Stanley Gibbons Group PLC Trading Update (3058B)
October 06 2015 - 2:00AM
UK Regulatory
TIDMSGI
RNS Number : 3058B
Stanley Gibbons Group PLC
06 October 2015
THE STANLEY GIBBONS GROUP PLC
FOR IMMEDIATE RELEASE 6 October 2015
THE STANLEY GIBBONS GROUP PLC ("the Company" or "the Group")
Trading Update
The Board of Stanley Gibbons provides an update to the market on
its estimated results for the interim six month period ended 30
September 2015, and a trading outlook for the second half.
Six months ended 30 September 2015
Progress was made in September on completing some high value
sales with new and existing clients. Even with this progress, sales
achieved for the first six months were only at a similar level to
the same period last year, despite the inclusion of sales from the
Mallett acquisition completed in October 2014.
Gross margins and profits are expected to be substantially below
those of the same period last year, which benefited from high
margin sales of material sold from exceptional purchases of major
collections.
Outlook for second half
The Board expects that the Company will deliver materially
higher revenue and profit in the second half of the financial year.
As reported previously, the Group's auction calendar for 2015/16 is
more heavily weighted towards the second half. The Group also
continues to work on a number of initiatives with the aim of
delivering substantial sales from our strong stockholding of rare
collectibles. Furthermore, following the completion of the
integration and rationalisation of recent acquisitions, the Group
will benefit from a reduced fixed cost base and better cross
selling of products and services across our customer base in the
second half.
The Group continues to embark on its strategy to evolve and
diversify business operations to an online and auction business
model with more predictable revenues streams and profits. The
Directors believe that the opportunity to materially grow
shareholder value through the continued implementation of our
online Marketplace and global auction business remains a positive
proposition.
On the basis of the performance in the first half, the Board now
believes that, as a result of the weakness being experienced in our
Asian operations and the continued illiquidity in high value stock
items, it is unlikely that the Group will achieve the market
forecast for the full year.
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/Richard Brown/George Sellar +44 (0) 20 7418 8900
Tavistock
Lulu Bridges/Niall Walsh +44 (0) 20 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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