TIDMSGI
RNS Number : 3917D
Stanley Gibbons Group PLC
28 March 2014
THE STANLEY GIBBONS GROUP PLC
FOR IMMEDIATE RELEASE 28 March 2014
THE STANLEY GIBBONS GROUP PLC ("the Company" or "the Group")
Interim Results for the six months and twelve months to 31
December 2013
The Company today announces its interim results for the six
months and twelve months to 31 December 2013.
Key Financial Highlights
-- Sales up 16% for the six months to 31 December 2013 to
GBP24.3m (2012: GBP20.9m) and up 16% for the twelve months to 31
December 2013 to GBP41.6m (2012: GBP35.6m)
-- Total revenues generated online for the six months to 31
December 2013 of GBP2.3m, representing 9% of total revenue and for
the twelve months to 31 December 2013 were GBP3.5m, representing 8%
of total revenue
-- Trading profits* for the six months to 31 December 2013 up 9%
to GBP4.6m (2012: GBP4.2m) and for the twelve months to 31 December
2013 were up 9% to GBP6.9m (2012: GBP6.3m)
-- Investment in online developments expensed to the profit and
loss account in the six months to 31 December 2013 of GBP0.8m
(2012: GBP0.2m) and for the twelve months to 31 December 2013 were
GBP1.3m (2012: GBP0.3m)
-- Adjusted profit before tax** for the six months to 31
December 2013 of GBP3.8m (2012: GBP4.1m) and for the twelve months
to 31 December 2013 was GBP5.6m (2012: GBP6.0m)
-- Adjusted earnings per share for the six months to 31 December
2013 of 11.19p (2012: 14.21p) and for the twelve months to 31
December 2013 were 16.77p (2012: 21.44p)
-- Second interim dividend declared of 4.00p per share (2012:
3.75p), up 6%, (payable on 27 May 2014 to all holders on the Share
Register at the close of business on 11 April 2014)
-- Net cash position increased by GBP9.5m in the six months to 31 December 2013 to GBP17.3m
-- Stock at 31 December 2013 stated at historic cost of GBP30.6m
(31 December 2012: GBP20.7m) providing a strong asset base to
deliver future growth in trading profits
*Excludes investment on internet development, exceptional
operating charges and actuarial accounting adjustments
**Excludes exceptional operating charges and actuarial
accounting adjustments
Key Operational Highlights
-- The work to create a global online collectibles trading
platform is progressing well and the Group is targeting the launch
of the Stanley Gibbons branded online marketplace in the second
half of 2014 - testing on core functionality to begin in April
2014
-- Completion of acquisition of Noble Investments (UK) plc
("Noble") in November 2013 for a total consideration of GBP45m. The
cash element of the consideration was funded by the proceeds of new
shares with new and existing institutional shareholders, raising
GBP40m
-- Continued building of brand presence internationally with new
office opened in Singapore in April 2013 to complement our Hong
Kong office and to broaden our base in the lucrative collectibles
market in the Far East
-- Auction services substantially strengthened with the
acquisitions of Noble and Murray Payne enabling the enlarged Group
to apply its combined expertise, systems and client reach to
deliver a superior auctions service to both buyers and sellers
-- Growth in sales of other collectibles for the twelve months
to 31 December 2013 benefited from the acquisition of Noble with
cross selling between Stanley Gibbons and Baldwin's high net worth
clients in respect of rare coins
-- The stable returns being generated from the collectibles
market at the same time as the falling price of gold during 2013
has resulted in some investors turning to collectibles as an
alternative means of investing in a tangible asset as part of a
well diversified investment strategy
Outlook
-- The primary focus remains on launching the Stanley Gibbons
branded online marketplace in the second half of this year with the
expected future growth in online commission revenues earned in an
agency capacity representing the key growth opportunity for the
Group
-- It is expected that a wider range of cross selling
opportunities between Stanley Gibbons and Noble will further
increase sales in the current year
-- Integration cost savings across the enlarged Group and the
implementation of improved efficiencies are expected to deliver
benefits later in 2014
-- We intend to continue to deliver a first class service to
those individuals looking to invest in the collectibles market
supported by the prevailing health of the collectibles market,
which is driven by a global base of passionate collectors
-- We remain committed, as an integral element of our overall
strategy, to building our brand presence internationally. We are
currently actively investigating potential opportunities in Geneva
(Switzerland), New York (US) and Sydney (Australia).
Martin Bralsford, Chairman, commented:
"The performance of the Group in the six months and twelve
months to 31 December 2013 was in line with market expectations
with turnover up 16% and trading profits up 9%. This result was
achieved despite significant management focus being directed
towards the successful completion of the strategically important
acquisition of the Noble group and ensuring that online technical
projects remained on track.
The Group's strong balance sheet position including net cash of
GBP17.3m and a high quality stockholding of rare stamps and
collectibles stated at a historic cost of GBP30.6m provides a
substantial capital base from which to invest in further growth
opportunities identified by the Board.
Despite substantial opportunities to reinvest profits in future
growth, the Board has increased the total dividend for the twelve
months to 31 December by 8% on last year.
The most exciting event of the current year is in the impending
launch of our online collectibles marketplace where the Board
believes there are opportunities, further enhanced by the
acquisition of Noble, to deliver substantial online revenues from
the global collectibles market."
For further information, contact:
The Stanley Gibbons Group plc
Michael Hall, Chief Executive +44 (0) 1534 766711
Donal Duff, Chief Finance Officer
Peel Hunt LLP, NOMAD/Broker
Dan Webster/Matthew Armitt/Richard
Brown +44 (0) 20 7418 8900
Tavistock Communications
John West/Teresa Towner +44 (0) 20 7920 3150
Chairman's Statement
Change of Accounting Reference Date
As part of the integration of the recently acquired Noble
Investments (UK) plc ("Noble"), the financial year end of The
Stanley Gibbons Group plc was moved from 31 December to 31 March.
The Board believes that the change in accounting reference date
will provide management with an improved level of visibility of the
performance of the enlarged Group throughout the financial
calendar. As a result, this report relates to the interim unaudited
results for the six month period to 31 December 2013. The audited
results for the fifteen month period to 31 March 2014 will be
announced at the end of June 2014.
Introduction
The Group delivered a strong trading performance in the six
month period to 31 December 2013, showing a 16% increase in sales
and a 9% increase in trading profits. This result was achieved
despite significant management focus being directed towards the
successful completion of the strategically important acquisition of
the Noble group and ensuring that online technical projects
remained on track in the period.
As a result of the continued planned investment in our online
strategy, focused primarily on launching a global collectibles
trading platform, statutory profit before tax for the six month
period to 31 December 2013 was lower than the prior period.
The Group balance sheet position at 31 December 2013 includes
net cash of GBP17.3m (31 December 2012: GBP6.8m) and a high quality
stockholding of rare stamps and collectibles stated at a historic
cost of GBP30.6m (31 December 2012: GBP20.7m). The strength of the
balance sheet provides the Group with a substantial capital base
from which to invest in further growth opportunities identified by
the Board.
Financials
Turnover for the six months to 31 December 2013 was GBP24.3m, up
16% on the prior period. Turnover for the twelve months to 31
December 2013 was GBP41.6m, also up 16%.
Trading profits were GBP4.6m for the six months to 31 December
2013 (2012: GBP4.2m), up 9% and profits for the twelve months to 31
December 2013 were GBP6.9m (2012: GBP6.3m), up 9%. The net
investment in our online development project expensed to the profit
and loss account in the six months to 31 December 2013 was GBP0.8m
(2012: GBP0.2m) resulting in a net total investment for the twelve
months to 31 December 2013 of GBP1.3m (2012: GBP0.3m). The
investment in our online development project was in line with plan
and financed by the fundraising of GBP6m in November 2012.
Consequently, this investment does not have any impact on the
underlying trading performance of the Group.
Profit before tax for the six month period to 31 December 2013,
after charging internet development costs, but before exceptional
charges and actuarial accounting adjustments, was GBP3.8m (2012:
GBP4.1m) reflecting the increased investment in the development of
our online strategy in the period. Adjusted profit before tax for
the twelve month period to 31 December 2013 was GBP5.6m (2012:
GBP6.0m).
Adjusted earnings per share for the six month period to 31
December 2013 were 11.19p (2012: 14.21p). Adjusted earnings per
share for the twelve month period to 31 December 2013 were 16.77p
(2012: 21.44p).
Dividend
Your Board is pleased to declare a second interim dividend, in
respect of the six month period to 31 December 2013, of 4.00p
(2012: 3.75p), representing a 6% increase on the equivalent period
last year. The second interim dividend is payable on 27 May 2014 to
holders on the Register at the close of business on the record date
of 11 April 2014. The increase in the dividend declared is
supported by the rise in underlying trading profits for the
period.
This gives a total dividend from earnings for the twelve month
period to 31 December 2013 of 7.00p (2012: 6.50p), an increase of
8% on last year.
Key Operational Highlights and Outlook
Online
Total online sales for the six month period to 31 December 2013
were GBP2.3m, representing 9% of total revenue and for the twelve
month period to 31 December 2013 were GBP3.5m, 8% of total revenue.
Our online technical development projects, which are focused on
launching a global collectibles trading platform, are progressing
well. Testing will begin on the core functionality supporting the
online trading platform in April 2014, with an aim to launch the
Stanley Gibbons branded online marketplace in the second half of
2014.
Overseas development
Our office in Hong Kong contributed total sales of GBP3.3m
(2012: GBP2.6m) and profits of GBP0.7m (2012: GBP0.6m) in the
twelve month period to 31 December 2013. The Hong Kong operation
trades primarily to local residents. We intend to invest further in
this market in the current year including investing in new premises
where we can showcase a selection of our high quality collectibles
and deliver a more professional presentation of our brand. We also
intend to increase our efforts to attract business to the Hong Kong
office from Mainland China, representing a much larger potential
market.
Our office in Singapore, which opened at the end of April 2013,
contributed sales of GBP0.2m with a net loss of GBP0.1m to 31
December 2013. We believe the Singapore office will prove to be an
important element of our presence in the Far East although it takes
times to build brand awareness and client relationships. We expect
to improve sales and profit contribution from the Singapore office
in the current year.
We remain committed, as an integral element of our overall
strategy, to building our brand presence internationally. We
believe that a physical presence in key geographical areas is
fundamental to our core trading principle of building long term
relationships with our clients to span generations by delivering a
professional and personal service.
We are currently actively investigating potential opportunities
in Geneva (Switzerland), New York (US) and Sydney (Australia).
Auctions
Revenues from Stanley Gibbons auctions were substantially lower
in the six months to 31 December 2013 due to the rescheduling of
the December public auction into February 2014. Despite the absence
of this planned sale, auction revenues were broadly in line with
the prior period for the 12 months to 31 December 2013 due to a
strong first half performance.
Following the recent acquisitions of Noble and Murray Payne, our
auction business represents a key element of our brand and an area
where a much larger proportion of our future profitability is
expected to be derived.
The Noble acquisition comprises Baldwin's (the globally
respected brand in coins, established in 1872), Dreweatts (an
auctioneer of antiques and collectibles such as watches, fine wine
and jewellery, established in 1759), Bloomsbury (a leading
auctioneer of books, manuscripts and art) and Apex Philatelics.
Murray Payne is the recognised world's leading dealer in British
Commonwealth King George VI stamps. The enlarged Group comprises
quality heritage brands with leading reputations in their
respective fields. When backed by the worldwide respect of the
Stanley Gibbons brand and our financial strength and expertise,
these businesses are able to deliver a superior auction service to
both sellers and buyers.
Other collectibles
The implementation of the Group's progressive strategy to
diversify into other quality collectibles during the twelve month
period to 31 December 2013 resulted in an increase in sales of
other collectibles of 61% to GBP9.7m. Other collectibles now
represents 23% of total Group sales compared to 17% last year.
The primary area of growth was delivered from the acquisition of
Noble in November 2013 showing some immediate benefits in respect
of cross selling rare coins between Stanley Gibbons and Baldwin's
high net worth clients. It is expected that a wider range of cross
selling opportunities across the enlarged Group will further
increase sales of other collectibles in the current year.
Investment services
Demand for premium quality collectibles from collectors remains
strong resulting in regularly higher prices being realised at
auction globally during the twelve month period to 31 December
2013. The stable returns being generated from the collectibles
market at the same time as the falling price of gold during 2013
has resulted in some investors turning to collectibles as an
alternative means of investing in a tangible asset as part of a
well diversified investment strategy.
Our strategy of attracting new clients to collectibles through
our highly effective marketing, networking and PR worldwide
continues to deliver acceptable returns. This is particularly borne
out by the number of our investment clients recruited in recent
years that have become more "collector" than "investor".
Board
I was saddened to announce in October last year the death of
General Sir Michael Wilkes KCB, CBE, non-executive director of the
Company. Michael had served on the Company's Board since January
2008 and additionally as Chairman of its Remuneration and member of
its Audit Committees. His contribution in these roles cannot be
overstated. His personal support to me, his Board colleagues, and
management and staff was above and beyond that which could be hoped
for - a characteristic of every aspect of his life.
I am pleased to welcome Ian Goldbart to the Board as an
executive director, who joined us following the acquisition of
Noble. Ian was previously Chief Executive of Noble prior to its
sale to Stanley Gibbons and brings with him a wealth of expertise
in the field of numismatics. Ian will head up our dealing and
auctions businesses in the UK as Managing Director. I, and my
fellow Board members, look forward to working with Ian in the years
ahead to taking the enlarged Group to new levels of success.
Martin Bralsford, Chairman
27 March 2014
Operating Review
6 months to 6 months to 12 months to 12 months to
31 December 31 December 31 December 31 December
2013 2012 2013 2012
Sales Profit Sales Profit Sales Profit Sales Profit
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Philatelic trading
and retail operations 15,420 4,164 16,039 4,547 28,632 7,272 26,341 7,099
Publishing and philatelic
accessories 1,501 336 1,732 477 3,006 689 3,148 782
Dealing in other collectibles 7,319 1,518 3,065 652 9,720 1,872 6,032 1,116
Corporate overheads - (1,454) - (1,431) - (2,947) - (2,615)
Net finance income/(charges) - 14 - (27) - 20 - (38)
Trading sales and profits 24,240 4,578 20,836 4,218 41,358 6,906 35,521 6,344
------------------------------ ------ ------- ------ ------- ------ ------- ------ -------
Internet development 104 (779) 51 (168) 228 (1,338) 78 (302)
------------------------------ ------ ------- ------ ------- ------ ------- ------ -------
Adjusted sales and
profit before tax 24,344 3,799 20,887 4,050 41,586 5,568 35,599 6,042
Actuarial accounting
adjustments - (205) - (185) - (410) - (368)
Finance charges related
to pensions - (27) - (26) - (54) - (53)
Exceptional operating
costs - (1,043) - (239) - (1,453) - (349)
------------------------------ ------ ------- ------ ------- ------ ------- ------ -------
Group total sales and
profit before tax 24,344 2,524 20,887 3,600 41,586 3,651 35,599 5,272
------------------------------ ------ ------- ------ ------- ------ ------- ------ -------
Overview
Group turnover for the six months to 31 December 2013 was
GBP24.3m, which was 16% higher than the same period last year.
Turnover for the twelve months to 31 December 2013 was GBP41.6m,
also 16% higher. Turnover in the second half of the year included
GBP1.7m in respect of the Noble acquisition. Consequently,
like-for-like sales growth for the twelve months to 31 December
2013 was 12%.
The gross margin percentage for the six months to 31 December
2013 was 43.6% compared to 43.2% in the same period last year. The
gross margin percentage for the twelve months to 31 December 2013
was 43.2% compared to 43.7% last year. The gross margin in the
prior year benefitted from a write-back made against the provision
for investment products sold in previous accounting periods with
guaranteed minimum returns that remained outstanding of GBP0.3m.
Excluding the impact of provision movements in both accounting
periods, the gross margin was slightly improved compared to the
prior year.
Overheads for the six months to 31 December 2013 were GBP1.9m
(38%) higher. Overheads for the twelve months to 31 December 2013
were GBP3m (31%) higher. Overheads in the second half included
GBP1.1m in respect of the Noble acquisition. Consequently,
like-for-like overheads for the twelve months to 31 December 2013
were GBP1.9m (20%) higher. The most significant increases in
overheads in the twelve months to 31 December 2013 included:
-- Increased expenditure in online development project (GBP1.2m)
-- Costs incurred in development of new overseas offices (GBP0.2m)
-- Costs of enlarged senior management team to support future expansion plans (GBP0.3m)
Underlying trading profits, excluding investment on internet
development, actuarial accounting adjustments and exceptional
charges, were GBP4.6m for the six months to 31 December 2013 (2012:
GBP4.2m), up 9%. Underlying trading profits were GBP6.9m for the
twelve months to 31 December 2013 (2012: GBP6.3m), up 9%. Trading
profits in the second half of the year included GBP0.2m in respect
of the Noble acquisition.
Profit before tax for the six months to 31 December 2013 was
GBP2.5m (2012: GBP3.6m) and for the twelve months to 31 December
2013 was GBP3.7m (2012: GBP5.3m). The reduction in statutory
profits reflects the increased investment in online developments
together with the increase in exceptional charges incurred in the
period.
Philatelic Trading and Retail Operations
Philatelic trading and retail sales for the six months to 31
December 2013 were down GBP0.6m (4%) with profit contribution down
by GBP0.4m (8%). As a result of the strong first half performance,
sales for the twelve months to 31 December 2013 were GBP2.3m (9%)
higher with profit contribution up by GBP0.2m (2%).
Philatelic trading in the period benefited from the acquisitions
of major renowned collections. As a result, a significant number of
philatelic rarities included within these collections were sold in
the period to our existing high net worth clients. Trading
performance in philatelic dealing is largely influenced by high
value sales made to key clients. The largest client in the twelve
months to 31 December 2013 accounted for sales of GBP5.4m (2012:
GBP4.8m).
Despite a relatively subdued home market, sales of stamps from
Great Britain were 6% up on last year. Demand for stamps from
members of the British Commonwealth (particularly India) is
currently very strong resulting in an increase in sales of British
Commonwealth stamps of 56% compared to last year.
Chinese rare stamps remain in high demand and sales are
restricted by the lack of available supply of material of the right
quality. Despite restrictions in supply, sales of Chinese stamps in
the six months to 31 December 2013 were GBP1.1m (2012: GBP0.7m)
making up for the shortfall in the first half of the year resulting
in total sales of Chinese stamps in the twelve months to 31
December 2013 of GBP2.0m (2012: GBP2.1m). We are currently working
on a number of opportunities through our office in Hong Kong to
develop new supply channels to meet persistent levels of
demand.
Auction revenues for the twelve months to 31 December 2013 were
broadly in line with the prior year. Last year's auction revenues
benefited from the sale of the prestigious "Arnhold Collection",
which achieved a total realisation of GBP1.6m. We did not secure
any major named collections during the twelve months to 31 December
2013 and postponed our December 2013 auction into 2014. It is
therefore encouraging that revenues remained consistent with the
prior year. Our recent acquisitions in the auction arena provide
opportunities to grow auction revenues in the current year.
Publishing and Philatelic Accessories
Publishing and philatelic accessory sales for the six months to
31 December 2013 were down GBP0.2m (13%) with profit contribution
down by GBP0.1m (30%). Despite a better first half performance,
sales for the twelve months to 31 December 2013 were down GBP0.1m
(5%) with profit contribution down by GBP0.1m (12%).
The most significant factor resulting in a poorer second half
trading performance was due to the retirement and closure of our
major wholesale distributor in the second half of the year and the
loss of the substantial bulk orders which we would ordinarily have
benefited from. As a result of this closure, it is expected that we
will, over time, deal with many of the trade customers directly at
a higher gross margin.
Dealing in Other Collectibles
Dealing in other collectibles can be further analysed as
follows:
6 months to 6 months to 12 months to 12 months to
31 December 31 December 31 December 31 December
2013 2012 2013 2012
Sales Profit Sales Profit Sales Profit Sales Profit
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Dealing in autographs,
historical documents,
memorabilia, rare books
and records 1,850 462 1,022 85 2,444 484 1,615 150
Dealing in rare coins
and military medals 3,868 828 246 93 4,501 919 1,045 239
Dealing in antiques,
watches, fine wine,
jewellery and other
collectibles 440 (2) - - 440 (2) - -
Benham first day covers
and other collectibles 1,161 230 1,797 474 2,335 471 3,372 727
------------------------- ------- ------ ------- ------ ------- ------ ------- ------
Total sales and profit
contribution 7,319 1,518 3,065 652 9,720 1,872 6,032 1,116
------------------------- ------- ------ ------- ------ ------- ------ ------- ------
Sales of other collectibles for the six months to 31 December
2013 were GBP4.3m (139%) higher with profit contribution up by
GBP0.9m (133%). Sales for the twelve months to 31 December 2013
were GBP3.7m (61%) higher with profit contribution up by GBP0.8m
(68%). Other collectibles sales in the second half of 2013 include
GBP1.5m in respect of the Noble acquisition. Like-for-like sales
growth for the twelve months to 31 December 2013 was 36%.
Autographs, historical documents, memorabilia, rare books and
record sales for the twelve months to 31 December 2013 were up by
GBP0.8m (51%) with profit contribution up by GBP0.3m (223%). The
exceptional level of growth is the result of the sales and profit
contribution from Bloomsbury auctions following the acquisition of
Noble in November 2013, although underlying like-for-like sales
were also improved, up 11%. We are completing the integration of
our Fraser's autographs business with Bloomsbury auctions, with
Fraser's autographs being relocated from 399 Strand, London to the
Bloomsbury auctions premises at 24 Maddox Street, London. The
integration will enable Fraser's autographs to share Bloomsbury
Auctions' extensive resources and expertise. This will result in an
extended range of items we can offer to our clients together with
an ability to provide improved specialist information and auction
services.
Sales of rare coins and military medals for the twelve months to
31 December 2013 were up by GBP3.5m (331%) with profit contribution
up by GBP0.7m (285%). Sales included GBP0.4m from Baldwin's in
respect of the Noble acquisition. The high level of growth achieved
related primarily to the sale of rare coins from Baldwin's
extensive stockholding, following acquisition in November, to
Stanley Gibbons' high net worth clients, illustrating the immediate
earnings enhancing nature of the acquisition. The market for rare
coins is a key market for the Group going forward, particularly in
developing our auction services and online marketplace. There are
also short term expected benefits from the acquisition of Baldwin's
in satisfying the increasing demand from investment clients seeking
diversification into the rare coin market, which has shown growth
levels of above 10% per annum on a compound basis over the past ten
years.
Sales of antiques, watches, fine wine, jewellery and other
collectibles relate entirely to auction commission from Dreweatts
as part of the Noble acquisition in November 2013. Auction
commissions from Dreweatts in the short period since acquisition to
31 December 2013 were GBP0.4m. There was no profit contribution in
the short trading period since acquisition due to the absence of
any major auctions held in the period.
Benham first day covers and other collectibles sales for the
twelve months to 31 December 2013 were down GBP1m (31%) with profit
contribution down GBP0.3m (35%). Sales in the prior year included
GBP0.6m of London 2012 Olympics commemorative products to our trade
distributor in China. Prior year sales and profit contribution also
benefited from commemorative products in respect of the Queen's
Diamond Jubilee. Overall profit levels in 2013 reverted to historic
normalised levels and still represented a 31% return on capital for
the year based on the original acquisition price of GBP1.5m in
2010.
Corporate Overheads
Corporate overheads for the six months to 31 December 2013 were
2% higher than the same period last year and for the twelve months
to 31 December 2013 were (GBP0.3m) 13% higher. The increased
corporate overheads reflect the investment to develop the necessary
support functions to manage the enlarged Group, including Finance,
HR and Group marketing department. These support functions provide
a vital element to delivering future growth in earnings of the
enlarged Group.
Internet Development
Sales reported within this division relate solely to commissions
generated from third party sales through our online marketplace
www.bidstart.com and online subscription revenues. Online
e-commerce sales through our trading websites
www.stanleygibbons.com and www.frasersautographs.com are reported
within the respective trading departments. Total revenues derived
from online activities can be summarised as follows:
6 months to 6 months to 12 months to 12 months to
31 December 31 December 31 December 31 December
2013 2012 2013 2012
Sales Sales Sales Sales
GBP000 GBP000 GBP000 GBP000
E-commerce - trading
of own products 509 679 1,103 1,313
Sales of rare collectibles
to investment clients 1,663 1,736 2,151 2,111
Online marketplace commissions
and subscription revenue 104 51 228 78
------------------------------- ------------ ------------ ------------ ------------
Total online revenues 2,276 2,466 3,482 3,502
------------------------------- ------------ ------------ ------------ ------------
E-commerce sales of our own products for the twelve months to 31
December 2013 were down GBP0.2m (16%). This reflects the short term
impact of the significant restructuring of our e-commerce team
during 2013 and the consequence of diversion of focus to
development of the online marketplace.
Sales of rare collectibles to investment clients, sourced
directly from the investment section of our website, were GBP2.2m
(2012: GBP2.1m), up 2% in the twelve months to 31 December 2013.
The new investment section of our website went live in October 2013
and our website represents one of our most important high net worth
client recruitment tools. This is an area we intend to focus
further on in increasing conversions from visitors to the
investment section of our website.
Online commissions and subscription revenue predominantly relate
to commissions received from third party sales through our US-based
online collectibles marketplace, www.bidstart.com. Online
commissions and subscription revenue was GBP0.2m for the twelve
months to 31 December 2013 and, at this time, remains an immaterial
element of total revenues. The integration of our websites to
create a Stanley Gibbons branded online marketplace is scheduled
for launch in the second half of this year. It is expected that
commission revenues will represent a key growth area of the
business.
Overheads of GBP1.6m (2012: GBP0.4m) were expensed in the twelve
months to 31 December 2013 with the increase relating mainly to
salary costs of software engineers making up our internet
development team in Raleigh, US and e-commerce and online marketing
team in Jersey, CI and London, UK.
Actuarial Accounting Adjustments & Finance charges related
to pensions
Actuarial accounting adjustments & finance charges related
to pensions relate to accounting charges in respect of our defined
benefit pension scheme and IFRS share option charges totalling
GBP0.5m (2012: GBP0.4m) for the twelve months to 31 December 2013.
In the opinion of the Directors, such accounting charges do not
form part of the operating performance of the Group.
Exceptional Operating Costs
Exceptional operating costs incurred in the six months to 31
December 2013 were GBP1.0m (2012: GBP0.2m) and for the twelve
months to 31 December 2013 were GBP1.5m (2012: GBP0.3m).
Exceptional operating costs can be further analysed as follows:
12 months 12 months
6 months to 6 months to to to
31 December 31 December 31 December 31 December
2013 2012 2013 2012
GBP000 GBP000 GBP000 GBP000
Legal costs in respect
of defined benefit pension
scheme 346 - 570 -
Aborted IT system development
costs 139 - 139 -
Aborted overseas offices
opening costs 108 - 108 -
Re-organisation and restructuring
costs - 20 186 130
Acquisition costs 450 154 450 154
Fair value adjustment
relating to Benham acquisition - 65 - 65
---------------------------------- ------------ ------------ ------------ ------------
Total exceptional operating
costs 1,043 239 1,453 349
---------------------------------- ------------ ------------ ------------ ------------
The majority of exceptional operating costs incurred in the
twelve months to 31 December 2013 related to legal and professional
fees in respect of the acquisition of Noble (GBP0.5m) and legal
costs incurred in respect of legal action for recovery against the
professional advisers in respect of the Company's defined benefit
pension scheme (GBP0.6m).
Cashflow
Cash used in operating activities for the six months to 31
December 2013 was GBP0.8m (2012: cash generated of GBP4.6m). Cash
generated from operating activities for the twelve months to 31
December 2013 was GBP1.4m (2012: GBP1.0m). The increase in cash for
the twelve months to 31 December 2013 of GBP10.5m (2012: GBP3.5m)
is after dividends paid of GBP1.9m (2012: GBP1.6m) and capital
expenditure of GBP1.5m (2012: GBP0.5m) and includes balances
acquired on the acquisition of Noble of GBP6.3m and net surplus
funds raised from the share placing of GBP4.6m.
Strategic Focus and Opportunities
The acquisition of Noble in November last year immediately
transforms The Stanley Gibbons Group from being the predominant
name in the stamp market to being a major force in both dealing and
auctions in the wider collectibles market. The strategic importance
of this acquisition is most relevant in respect of our online
strategy to create a global online marketplace for collectibles as
a result of the wider range of collectibles in which we now have
authority and expertise. The primary objectives of our online
marketplace will be to make selling online faster and easier
through our bespoke collectibles sellers' tools at the same time as
providing buyers better protection against authenticity risks and
from mis-selling practices.
Whilst we believe the online marketplace represents our most
important growth opportunity, we still believe in the importance of
traditional auctions within the collectibles market. Public
auctions are now also held simultaneously online and, in recent
years, this has become the preferred route for sellers of high
value collections to seek to realise the best price for their
collection. We believe that with the enlarged Group's combined
expertise, systems and client reach that we can deliver a superior
auction service to ensure quality collections are treated with the
respect they deserve and are described accurately to ensure the
best realisation possible.
With our strong balance sheet and substantial cash reserves, we
are able to offer sellers of major collections the ability to
underwrite the value of their collection when selling through our
auctions, by virtue of also being a major dealer in collectibles.
This provides sellers with the confidence in the minimum
realisation their collection will achieve, whilst we are motivated
through auction commissions to deliver the highest possible
realisation. In short, our interests are aligned and our goal in
the coming year is to ensure this message is understood more
clearly within the global collectibles market.
Our prestigious premises in central London are key to our
service and further supported by our overseas offices in the
Channel Islands, Hong Kong, Singapore and the US. We aim to broaden
our international reach further as an integral element of
delivering on our overall strategy.
Finally, we intend to continue to deliver a first class service
to those individuals looking to invest in the collectibles market.
Investment clients benefit primarily from our specialist expertise
and buying power enabling us to acquire the highest quality
collectibles, which we are able to sell to investors at fair value
to provide them with the best chance of delivering future
investment returns. This is further supported by the prevailing
health of the collectibles market, which is driven by a global base
of passionate collectors.
Michael Hall, Chief Executive
27 March 2014
Condensed statement of comprehensive income
6 months 6 months 12 months 12 months
to to to to
31 December 31 December 31 December 31 December
2013 2012 2013 2012
(unaudited) (unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000 GBP'000
----------- ----------- ----------- -----------
Revenue 3 24,344 20,887 41,586 35,599
Cost of sales (13,740) (11,870) (23,615) (20,031)
----------------------------------- ----- ----------- ----------- ----------- -----------
Gross Profit 10,604 9,017 17,971 15,568
Administrative expenses before
defined benefit pension service
costs and exceptional operating
costs (2,083) (1,461) (4,177) (3,072)
Defined benefit pension service
cost (130) (130) (260) (260)
Exceptional operating costs (1,043) (239) (1,453) (349)
----------------------------------- ----- ----------- ----------- ----------- -----------
Total administrative expenses (3,256) (1,830) (5,890) (3,681)
----------------------------------- ----- ----------- ----------- ----------- -----------
Selling and distribution expenses (4,812) (3,534) (8,396) (6,524)
----------------------------------- ----- ----------- ----------- ----------- -----------
Operating Profit 2,536 3,653 3,685 5,363
Finance income 12 2 20 3
Finance costs (24) (55) (54) (94)
----------------------------------- ----- ----------- ----------- ----------- -----------
Profit before tax 2,524 3,600 3,651 5,272
Taxation 4 (96) (251) (193) (389)
----------------------------------- ----- ----------- ----------- ----------- -----------
Profit for the period 2,428 3,349 3,458 4,883
Other comprehensive income:
Items that will not be classified
subsequently to profit or loss
Actuarial losses recognised
in the pension scheme - (237) - (237)
Tax on actuarial losses recognised
in the pension scheme - 21 - 21
Other comprehensive income for
the period, net of tax - (216) - (216)
----------------------------------- ----- ----------- ----------- ----------- -----------
Total comprehensive income for
the period 2,428 3,133 3,458 4,667
----------------------------------- ----- ----------- ----------- ----------- -----------
Basic earnings per Ordinary
Share 5 7.70p 12.87p 11.29p 18.94p
Diluted earnings per Ordinary
Share 5 7.55p 12.60p 11.07p 18.55p
----------------------------------- ----- ----------- ----------- ----------- -----------
All profit and total comprehensive income is attributable to the
owners of the parent; there are no non-controlling interests.
Condensed statement of financial position
31 December 31 December
2013 2012
(unaudited) (audited)
GBP'000 GBP'000
----------- -----------
Non-current assets
Intangible assets 34,028 1,723
Property, plant and equipment 4,437 2,145
Deferred tax asset 1,089 735
Available for sale financial
assets 1,342 -
Trade and other receivables 262 229
41,158 4,832
------------------------------- ----------- -----------
Current assets
Inventories 30,570 20,728
Trade and other receivables 15,568 11,668
Cash and cash equivalents 17,255 6,766
------------------------------- ----------- -----------
63,393 39,162
------------------------------- ----------- -----------
Total assets 104,551 43,994
------------------------------- ----------- -----------
Current liabilities
Trade and other payables 13,245 8,179
Borrowings - 188
Deferred consideration 2,094 -
Current tax payable - 169
------------------------------- ----------- -----------
15,339 8,536
------------------------------- ----------- -----------
Non-current liabilities
Retirement benefit obligations 3,399 3,161
Borrowings - -
Deferred tax liabilities 565 233
Provisions 341 360
------------------------------- ----------- -----------
4,305 3,754
------------------------------- ----------- -----------
Total liabilities 19,644 12,290
------------------------------- ----------- -----------
Net assets 84,907 31,704
------------------------------- ----------- -----------
Equity
Called up share capital 461 284
Share premium account 62,495 11,137
Shares to be issued 209 209
Share compensation reserve 610 460
Capital redemption reserve 38 38
Revaluation reserve 254 254
Retained earnings 20,840 19,322
------------------------------- ----------- -----------
Equity shareholders' funds 84,907 31,704
------------------------------- ----------- -----------
Condensed statement of changes in equity
Called
up Share Shares to Share Capital
share premium be compensation Revaluation redemption Retained
capital account issued reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP000 GBP'000 GBP'000 GBP'000
At 1 July 2013 287 11,541 209 535 254 38 19,274 32,138
Profit and total
comprehensive
income for the
period - - - - - - 2,428 2,428
Dividends - - - - - - (862) (862)
Share options
exercised 1 39 - - - - - 40
Cost of share
options - - - 75 - - - 75
Issue of ordinary
share capital
for acquisition 37 11,051 - - - - - 11,088
Net proceeds from
issue of ordinary
share capital 136 39,864 - - - - - 40,000
--------------------- -------- -------- ----------- ------------- ------------- ----------- ---------- -------
At 31 December
2013 461 62,495 209 610 254 38 20,840 84,907
--------------------- -------- -------- ----------- ------------- ------------- ----------- ---------- -------
At 1 July 2012 253 5,307 - 406 254 38 16,886 23,144
Profit and total
comprehensive
income for the
period - - - - - - 3,349 3,349
Actuarial loss
on pension scheme
net of deferred
tax - - - - - - (216) (216)
Total comprehensive
income for the
year - - - - - - 3,133 3,133
Dividends - - - - - - (697) (697)
Share options
exercised - 56 - - - - - 56
Cost of share
options - - - 54 - - - 54
Deferred
consideration - - 209 - - - - 209
Net proceeds from
issue of ordinary
share capital 31 5,774 - - - - - 5,805
At 31 December
2012 284 11,137 209 460 254 38 19,322 31,704
--------------------- -------- -------- ----------- ------------- ------------- ----------- ---------- -------
Called
up Share Shares to Share Capital
share premium be compensation Revaluation redemption Retained
capital account issued reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2013 284 11,137 209 460 254 38 19,322 31,704
Profit and total
comprehensive
income for the
period - - - - - - 3,458 3,458
Dividends - - - - - - (1,940) (1,940)
Share options
exercised 4 443 - - - - - 447
Cost of share
options - - - 150 - - - 150
Issue of ordinary
share capital
for acquisition 37 11,051 - - - - - 11,088
Net proceeds from
issue of ordinary
share capital 136 39,864 - - - - - 40,000
----------------------- -------- -------- --------- ------------- ----------- ----------- ---------- -------
At 31 December
2013 461 62,495 209 610 254 38 20,840 84,907
----------------------- -------- -------- --------- ------------- ----------- ----------- ---------- -------
At 1 January 2012 253 5,285 - 352 254 38 16,236 22,418
Profit for the
year - - - - - - 4,883 4,883
Actuarial loss
on pension scheme
net of deferred
tax - - - - - - (216) (216)
Total comprehensive
income for the
year - - - - - - 4,667 4,667
Dividends - - - - - - (1,581) (1,581)
Cost of share
options - - - 108 - - - 108
Share options
exercised - 78 - - - - - 78
Deferred consideration - - 209 - - - - 209
Net proceeds from
issue of ordinary
share capital 31 5,774 - - - - - 5,805
At 31 December
2012 284 11,137 209 460 254 38 19,322 31,704
----------------------- -------- -------- --------- ------------- ----------- ----------- ---------- -------
Condensed statement of cash flows
6 months 6 months 12 months 12 months
to to to to
31 December 31 December 31 December 31 December
2013 2012 2013 2012
(unaudited) (unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000 GBP'000
----------- ----------- ----------- -----------
Cash (used in)/generated
from operations 6 (764) 4,563 1,445 1,007
Interest paid (1) (29) (4) (41)
Taxes paid (524) (318) (664) (552)
---------------------------------- ----- ----------- ----------- ----------- -----------
Net cash (used in)/generated
from operating activities (1,289) 4,216 777 414
---------------------------------- ----- ----------- ----------- ----------- -----------
Investing activities
Purchase of property, plant
and equipment (193) (192) (446) (368)
Purchase of intangible assets (1,042) (64) (1,091) (138)
Acquisition of business assets
(net of cash acquired) (27,091) (382) (27,091) (382)
Interest received 16 2 24 3
---------------------------------- ----- ----------- ----------- ----------- -----------
Net cash (used in)/generated
from investing activities (28,310) (636) (28,604) (885)
---------------------------------- ----- ----------- ----------- ----------- -----------
Financing activities
Dividends paid to company
shareholders 7 (862) (697) (1,940) (1,581)
Repayment of borrowings (63) (125) (188) (250)
Net proceeds from issue of
ordinary share capital 40,037 5,816 40,444 5,838
Net cash generated from financing
activities 39,112 4,994 38,316 4,007
---------------------------------- ----- ----------- ----------- ----------- -----------
Net increase in cash and
cash equivalents 9,513 8,574 10,489 3,536
---------------------------------- ----- ----------- ----------- ----------- -----------
Cash and cash equivalents
at start of period 7,742 (1,808) 6,766 3,230
---------------------------------- ----- ----------- ----------- ----------- -----------
Cash and cash equivalents
at end of period 17,255 6,766 17,255 6,766
---------------------------------- ----- ----------- ----------- ----------- -----------
Notes to the condensed financial statements
1 Basis of preparation
The interim financial information in this report has been
prepared using accounting policies consistent with IFRS as adopted
by the European Union. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board
(IASB) and the IFRS Interpretations Committee and there is an
ongoing process of review and endorsement by the European
Commission. The financial information has been prepared on the
basis of IFRS that the Directors expect to be adopted by the
European Union and applicable for the 15 month period to 31 March
2014.
2 Significant accounting policies
Except as described below, the accounting policies applied by
the Group in this interim report are the same as those applied by
the Group in the consolidated financial statements for the year
ended 31 December 2012.
Income tax
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual
earnings.
3 Segmental analysis
As outlined in the Operating Review the company has four main
business segments, operations being split between Philatelic
trading, Publishing and philatelic accessories, Other collectibles
and Internet development. This is based upon the Group's internal
organisation and management structure and is the primary way in
which the Board of Directors is provided with financial
information.
Publishing
and
Segmental income Philatelic philatelic Other Internet
statement trading accessories collectibles development Unallocated Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months to
31 December
2013
Revenue 15,420 1,501 7,319 104 - 24,344
Operating costs (11,256) (1,165) (5,801) (884) (1,659) (20,765)
Exceptional
costs - - - - (1,043) (1,043)
Net finance
costs - - - - (12) (12)
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Profit/(loss)
before tax 4,164 336 1,518 (780) (2,714) 2,524
Tax - - - - (96) (96)
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Profit/(loss)
for the period 4,164 336 1,518 (780) (2,810) 2,428
------------------ ----------- ------------- -------------- ------------- ------------ ---------
6 months to
31 December
2012
Revenue 16,039 1,732 3,065 51 - 20,887
Operating costs (11,492) (1,255) (2,413) (219) (1,616) (16,995)
Exceptional
costs - - - - (239) (239)
Net finance
costs - - - - (53) (53)
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Profit/(loss)
before tax 4,547 477 652 (168) (1,908) 3,600
Tax - - - - (251) (251)
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Profit/(loss)
for the period 4,547 477 652 (168) (2,159) 3,349
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Publishing
and
Segmental income Philatelic philatelic Other Internet
statement trading accessories collectibles development Unallocated Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
12 months to
31 December
2013
Revenue 28,632 3,006 9,720 228 - 41,586
Operating costs (21,360) (2,317) (7,848) (1,566) (3,357) (36,448)
Exceptional
costs - - - - (1,453) (1,453)
Net finance
costs - - - - (34) (34)
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Profit/(loss)
before tax 7,272 689 1,872 (1,338) (4,844) 3,651
Tax - - - - (193) (193)
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Profit/(loss)
for the period 7,272 689 1,872 (1,338) (5,037) 3,458
------------------ ----------- ------------- -------------- ------------- ------------ ---------
12 months to
31 December
2012
Revenue 26,341 3,148 6,032 78 - 35,599
Operating costs (19,242) (2,366) (4,916) (380) (2,983) (29,887)
Exceptional
costs - - - - (349) (349)
Net finance
cost - - - - (91) (91)
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Profit/(loss)
before tax 7,099 782 1,116 (302) (3,423) 5,272
Tax - - - - (389) (389)
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Profit/(loss)
for the year 7,099 782 1,116 (302) (3,812) 4,883
------------------ ----------- ------------- -------------- ------------- ------------ ---------
Geographical information
Analysis of revenue by destination and origin
6 months to 6 months to 12 months to 12 months to
31 December 2013 31 December 2012 31 December 2013 31 December 2012
By By origin By By origin By By origin By By origin
destination destination destination destination
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Channel
Islands 4,149 15,370 1,416 12,468 7,774 25,148 2,213 18,655
United Kingdom 12,726 7,497 9,950 6,563 19,393 13,888 17,734 13,795
Hong Kong 1,201 1,477 1,746 1,856 2,140 2,550 1,986 3,149
Europe 1,092 - 1,229 - 1,998 - 2,028 -
Singapore 2,482 - 965 - 5,770 - 2,058 -
Rest of Asia 367 - 4,318 - 581 - 4,913 -
North America 951 - 391 - 1,739 - 1,159 -
Rest of the
World 1,376 - 872 - 2,191 - 3,508 -
-------------- ------------- --------- ------------- --------- ------------- --------- ------------- ---------
24,344 24,344 20,887 20,887 41,586 41,586 35,599 35,599
-------------- ------------- --------- ------------- --------- ------------- --------- ------------- ---------
Destination is defined as the location of the customer. Origin
is defined as the country of domicile of the Group company making
the sale. All of the sales relate to external customers.
Channel Islands sales in the six months ended 31 December 2013
include GBP2,495,000 to one individual customer and Singapore sales
include GBP2,318,000 to one individual customer. Rest of the World
sales in the six months ended 31 December 2012 include GBP2,798,000
to one individual customer.
4 Taxation
The charge for taxation is based on the results for the period
and takes into account taxation deferred because of timing
differences between the treatment of certain items for taxation and
accounting purposes. Deferred tax is recognised on a full provision
basis in respect of all temporary differences which have
originated, but not reversed at the balance sheet date.
5 Earnings per ordinary share
The calculation of basic earnings per ordinary share is based on
the weighted average number of shares in issue during the period.
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares. The Group has only one category
of dilutive ordinary shares: those share options granted to
employees where the exercise price is less than the average market
price of the Company's ordinary shares during the period.
12 months 12 months
ended ended
31 December 31 December
2013 2012
(unaudited) (audited)
Weighted average number of ordinary shares in
issue (No.) 30,633,409 25,788,461
Dilutive potential ordinary shares: Employee
share options (No.) 596,380 539,804
------------------------------------------------ ----------- -----------
Profit after tax (GBP) 3,458,000 4,883,600
Pension service costs & finance charge (net of
tax) 240,995 236,300
Cost of share options (net of tax) 150,000 108,000
Exceptional operating costs (net of tax) 1,286,763 300,200
Adjusted profit after tax (GBP) 5,135,758 5,528,100
------------------------------------------------ ----------- -----------
Basic earnings per share - pence per share (p) 11.29p 18.94p
Diluted earnings per share - pence per share
(p) 11.07p 18.55p
Adjusted earnings per share - pence per share
(p) 16.77p 21.44p
Adjusted diluted earnings per share - pence per
share (p) 16.45p 21.00p
------------------------------------------------ ----------- -----------
404,529 shares were issued on 21 January 2014 following the
exercise of Directors and employees share options. A further 63,470
shares were issued by way of part consideration for the acquisition
of Murray Payne Limited on 6 February 2014.
6 Cash generated from operations
6 months 6 months 12 months 12 months
to to to to
31 December 31 December 31 December 31 December
2013 2012 2013 2012
(unaudited) (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000 GBP'000
Operating profit 2,536 3,653 3,685 5,363
Depreciation 182 121 324 255
Amortisation 151 94 301 184
Increase / (decrease) in provisions 122 (42) 219 (216)
Cost of share options 75 54 150 108
Decrease/(increase) in inventories 1,164 3,735 403 (3,927)
(Increase)/decrease in trade and
other receivables (1,659) (2,737) 1,971 (2,299)
(Decrease)/increase in trade and
other payables (3.335) (315) (5,608) 1,539
------------------------------------ ----------- ----------- ----------- -----------
Cash (used in)/generated from
operations (764) 4,563 1,445 1,007
------------------------------------ ----------- ----------- ----------- -----------
Notes to the condensed financial statements
7 Dividends
6 months 6 months 12 months 12 months
to to to to
31 December 31 December 31 December 31 December
2013 2012 2013 2012
(unaudited) (unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000 GBP'000
Amounts recognised as distribution
to equity holders in period:
Dividend paid 862 697 1,940 1,581
------------------------------------ ------------ ------------ ------------ ------------
Dividend paid per share 3.00p 2.75p 6.75p 6.25p
------------------------------------ ------------ ------------ ------------ ------------
Dividend proposed but not paid 1,845 1,066 1,845 1,066
------------------------------------ ------------ ------------ ------------ ------------
Dividend proposed per share 4.00p 3.75p 4.00p 3.75p
------------------------------------ ------------ ------------ ------------ ------------
8 Acquisition of Noble Investments (UK) Plc
The acquisition of Noble Investments (UK) plc was only completed
just over one month before the balance sheet date of 31(st)
December 2013. The initial accounting for the business combination
is therefore incomplete and the amounts recognised in the financial
statements are provisional. The fair values of the acquired
intangible assets are provisional pending the final valuations of
these assets.
9 Further copies of this statement
Copies of this statement are being sent to shareholders and can
be viewed on the Company's website at www.stanleygibbons.com.
Further copies are available on request from: The Company
Secretary, The Stanley Gibbons Group plc, 2(nd) Floor, Minden
House, Minden Place, Jersey JE2 4WQ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFITVSIDFIS
Stanley Gibbons (LSE:SGI)
Historical Stock Chart
From May 2024 to Jun 2024
Stanley Gibbons (LSE:SGI)
Historical Stock Chart
From Jun 2023 to Jun 2024
