Avarae update is less than sterling

Avarae Global Coins, the AIM-listed company dealing in rare and high quality coins, has produced a less than sterling trading update.

Avarae Global Coins, the AIM-listed company dealing in rare and high quality coins, has produced a less than sterling trading update.

Revenues for the six months ended September 30th 2012 are expected to be "not less than £0.45m", compared with £1.58m for the same period in 2011. Margins have dropped from 44% to "not less than 15%".

Diane Clarke, a director of Avarae, said: "Whilst the company did not benefit this year from the strong performance of our coins in the Hong Kong auction of August last year, a 15 per cent gross profit margin still represents a significant uplift from the carrying value of coins as of March 31st 2012.

"The highest quality coins continue to attract strong prices around the world, as evidenced by the recent £780,000 (including buyer's premium) paid for one of Australia's rarest coins, a George V 1920 Sydney mint gold sovereign, which was sold for more than three times the price paid the last time such a coin was available for sale in 2006."

CM

Recommended

How to invest today? Look to the past, not the future
Investment strategy

How to invest today? Look to the past, not the future

The past few years have seen so many changes to our way of life that many people said we had entered a “new normal”. But as it turns out, the new norm…
18 Aug 2022
A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022
Persimmon yields 12.7%, but can you trust it to deliver?
Share tips

Persimmon yields 12.7%, but can you trust it to deliver?

With a dividend yield of 12.7%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate a com…
17 Aug 2022
Cineworld faces a bleak future – investors should stay away
Share tips

Cineworld faces a bleak future – investors should stay away

Weighed down by crippling debts and with consumers tightening their belts, Cineworld's future does not look bright, says Rupert Hargreaves. Investors …
17 Aug 2022

Most Popular

Investors should get ready for a political revolution
UK Economy

Investors should get ready for a political revolution

Liz Truss will beat Rishi Sunak, cut taxes, and then shake up the Bank of England, says Helen Thomas
15 Aug 2022
How to protect your wealth as inflation hits new record highs
Investment strategy

How to protect your wealth as inflation hits new record highs

UK inflation has hit a new record high of 10.1%. It's going to hurt, says Dominic Frisby. Here's how you can protect your wealth.
17 Aug 2022
Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022