The Jersey based Stanley Gibbons Group announced its interim results on Friday 28th March, for the twelve months to December 31st, 2013, which showed a rise in sales of 16% across the Group.
Trading profits for the year were up 9% to £6.9m (2012: £6.3m) in a year when the Group completed its acquisition of Noble Investments (UK) plc and continued its work to create a global online collectibles platform.
Chairman, Martin Bralsford said: ‘The performance of the Group in the six months and twelve months to 31 December 2013 was in line with market expectations with turnover up 16% and trading profits up 9%. This result was achieved despite significant management focus being directed towards the successful completion of the strategically important acquisition of the Noble group and ensuring that online technical projects remained on track.
‘The Group’s strong balance sheet position including net cash of £17.3m and a high quality stockholding of rare stamps and collectibles stated at a historic cost of £30.6m provides a substantial capital base from which to invest in further growth opportunities identified by the Board.
‘The most exciting event of the current year is in the impending launch of our online collectibles marketplace where the Board believes there are opportunities, further enhanced by the acquisition of Noble, to deliver substantial online revenues from the global collectibles market.’
The Noble acquisition includes: Baldwin’s (the globally respected brand in coins, established in 1872), Dreweatts (an auctioneer of antiques and collectibles such as watches, fine wine and jewellery, established in 1759), Bloomsbury (a leading auctioneer of books, manuscripts and art) and Apex Philatelics. Murray Payne is the recognised world’s leading dealer in British Commonwealth King George VI stamps. The enlarged Group comprises quality heritage brands with leading reputations in their respective fields.
The Group is also continuing to build its presence internationally with a new office opened in Singapore in 2013 to complement the Hong Kong office. Stanley Gibbons is also actively investigating potential opportunities in Geneva, New York and Sydney.
Category: Finance & Business