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

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
How the end of cheap money could spark a house price crash
House prices

How the end of cheap money could spark a house price crash

Rock bottom interest rates drove property prices to unaffordable levels. But with rates set to climb and cheap money off the table, we could see house…
28 Sep 2022
Why UK firms should start buying French companies
UK stockmarkets

Why UK firms should start buying French companies

The French are on a buying spree, snapping up British companies. We should turn the tables, says Matthew Lynn, and start buying French companies. Here…
28 Sep 2022