AGM Trading Statement (5236C)
May 02 2012 - 2:00AM
UK Regulatory
TIDMSGI
RNS Number : 5236C
Stanley Gibbons Group PLC
02 May 2012
THE STANLEY GIBBONS GROUP PLC
FOR IMMEDIATE RELEASE 2 May 2012
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:
"Overall, trading performance for the first four months of the
year, in what is traditionally our quietest period, has been
broadly in line with our expectations.
Most notably, online sales continue to show strong growth and
were double the levels achieved last year. We undertook a
substantial strategic review of our internet development plans in
the first quarter. We expect the results of that review and actions
taken to further support and accelerate our online developments for
the remainder of this year.
As part of this development, we launched our first mobile
application last month in respect of our Gibbons Stamp Monthly
magazine available to download on iTunes. We intend to launch a
second mobile application, also on the Apple platform, later this
month, offering clients the ability to download and view our most
popular price catalogues and to provide collectors worldwide with
easier and greater access to our key inventory. This second mobile
application will also allow clients to access auction and product
brochures from Stanley Gibbons companies.
The strategy to grow our auction division is beginning to bear
fruit. We are experiencing unprecedented interest in the
forthcoming sale of the "Arnhold" collection. The sale of this
prestige, international collection takes place over two auctions,
with the first sale on the 17(th) of May.
Sales from our recently opened Hong Kong office were higher than
our expectations for the first four months of this year vindicating
our plans to open new investment offices later this year. They
included the sale of Britain's most expensive stamp, the iconic
Plate 77 Penny Red for GBP550,000.
We have also completed our scoping for a new office in
Singapore, which we expect to open in the second half of the year.
Furthermore, we have also commenced market research on a potential
office in Rio de Janeiro, with a further visit scheduled for later
this month.
These international offices will not only be profitable in their
own right but will form part of the global footprint that is
fundamental to our strategic online and auction development.
We have made progress towards the launch of a rare stamp
investment fund and the legal aspects of the structure are
currently being finalised. We expect to be in a position to seek
the necessary formal regulatory approval by the end of this
month.
As expected, commemorative collectibles issued in respect of the
Queen's Diamond Jubilee are showing strong demand and we expect
further benefits from similar collectibles produced around the
London 2012 Olympics in the summer.
Sales and profit contribution have improved in our Publishing
division benefiting from improved focus following the restructuring
exercise, which was completed last year.
In summary, progress in the implementation of our strategy is on
plan and the business remains well placed to continue to deliver
growth in sales and profitability for the remainder of the
year.
If approved today, the Company's final dividend of 3.5p per
share will be paid to Shareholders on 21 May 2012 and our interim
results for the six months ending 30 June 2012 will be announced on
10 August 2012."
For further information, contact:
The Stanley Gibbons Group plc
Michael Hall, Chief Executive +44 (0) 1534 766711
Peel Hunt LLP, NOMAD/Broker
Dan Webster/Matthew Armitt/Richard Brown +44 (0) 20 7418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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