Financial Outlook
STM Group is on track to report revenue ahead of expectations for 2023 as it continues to make progress on its takeover by Jambo. The global financial-services provider is anticipating revenue of £28.0 million for the year ended Dec. 31, driven by higher interest income than previously forecasted. This performance surpasses the market's expectations and represents significant growth from the £24.1 million reported in 2022.
Overall Performance
Despite the ongoing acquisition process by Jambo, STM Group remains confident in delivering in-line performance for 2023. The company expects its overall performance to align with previous projections, excluding any costs associated with the acquisition. The takeover offer by Jambo, valued at approximately £35.6 million, is proceeding according to plan and expected timelines.
Exceptional Costs
In 2023, STM Group incurred additional exceptional costs of approximately £700,000 on top of previously disclosed acquisition-related expenses. These costs primarily stem from the write-down of non-cash items related to the disposal of certain companies and trust services subsidiaries in 2021.
As STM Group looks ahead to a successful year of growth and strategic developments, the company remains focused on delivering value to its stakeholders.
For more information, please contact STM Group directly.
