2016: GBP2.3 million).
Dividend
The Group continues to follow a progressive dividend policy and I am pleased to announce that the Board has declared an interim dividend of 0.6 pence per share (2016: 0.5 pence). The interim dividend is expected to be paid on 8 November 2017 to those shareholders on the register on 6 October 2017. The ordinary shares will become ex-dividend on 5 October 2017.
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 business
STM's pension administration businesses are now based in three locations, Malta, Gibraltar and more recently, since October 2016, in the UK.
Whilst the composition of where our new pension business is administered has changed significantly, overall the volumes of new business has continued to climb steadily since the UK Spring budget.
As previously advised to the market, new QROPS applications following the UK Spring budget are very much in line with management's revised expectations at circa 20% of original pre-Budget forecasts but this reduction of anticipated new business has started to be offset by an uplift in our International SIPP offering.
The pensions business revenue has therefore remained stable when compared to the same period in 2016, but with the added benefit of the additional revenue contribution from the UK SIPP acquisition. Revenue for the six month period to 30 June 2017 was GBP5.1 million (2016: GBP4.4 million) thus accounting for 48% of the Group's overall turnover.
The total income for the period is split between the different jurisdictions as follows: Malta - GBP3.2 million (2016: GBP3.3 million); Gibraltar - GBP1.3 million (2016: GBP1.2 million); with UK being GBP0.6 million (2016: GBPnil).
Life assurance divisions
This is the first full six months results period that incorporates both of the life assurance businesses based in Gibraltar.
Revenue for the six months to 30 June 2017 amounted to GBP3.1 million (2016: GBP0.7 million). Pleasingly, the revenue growth has come from a steady and predictable increase in monthly recurring revenue in STM life, as well as a particularly good first quarter in relation to its short term annuity product. This complements the very predictable nature of the L&C book of business that delivered recurring revenues of GBP1.1 million (2016: GBPnil) in line with management's expectations.
In addition, and in line with the 2016 year end release, the actuarially calculated expense reserve in L&C has been decrease by a further GBP0.5 million, resulting in a balance as at 30 June 2017 of GBP2.34 million. This release is as a result of further costs savings and the diminishing portfolio. When added to the recurring revenues as per above the total revenue generated by L&C is GBP1.6 million (2016: GBPnil).
CTS division
Turnover from the Corporate and Trustee Services division ("CTS") accounted for 20% (2016: 27%) of the Group's total revenue during the first half of 2017. Revenues generated by the CTS business for the period were GBP2.1 million as compared to GBP2.2 million in the second half of 2016. The proportional reduction of the CTS division's revenue to Group is largely due to the increase of the other divisions.
Revenue resulting from the Jersey CTS business accounted for 60% (2016: 55%) of the CTS division's revenue at GBP1.2 million (2016 GBP1.2 million), with Gibraltar's revenue totaling GBP0.8 million (2016: GBP1.0 million). The CTS market remains a difficult market for expansion, with various macro and micro economic factors; in this regard STM's focus in this area is on client retention and maintaining operating profit margins.
Other divisions
Turnover from other divisions for the six month period amounted to GBP0.5 million (2016: GBP0.6 million) with the main contributors being the Insurance Management division and the Spanish office. Both divisions are performing in line with management expectations.
Summary and outlook
There is no doubt that our International SIPP catering for the UK expatriate market, is a healthy replacement for the expected reduction in new business volumes in our QROPS market-place.
STM continues to see a steady increase in applications which has partly been as a result of the launch of the user-friendly electronic application version during July.
There remains a strong focus on our pension businesses both from an organic growth perspective as well as continuing to pursue acquisitions in the now static QROPS market. Management expectations are that the launch of our Australian superannuation product, currently awaiting HMRC approval under the QROPS regime, will open up opportunities in a new populace of UK expatriate and Australian nationals that have a UK pension. On the acquisition front, we continue to explore the possibility of acquiring books of business which no longer have the ability to grow and that are struggling to deliver decent returns due to lack of critical mass.
In addition, it is pleasing to see that the re-structuring and cost savings planned by management as part of the L&C acquisition are now bearing fruit, and this has allowed a further release of technical reserves to profit from the life assurance company during the six month period. This was an "easy-win" for STM given that it already has a Gibraltar based life business and, as further integration continues, will likely result in further releases in the foreseeable future.
STM is on track to deliver record annual profits since its initial listing on AIM in 2007 for the year ended 31 December 2017. It does this, having transformed its core trading activities over the last few years in to a more robust and predictable business model where recurring revenue continues to account for circa 75% of total revenues. The Board looks forward to updating the market during the second half of the year.
Alan Kentish
Chief Executive Officer
12 September 2017
STM GROUP PLC
CONSOLIDATED INCOME STATEMENT
for the period from 1 January 2017 to 30 June 2017
Unaudited Unaudited Audited
6 months 6 months Year to
to to 31 December
30 June 30 June 2016
Notes 2017 2016 GBP'000
GBP'000 GBP'000
Revenue 10,702 7,884 17,433
Administrative expenses (7,823) (6,565) (14,318)
-------------------------------------------- ------------------ ------------------ --------------------------
Profit before other
items 2,879 1,319 3,115
-------------------------------------------- ------------------ ------------------ --------------------------
Finance costs (196) - (87)
Depreciation and amortisation (260) (109) (273)
Profit on ordinary activities
before taxation 2,423 1,210 2,755
Income tax expense (115) 139 (382)
-------------------------------------------- ------------------ ------------------ --------------------------
Profit on ordinary activities
after taxation 2,308 1,349 2,373
Other comprehensive
income
Foreign currency translation
differences for foreign
operations 83 193 282
-------------------------------------- --------- ------------------ ------------------ --------------------------
Total comprehensive
income for the period/year 2,391 1,542 2,655
-------------------------------------- --------- ------------------ ------------------ --------------------------
Earnings per share basic 3 3.89 2.27 3.99
(pence)
Earnings per share diluted 3 3.89 2.16 3.99
(pence)
There have been no discontinued activities in the period. Accordingly, the above results relate solely to continuing activities.
STM GROUP PLC
CONSOLIDATED BALANCE SHEET
as at 30 June 2017
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
Notes GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant
and equipment 1,096 826 889
Intangible assets 18,504 16,879 18,544
Other investments -- 766 792
--------------------------- -------- ---------- --------------- ----------------------
Total non-current
assets 19,600 18,471 20,225
--------------------------- -------- ---------- --------------- ----------------------
Current assets
Investments 5 5,289 - 4,239
Accrued income 1,001 1,453 1,214
Trade and other
receivables 7 4,292 3,225 5,193
Cash and cash equivalents 6 14,671 9,281 11,869
--------------------------- -------- ---------- --------------- ----------------------
Total current assets 25,253 13,959 22,515
--------------------------- -------- ---------- --------------- ----------------------
Total assets 44,853 32,430 42,740
--------------------------- -------- ---------- --------------- ----------------------
EQUITY
Called up share
capital 10 59 59 59
Share premium account 22,372 22,372 22,372
Reserves 6,957 4,439 5,231
Total equity attributable
to equity shareholders 29,388 26,870 27,662
--------------------------- -------- ---------- --------------- ----------------------
LIABILITIES
Current liabilities
Liabilities for
current tax 1,166 933 1,070
Trade and other
payables 8 11,824 4,627 10,708
--------------------------- -------- ---------- --------------- ----------------------
Total current liabilities 12,990 5,560 11,778
--------------------------- -------- ---------- --------------- ----------------------
Non-current liabilities:
Other payables 9 2,475 -- 3,300
--------------------------- -------- ---------- --------------- ----------------------
Total non-current
liabilities 2,475 -- 3,300
Total liabilities
and equity 44,853 32,430 42,740
--------------------------- -------- ---------- --------------- ----------------------
STM GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
for the period from 1 January 2017 to 30 June 2017
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Reconciliation of profit
before tax to net cash flow
from operating activities
Profit for the period/year
before tax 2,423 1,210 2,755
Adjustments for:
Depreciation and amortisation 251 110 262
Loss on Sale of Fixed Asset 9 -- 11
Taxation paid (19) (199) (583)
Unrealised gain in investments (7) -- (291)
Share based payments 28 -- 34
Decrease/(increase) in trade
and other receivables 901 969 (472)
Decrease in accrued income 213 356 595
Increase/(decrease) in trade
and other payables 291 (174) (1,154)
-------------------------------------- -------------------- -------------------- -----------------
Net cash from operating activities 4,090 2,272 1,157
-------------------------------------- -------------------- -------------------- -----------------
Investing activities
Acquisition of property,
plant and equipment (340) (89) (204)
Consideration paid on acquisition -- -- (4,235)
Cash acquired on acquisition -- -- 5,018
Acquisition of treasury shares (51) (25) (45)
Increase in intangibles (88) (57) (113)
Acquisition of investments (250) (56) --
Net cash used in investing
activities (729) (227) 421
-------------------------------------- -------------------- -------------------- -----------------
Cash flows from financing
activities
Bank loan -- -- 3,300
Loan note repayments -- (300) (300)
Dividends paid (594) (535) (832)
Net cash from financing activities (594) (835) 2,168
-------------------------------------- -------------------- -------------------- -----------------
Increase in cash and cash
equivalents 2,767 1,210 3,746
-------------------------------------- -------------------- -------------------- -----------------
Reconciliation of net cash
flow to movement in net funds
Analysis of cash and cash
equivalents during the period/year
Balance at start of period/year 11,869 8,036 8,036 Translation of foreign operations 35 35 87 Increase in cash and cash equivalents 2,767 1,210 3,746 -------------------------------------- -------------------- -------------------- ----------------- Balance at end of period/year 14,671 9,281 11,869 -------------------------------------- -------------------- -------------------- -----------------
STM GROUP PLC
STATEMENT OF CONSOLIDATED CHANGES IN EQUITY
for the period from 1 January 2017 to 30 June 2017
Share Share Retained Treasury Translation Shares
Capital Premium earnings Shares Reserve Based Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Payments GBP'000
reserve
GBP'000
Balance at 1
January 2016 59 22,372 3,879 (206) (59) -- 26,045
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
Profit for the
year -- -- 2,373 -- -- -- 2,373
Other comprehensive income
Foreign currency
translation
differences -- -- -- -- 282 -- 282
Transactions with owners, recorded directly in equity
Dividend paid -- -- (832) -- -- -- (832)
Exchange loss
on equity -- -- -- -- (195) -- (195)
Shares based
payments -- -- -- -- -- 34 34
Treasury shares
purchased -- -- -- (45) -- -- (45)
------------------ --------- --------- ---------- --------- ------------ ---------- ----------
At 31 December
2016
and 1 January
2017 59 22,372 5,420 (251) 28 34 27,662
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
Profit of the
period -- -- 2,308 -- -- -- 2,308
Other comprehensive income
Foreign currency
translation
differences -- -- -- -- 83 -- 83
Transactions with owners, recorded directly in equity
Dividend paid -- -- (594) -- -- -- (594)
Exchange loss
on equity -- -- -- -- (48) -- (48)
Shares based
payments -- -- -- -- -- 28 28
Treasury shares
purchased -- -- -- (51) -- -- (51)
At 30 June 2017 59 22,372 7,134 (302) 63 62 29,388
------------------ --------- --------- ---------- --------- ------------ ---------- ----------
STM GROUP PLC
NOTES TO THE CONSOLIDATED RESULTS
for the period from 1 January 2017 to 30 June 2017
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 2017 to 30 June 2017 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. Earnings per Share
Earnings per share for the period from 1 January 2017 to 30 June 2017 is based on the profit after taxation of GBP2,308,000 divided by the weighted average number of GBP0.001 ordinary shares during the period of 59,408,087 basic and 62,378,491 dilutive shares.
A reconciliation of the basic and diluted number of shares used in the period ended 30 June 2017 is:
Weighted average number of shares 59,408,087 Dilutive share options 2,970,404 ------------------------- ----------- Diluted 62,378,491 ========================= ===========
4. Dividends
The following dividends were declared and paid by the Group:
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
2017: 1.0 pence (2016:
0.9 pence) per qualifying
ordinary share 594 535 832
---------- ---------- -------------
5. Investments
Investments relate to GBP784,000 of UK Government Gilts and GBP4,505,000 in a discretionary portfolio managed by SG Hambros. This is low risk conservative investing predominately in sterling high grade corporate bonds with limited duration risk. The UK Government Gilts pay coupons of 4.75% and 4.25% per annum and mature on 7 December 2030 and 7 September 2039.
These investments have been classified as Level 2 as their value has been based on significant other observable inputs available.
6. 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 GBP14,671,000.
7. Trade and other receivables
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Trade receivables 2,262 1,827 3,397
Other receivables 2,030 1,398 1,796
---------- ---------- -------------
4,292 3,225 5,193
---------- ---------- -------------
8. Trade and other payables
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Bank loan (see note 825 --
9) --
Deferred income 3,982 2,555 3,730
Trade payables 610 308 436
Contingent consideration 1,150 -- 1,150
Insurance technical
reserve 2,340 -- 2,805
Other creditors and
accruals 2,917 1,764 2,587
---------- ----------
11,824 4,627 10,708
---------- ---------- -------------
9. Other payables - amounts falling due in more than one year
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Bank loan 2,475 -- 3,300
2,475 -- 3,300
---------- ---------- -------------
In October 2016 the company took out a 3 year bank loan for GBP3.30 million which pays interest of 4% above LIBOR. The bank loan is interest only for the first year with quarterly repayments thereafter commencing in January 2018. The loan is secured by a capital guarantee provided by STM Fidecs Limited.
10. Called up share capital
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
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
59,408,087 ordinary
shares of GBP0.001 each 59 59 59
---------- ---------- -------------
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUCGBUPMGQG
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