- Cross-border financial services group STM booked a higher first-half profit and upped its dividend

Pre-tax profit for the six months through June rose to £3.1m, up from £1.9m on-year.

Revenue rose to £11.9m, up from £10.8m.

The company declared an interim dividend of 0.75p, up from 0.70p on-year.

'The new target operating model will bring about a stronger and more scalable platform for future growth, both organically and by acquisition, as well as ultimately seeing improved operating margins,' chief executive Alan Kentish said.

'As previously advised, this requires upfront investment in both senior hires and IT infrastructure and the group has seen its underlying cost base increase which the Group has been able to absorb thanks to its solid revenue base.'

'The second half of the year is about concluding the initiatives commenced in the first six months so that these benefits start to materialise.'

'My expectations of seeing both top line growth and pre-tax profit uplift as a result of our recent investment programme remains strong.'

At 8:03am: [LON:STM] STM Group PLC share price was -0.5p at 40p

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