LONDON (ShareCast) - Collectibles dealer Stanley Gibbons reported rising interim profits and has forecast growth for the rest of the year irrespective of economic conditions as it continues to lead the way in sourcing rare stamps.
The firm, which has set thousands of youngsters on the path to a life-time of stamp collecting, declared profits before tax for the first half of the year of £1.8m, up 8% on the same period of 2011, although sales were down 2% at £14.7m.
Online sales grew 90%, and this is clearly a growth area for the firm which felt confident enough to declare an interim dividend up 10% on 2011 at 2.75p per share.
Stock levels are valued at £24.5m as the firm prepares for the launch of a rare stamp fund in October.
The Chairman, Martin Bralsford, commented: As a result of the success in sourcing of key philatelic rarities, the group is in a strong position to deliver growth in the remainder of the current year, irrespective of economic conditions, which is expected to include the launch of a rare stamp fund in October.
The fund will be regulated and open to sophisticated investors and hold some of the most famous and best quality philatelic items at attractive values. It will combine prudence with good expected returns from future capital growth.
BS