STM Group (AIM:STM) – terrific results and a seemingly modest valuation!
The multi-jurisdictional/cross border financial services group announced audited final results for the 12 months ended 31 December 2014 that have been well received.
STM offers innovative, impartial financial solutions for high net worth individuals, cross-border investors and expatriates. Through tax, legal, trust and pensions services, they help resident and non-resident individuals and companies protect and grow their investments. The Group has operations in Gibraltar, Spain, Jersey. Malta and Cyprus For the year ended 31 December 2014, turnover was up 18.6% at £15.9m with EBITDA £2.3m compared with £0.9m for the prior period. Management commented that in spite of turnover having increased by 19%, administrative expenses have only increased by 9%, predominantly due to the increase in commissions payable on the Pensions business. …