The company also returned a modest profit of Â£36,000 for the year, marking a
return to profitability after 3 years of heavy investment in research and development. The results were buoyed up by significant growth of the company's overseas activities in Asia and the USA.
"The past year has been one of significant progress for the company,"
commented Michael J Thomas, Managing Director and co-founder of the company.
"Despite the international economic climate, the company has delivered
considerable growth and returned to profitability, whilst maintaining its
emphasis on investing in the future."
During the year, the company introduced STB-Detector, a new product that will assist financial institutions around the world in the battle against money laundering. STB-Detector has tremendous potential to build on the company's leading position in the regulatory reporting market and create significant opportunities for future growth for the company, especially in developing complete compliance solutions.
Significant investment has been made in the Asia-Pacific region, where STB's
Hong Kong based branch operation was converted in the year into a wholly owned subsidiary of the UK company. Further customers were secured in Hong Kong, but the year was generally seen as one of investment to establish the business and the STB brand in a region that demonstrates considerable potential and opportunity for future development. The company intends to create a further subsidiary in Singapore during the coming year.
The USA remains a key market for the group. Installations have been completed for several new Federal Reserve reporting customers and STB-Detector is already installed in banks in New York.