Noble Investments posted its annual results Friday, revealing a 23 per cent rise in pre-tax profits.
The UK-based company, which auctions collectables including coins and stamps, reported £3.7m profits to the year ended August,up from £3.0m the previous year.
Basic earnings per share were up 24% to 18.89p, compared to 15.27p in 2011.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group's cash position rose over 50% to £2.25m as result of positive operating cash flow and auction proceeds.
However, revenues were down 2.3% to £12.35m from £12.65 for the period, due in part to a quieter year in trading.
The retail division raked in £1.2m, down from £2.7m the year before.
"However, the reduced retail activity meant that the retail specialists were able to spend considerable time and effort during the year, cataloguing the auction consignments, which benefited the auction division," said Managing Director Ian Goldbart.
Last year the group launched Baldwin's website and also updated the Apex Philtalic website.
Administrative expenses for the year were up 17% at £3.2m, partially due to increased expenditure on auction catalogue production, travel, promotion and advertising.
"It is pleasing to be able to report another year of growth in both profits and total dividend," Goldbart said.
"The group's strong balance sheet and strength in depth of specialists gives us a significant advantage over many of our competitors.
"We continue to make progress in the pursuit of an appropriate acquisition and hope to make a further announcement in due course. In summary, we have a strong auction book for 2013 and are well placed to continue to build upon the foundations laid in the last decade."
RD
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
