Stanley Gibbons first quarter sales shine

Stamp collection firm Stanley Gibbons reported an increase in first quarter turnover, despite charges related to investment in its online strategy, and said 2013 sales benefited from increased stock.

Turnover for the traditionally quiet first quarter rose 12% from last year, despite 2012 including a large sale of £1m to one client.

Overall trading in the quarter was in line with company expectations and after charging costs associated with its planned increased investment in developing our online strategy.

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Net cash balances were in excess of £7.0m at the end of March.

"Implementation of our strategy is on target. The board remains enthusiastic about the prospects in monetising our brand, products and services to achieve their potential," it said in a company update.

The group has recommended a final dividend of 3.75p per share.

Stanley Gibbons said its business is now split into two streams; a traditional dealing & auction activities and a digital division.

CJ