- STM Group Plc, the cross border financial services provider, has announced interim results for the six months ended 30 June 2011, showing revenue for the period increased 9% to £5.07 million (30 June 2010: £4.66 million)

Operating profit before tax was up to £0.79 million (30 June 2010: £0.77 million) and the group revealed a healthy balance sheet with cash of £3.31 million (31 December 2010: £3.70 million) having repaid £1.08 million of borrowings and deferred consideration

There was a net cash collection generated from operating activities of £1.03 million for the six months (30 June 2010: £0.60 million) Earnings per share for the for period were 1.21 pence (30 June 2010: 1.39 pence) The acquisition of Zenith in Jersey in 2010 created critical mass and is performing in the line with management expectations Commenting on the results and the prospects for STM, Colin Porter, CEO said:"The first half of 2011 has performed broadly in line with managements' expectations and continues to build on a solid 2010 performance.

"Considerable effort and resources have gone into business development and marketing which have resulted in enquiries being generated from new markets, which bodes well for the future.

"Innovative product variations have been a key feature for the first six months of the year with anticipated release of new pensions and life assurance savings products due during the fourth quarter of 2011, which will be very well received by our intermediary introducers."

"The above, coupled with the robust and predictable performance of our core CTS business should result in a milestone change for the Group in 2012."

At 9:02am: [LON:STM] Streetnames share price was -2.75p at 13.5p

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