- The STM Group recorded turnover of £5.10 million for the six months to 30 June 2012 (30 June 2011: £5.07 million) and operating profit of £0.62 million (30 June 2011: £0.84 million).

In line with all CTSP businesses, the Group had accrued income, in the form of work performed for clients but not yet billed at 30 June 2012 of £3.85 million (30 June 2011: £3.04 million).

There is also deferred income relating to annual fees invoiced but not yet earned at the same date of £0.93 million (30 June 2011: £1.11 million). It is expected that these amounts will be invoiced or earned in the second half of 2012, providing excellent visibility over revenues.

The Group had a gross cash balance of £3.43 million at the period end (31 December 2011: £3.31 million) having repaid external borrowings of £0.70 million and deferred consideration of £0.10 million during the period. Bank borrowings at 30 June 2012 amounted to £1.26 million (30 June 2011: £2.17 million).

The Board continues to review the policy of dividend payments and at this stage proposes that no interim dividend be paid (2011 interim: £nil). The Board will review this position at the year end.

At 9:45am: [LON:STM] Streetnames share price was -0.5p at 32.5p

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