Stamp and collectibles trader Stanley Gibbons collected lots of cash in 2011, leaving it well placed to fund future growth opportunities.
The company is sitting on more than £5m of cash after a year in which it grew sales and profits. Performance for the year as a whole should be broadly in line with market expectations, the company said.
Demonstrating its ability to thrive in the digital age, the company said that following the launch of its web site at the end of May, sales via the Internet in the second half of 2011 were up by two-thirds year-on-year. The group expects the Internet will eventually become its primary sales channel over time.
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Meanwhile, the new office opened in Hong Kong at the end of September is already contributing a substantial new revenue stream and generated a profit in its first quarter of trading.
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On top of all that, the current order pipeline is much better than it was at the corresponding stage of 2011, with the company claiming that the unease about traditional forms of investment is sparking interest worldwide in the ownership of tangible assets, such as collectibles, as a means of storing and growing wealth.
"The growth in sales for the financial year ended 31 December 2011 was exceptional and profit growth was strong, particularly in the light of expenditures incurred this year which will create future benefits," said Martin Bralsford, the company Chairman.
"More important, in the current economic climate, I am delighted with the strength of our underlying business model demonstrated by the strong generation of cash in the year. As a result, the group enjoys financial security and substantial resources to finance future growth opportunities," Bralsford added.
The company said that non-executive director John Byfield, will become an executive director at the beginning of February, taking on the role of Corporate Development Director, to assist with the execution of the group's acquisition strategy.
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