Trading Statement
April 28 2010 - 3:51AM
UK Regulatory
TIDMSGI
RNS Number : 9301K
Stanley Gibbons Group PLC
28 April 2010
THE STANLEY GIBBONS GROUP PLC
"the Company"
TRADING STATEMENT
Ahead of the Annual General Meeting to be held later today, the Board of the
Company updates the market with the following Trading Statement:
"In what is traditionally our slowest period for trading, turnover for the first
quarter of 2010 was 13% below the same period last year. However, the
comparative period benefited from the completion of one major investment sale of
GBP0.7m. Excluding this large sale, on a like-for-like basis, turnover was 15%
up on the prior period, which gives a measure of the current underlying
performance.
Enquiries generated in April for our investment products are ahead of the same
time last year.
The completion on schedule of the refurbishment works at our flagship retail
premises at 399 Strand, which re-opened on the 13th of April, is already
benefitting trade and feedback from clients to date has been entirely positive.
This, together with our marketing and PR activities in the first quarter, puts
us in a very strong position fully to capitalise on more favourable market
conditions ahead of the 2010 London Stamp Exhibition. This once in a decade
event takes place between the 8th and 15th of May, when approximately 50,000
collectors from across the globe are expected to visit London. We are offering
complimentary transport between the Strand and the Islington Design Centre, the
show's venue, throughout the week to ensure that we direct as many visitors as
possible to come to view our newly presented retail offering.
Our buying activity in the first quarter has substantially strengthened the
quality of our stockholding in key rarities, with a number of top quality
collections being secured. Most notably, we secured one of the biggest prizes in
GB philately - the 6d IR Official. This stamp is one of the rarest and most
coveted stamps in the world. The strength of these stock acquisitions is key to
our performance in the remainder of the year, to fulfil the strong enquiry order
book.
All elements of our strategy, including our website development, the launch of
the rare stamp investment fund and development into the Chinese market, are all
progressing in line with expectations to deliver profit growth in the medium and
long term.
We are currently reviewing a number of small acquisition opportunities and
expect to update the market in this respect later in the year.
If approved today, the Company's final dividend of 3p per share will be paid to
Shareholders on 17 May 2010 and our interim results for the six months ending 30
June 2010 will be announced on 6 August 2010."
For further information:
The Stanley Gibbons Group plc
Michael Hall, Chief Executive +44 (0) 1534 766711
John Cowie +44 (0) 20 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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