STM FY revenues seen ahead of market expectations

23rd Feb 2024 09:05

(Sharecast News) - Financial services provider STM Group said on Friday that full-year revenues were £28.0m, ahead of market expectations, driven by higher than forecasted interest income.

However, STM stated it had incurred a further £700,000 of "certain acquisition-related costs" in regard to its recommended acquisition by Jambo SRC, mainly due to the write-down of certain non-cash items relating to the disposals of the companies and trust services subsidiaries in 2021.

As such, STM expects to report overall trading for FY23 in line with its previous expectations, excluding the impact of the acquisition-related costs.

The AIM-listed group added that the regulatory change of control applications made by Jambo in relation to its acquisition of the company and Pathlines Holdings in relation to its acquisition of the SIPPS Companies continues "to progress".

As of 1100 GMT, STM shares were down 2.61% at 56.0p.

Reporting by Iain Gilbert at Sharecast.com