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STM profits take a battering

Cross-border financial services provider STM Group yesterday said its first-half profits had almost been wiped out by underperformance at its Jersey office and insurance division. STM saw its interim pre-tax profit fall to £0.18m from £1.43m a year ago, causing broker Evolution Securities to cut its rating on the stock from “buy” to “neutral”. But the firm said business had picked up over the past few weeks and that there were that normal activity is “slowly resuming”.