Online sales double at Stanley Gibbons

Stamps retailer Stanley Gibbons said on Friday last year's profits were in line in expectations as online sales more than doubled.

Stamps retailer Stanley Gibbons said on Friday last year's profits were in line in expectations as online sales more than doubled.

In a trading update the company, which specialises in collectable and postage stamps, projected a strong balance sheet for the year ended December 31st following a 55% increase in internet sales. The firm had invested in its website, helping to boost sales.

A net cash balance of £7.0m was forecast on the back of company expansion as it targeted new global markets.

During the financial year the company acquired bidStart, a US-based online collectibles trading platform, for £1m to strengthen its position in the international online market.

A new office in Hong Kong, which opened in 2011, helped generate new business in Asia.

Stanley Gibbons experienced growth in sales of rare stamps from China and benefit from the Hong Kong office in sourcing material to meet the strong demand. Its success has led to plans for more overseas offices this year.

"The financial year just passed represented yet another success delivering growth in profitability in line with market forecast," Chairman Martin Bralsford said.

"This was achieved despite the costly work undertaken in the year developing our wider strategy. Most important, the acquisition of bidStart and associated fundraising represents a key milestone towards achieving our core objective in the development of the global online collectibles trading community."

Bralsford said last year's results has paved the way for growth in 2013.

Shares were up 0.64% to 235.00p at 8:30 Friday.

RD

Recommended

Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022
Melrose Industries: a British manufacturer that is well-placed for recovery
Share tips

Melrose Industries: a British manufacturer that is well-placed for recovery

Melrose, the aerospace and automotive manufacturer, has been hit by the pandemic, but the shares are unduly cheap says David J Stevenson.
17 May 2022
Avoid easyJet shares – there are better airlines to invest in
Share tips

Avoid easyJet shares – there are better airlines to invest in

EasyJet used to be one of Europe’s most impressive airlines. But now it is facing challenges on all fronts and losing out to the competition. Rupert …
16 May 2022
Britain’s ten most-hated shares – w/e 13 May
Stocks and shares

Britain’s ten most-hated shares – w/e 13 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
16 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
High inflation will fade – here’s why
Inflation

High inflation will fade – here’s why

Many people expect high inflation to persist for a long time. But that might not be true, says Max King. Inflation may fall faster than expected – and…
13 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022