TIDMSGI
RNS Number : 5928F
Stanley Gibbons Group PLC
13 November 2015
THE STANLEY GIBBONS GROUP PLC
FOR IMMEDIATE RELEASE 13 November 2015
THE STANLEY GIBBONS GROUP PLC ("the Company" or "the Group")
Interim Results for the six months ended 30 September 2015
The Stanley Gibbons Group plc today announces its interim
results for the six months ended 30 September 2015.
Key Financial Highlights
-- Sales of GBP27.0m for the six months ended 30 September 2015 (2014: GBP27.1m)
-- Like-for-like sales, excluding Mallett acquisition, were
GBP21.6m, down 21% on the prior period
-- Online Gross Merchandise Value ("GMV") in the six months
ended 30 September 2015 up 25% to GBP6.3m
-- Trading profits* of GBP0.5m (2014: GBP6.1m)
-- Profit before tax of GBP0.4m (2014: GBP3.7m)
-- Earnings per share were 0.57p (2014: 7.02p)
-- No interim dividend declared for the six months ended 30
September 2015. The Board will review dividend payments again for
the final dividend in respect of the full year ended 31 March 2016
based on current and expected future trading performance and
liquidity requirements
-- Net debt of GBP17.0m at 30 September 2015 (30 September 2014: GBP3.3m)
-- Stock at 30 September 2015 stated at historic cost of
GBP54.9m (30 September 2014: GBP50.7m)
*Excludes investment on internet development, exceptional
operating charges, pension service and share option charges and
amortisation of customer lists
Martin Bralsford, Chairman, commented:
"As indicated in our latest update of 6 October 2015, the
trading performance of the Group in the past twelve month period
has failed to achieve what were, in retrospect, premature and
over-optimistic expectations from the investments of the past two
years. The year has been a period of transition for the Stanley
Gibbons Group from a business based on philately to a broader based
collectibles group with significant on-line distribution
potential.
Since early September, Senior Management has been focused on
putting in place the right organisation structure and team to
execute strategy in accordance with the Board's expectations. Your
Board believes significant progress has been made. The integration
of acquisitions and management change has clearly represented a
distraction to short term sales initiatives, particularly from our
sizeable philatelic inventory, contributing to the sharp decline in
trading performance.
We launched our online collectibles marketplace in May this
year. It is intended to provide a professional and trusted online
service to the collecting community. There is still work to be done
on the design and functionality of the new website but the basics
are there. Expenditure is being monitored closely. The internet
will be a key area of growth for the Group for many years
ahead.
Recent acquisitions brought quality brands into the Group and
provided us with the know-how and expertise we need to deliver our
aims. Our objective remains the creation of a global auction house
supported by an online auction platform used by professionals.
The resumption of trading performance to conform with the
Board's earlier expectations is Management's top priority".
For further information, contact:
The Stanley Gibbons Group
plc
Michael Hall, Chief Executive
Donal Duff, Chief Finance
Officer +44 (0) 1534 766711
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
Chairman's Statement
Introduction
This report relates to the interim unaudited results for the six
month period ended 30 September 2015. On 20 October 2014, the Group
acquired Mallett plc ("Mallett"). Consequently, the prior period
does not include any contribution from this acquisition and a
like-for-like comparison of performance, where appropriate, is
provided within this report.
Trading
Turnover for the six months ended 30 September 2015 was
GBP27.0m, broadly in line with the prior period of GBP27.1m but
like-for-like turnover, excluding Mallett, was GBP21.6m, down 21%
on the prior period. Trading profits, as detailed in the Operating
Review, were GBP0.5m for the six months ended 30 September 2015
compared to GBP6.1m in the prior period. Trading profits, excluding
losses incurred in Mallett for the period, were GBP0.7m.
Trading in the six months ended 30 September 2015 was materially
affected by a substantial reduction in sales and lower gross
margins from core philatelic dealing compared to the prior period,
which had benefited from high margin sales of inventory sold from
exceptional major collections. A number of expected high value
sales being worked on with potential new clients did not
materialise in the period together with an experienced weakness in
particular from our Asian operations.
The Group has made a number of strategic investments in the past
two years, including Noble Investments (UK) plc and Mallett plc.
The integration of these businesses in the period included
simplifying the management structure and combining certain
functions at Group level. Rationalisation cost savings in Senior
Executive positions implemented at the end of the first half,
excluding exceptional costs, will generate annualised cost savings
of GBP1.4m. Management's focus in the period on the integration of
acquisitions represented a distraction to short term sales
initiatives contributing significantly to the decline in trading
performance experienced.
Total online revenues for the six months ended 30 September 2015
were GBP6.3m, up 25% on the prior period driven by substantial
growth in online auction bidding benefiting from the implementation
of a new improved web auction platform last year. Further
enhancements are being made to our new online marketplace and we
are now beginning to see improvements to conversion rates through
improving the customer experience from design improvements, the use
of content to enrich the customer experience and enhanced search
functionality.
Dividend
As a result of the substantial reduction in profitability of the
Group in the first half, the Board has not declared an interim
divided for the six months ended 30 September 2015. The Board will
review dividend payments again for the final dividend in respect of
the full year ended 31 March 2016 based on current and expected
future trading performance and liquidity requirements.
Board Change
John Byfield, Corporate Development Director stepped down from
the Board with effect from 17 September 2015, giving twelve months
notice of his intention to retire from his position with the
Company. John has been a Director of Stanley Gibbons since 2010,
initially as an Independent Director. During that time he has
overseen the implementation of an active acquisition strategy,
which has seen the Group develop its activities into a diversified
collectibles Group. The Board would like to thank John for his
contribution and hard work during his time with the Group.
Outlook
The Board expects that the Group will deliver materially higher
revenue and profit in the second half of the financial year than in
the first half, partially assisted by this year's auction calendar
being 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 sizeable stockholding of rare
collectibles, particularly philatelic.
Following the completion of the integration and rationalisation
of recent acquisitions, the Group expects to 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 implement its strategy to evolve and
diversify its activities, including an effective online and auction
business model with more predictable revenue streams and
profits.
Martin Bralsford
Chairman
12 November 2015
Operating Review
6 months 6 months 6 months 6 months 12 months 12 months
to 30 to 30 to 30 to to to
Sept Sept Sept 30 Sept 31 March 31 March
2015 2015 2014 2014 2015 2015
Sales Profit Sales Profit Sales Profit
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Philatelic trading
and retail operations 9,122 368 15,138 4,932 23,866 6,679
Publishing and
philatelic accessories 1,601 195 1,301 250 2,976 795
Coins and military
medals 6,250 1,736 4,941 1,843 11,882 3,073
Dealing in other
collectibles 9,926 92 5,660 707 17,949 1,707
Corporate overheads - (1,726) - (1,593) - (3,228)
Finance charges - (209) - (16) - (254)
------------------------ -------- -------- -------- -------- --------- ---------
Trading sales and
profits 26,899 456 27,040 6,123 56,673 8,772
Internet development 73 (1,085) 79 (830) 192 (1,321)
------------------------ -------- -------- -------- -------- --------- ---------
Adjusted sales
and profit/(loss)
before tax 26,972 (629) 27,119 5,293 56,865 7,451
Pension service
and share option
charges - (300) - (225) - (518)
Amortisation of
customer lists - (180) - (180) - (360)
Finance charges
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November 13, 2015 02:00 ET (07:00 GMT)
related to pensions - (69) - (69) - (170)
Exceptional operating
income/(charges) - 1,550 - (1,083) - (3,255)
------------------------ -------- -------- -------- -------- --------- ---------
Group total sales
and profit before
tax 26,972 372 27,119 3,736 56,865 3,148
------------------------ -------- -------- -------- -------- --------- ---------
Overview
Group turnover for the six months ended 30 September 2015 was
GBP27.0m (2014: GBP27.1m). Like-for-like turnover, excluding the
Mallett acquisition, was GBP5.6m lower than the prior period at
GBP21.6m.
The gross margin percentage for the six months ended 30
September 2015 was 48.5% (2014: 60.4%). The like-for-like gross
margin percentage, excluding Mallett, was 51.4%. The prior period
gross margin benefited substantially from high margin sales of
material sold from exceptional acquisitions of major collections.
The gross margin percentage was also impacted by a lower level of
auction commissions compared to the prior period due to the auction
calendar for this year being more heavily weighted to the second
half.
Trading profits, before internet development costs, other
accounting adjustments and finance charges related to pensions,
were GBP0.5m for the six months ended 30 September 2015 (2014:
GBP6.1m). Trading profits, excluding losses incurred in Mallett for
the period, were GBP0.7m. The decline in like-for-like trading
profits of GBP5.4m is mainly the result of lower sales from
philatelic trading and retail operations due to the substantial
reduction in high values sales to key clients in the period
compared to the prior period.
Overheads, excluding exceptional charges, were GBP2.5m (21%)
higher than the prior period. Like-for-like overheads, excluding
Mallett, were GBP0.2m (2%) higher relating mainly to the increased
investment in online and IT systems development.
Profit before tax for the six months ended 30 September 2015 was
GBP0.4m (2014: GBP3.7m). Earnings per share for the six months
ended 30 September 2015 were 0.57p (2014: 7.02p).
Philatelic Trading and Retail Operations
Philatelic trading and retail sales were GBP6.0m (40%) lower
than the same period last year with profit contribution down by
GBP4.6m (93%).
Philatelic trading in the prior period benefited from high
margin sales made to high net worth clients from acquisitions of
major collections. Trading performance in philatelic dealing is
largely influenced by high value sales made to key high net worth
clients. The top ten clients accounted for sales of GBP3.0m in the
six months ended 30 September 2015 (2014: GBP7.2m).
Our offices in Asia (Hong Kong and Singapore) experienced a
difficult trading period contributing sales of GBP0.4m (2014:
GBP1.5m) and incurring a loss of GBP0.2m (2014: profit of GBP0.6m).
Despite this substantial decline in performance, we remain
committed to further developing our business operations and sales
in Asia, which is a key geographical collecting market,
irrespective of recent economic challenges experienced there.
Publishing and Philatelic Accessories
Publishing and philatelic accessory sales for the six months
ended 30 September 2015 were GBP0.3m (23%) higher than the same
period last year although profit contribution was down by GBP0.1m
(22%).
The reduction in profit contribution, despite increased sales,
was due to lower gross margins, following the decision to outsource
distribution of a substantial proportion of our catalogues, albums
and accessory stock ranges at the beginning of the financial year.
The full cost savings from outsourcing have not yet been fully
realised and further overhead reductions planned will increase
profit contribution in subsequent financial periods. As a result of
outsourcing, the cost of stocks held of catalogues, albums and
accessories reduced from GBP1.2m at 30 September 2014 to GBP0.3m at
30 September 2015.
Coins and military medals
Sales of coins and military medals, principally through
Baldwin's, for the six months ended 30 September 2015 were GBP1.3m
(26%) higher although profit contribution was down by GBP0.1m
(6%).
The increase in sales reflects the strength of the market for
rare coins at this time and benefits from an exceptional
performance by the team at Baldwin's despite a weaker auction
schedule compared to the same period last year, which included the
world collection of the late Ake Linden.
Of particular note was the world record price achieved by
Baldwin's at our recent London auction for a superb Queen Victoria,
1839 Una & Lion proof set that fetched over GBP500,000 that was
originally purchased in 1856 for only GBP10 10s. Baldwin's achieved
another world record at our Hong Kong August auction for a gold
British Trade Dollar that fetched over $270,000 although this world
record was eclipsed a month later by another Victorian gold British
Trade Dollar that fetched over GBP220,000 at our London September
auction. Demand for high value numismatic rarities still outstrip
supply, although we continue to travel around the world in search
of rarities.
Dealing in Other Collectibles
Dealing in other collectibles can be further analysed as
follows:
6 months 6 months 6 months 6 months 12 months 12 months
to to to to to to
30 Sept 30 Sept 30 Sept 30 Sept 31 March 31 March
2015 2015 2014 2014 2015 2015
Sales Profit Sales Profit Sales Profit
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Dealing in autographs,
historical documents,
memorabilia, rare
books & records 1,807 (38) 2,499 131 5,009 436
Dealing in antiques,
watches, fine wine,
jewellery and other
collectibles 7,842 140 2,398 550 11,354 1,122
Benham first day
covers 277 (10) 763 26 1,586 149
Trading sales and
profit contribution 9,926 92 5,660 707 17,949 1,707
----------------------- -------- -------- -------- -------- --------- ---------
Sales of other collectibles for the six months ended 30
September 2015 were GBP9.9m (2014: GBP5.7m) with profit
contribution of GBP0.1m (2014: GBP0.7m). Like-for-like sales,
excluding the Mallett acquisition, were GBP1.2m (20%) lower than
the same period last year with profit contribution down by GBP0.4m
(53%).
Autographs, historical documents, memorabilia, rare books and
record sales for the six months ended 30 September 2015 were
GBP1.8m (2014: GBP2.5m) and incurred a small loss on trading.
Bloomsbury Auctions delivered an acceptable first half performance
with auction commissions up 6% on the prior period.
Fraser's autographs experienced a poor trading period with sales
down GBP0.7m and incurring a loss of GBP0.1m compared to a profit
contribution of GBP0.1m in the prior period. The prior period
performance benefited from some high value sales of exceptional
rarities. A new management team was put in place recently for this
area of the business and a number of sales initiatives are planned
for the second half to improve performance.
Sales of antiques, watches, fine wine, jewellery and other
collectibles include commissions from Dreweatts auctions, together
with retail and auction sales from the Mallett acquisition. Sales
at Mallett Antiques were GBP5.4m for the period incurring a loss of
GBP0.2m. The Mallett business underwent a fundamental restructuring
of the executive team in the period. This resulted in a short term
decline in trading whilst the new management team focussed on
structural and operational issues, together with developing a
stronger business plan from which to take the newly acquired
business forward with a focus on reducing existing stock levels and
improving future return on capital.
Auction commissions from Dreweatts in the six months ended 30
September 2015 were GBP2.4m (2014: GBP2.4m) with a profit
contribution of GBP0.4m (2014: GBP0.5m). Dreweatts have strong
auction consignments scheduled for the second half of the year and
are achieving significant success from our internal online auction
bidding platform to increase overall bidder numbers and realisation
values.
Benham first day covers and other collectibles sales for the
period up to its disposal in May 2015 were GBP0.3m (2014: GBP0.8m)
with no material impact on profit contribution in either accounting
period.
Internet Development
Sales reported within this division relate solely to commissions
generated from third party sales through our online marketplace and
online subscription revenues. Online e-commerce retail and auction
revenues through our trading websites are reported within the
respective trading departments.
The table below provides a comparison of website visitor numbers
and Gross Merchandise Value ("GMV") for the six months ended 30
September 2015 and 30 September 2014 from our principal
websites:
6 months 6 months % 6 months 6 months %
to to to to
30 Sept 30 Sept Change 30 Sept 30 Sept Change
2015 2014 2015 2014
Visitor Visitor GMV GBP000 GMV GBP000
Nos. Nos.
Stanley Gibbons
& marketplace 581,375 629,635 -8% 461 593 -22%
bidStart 1,033,805 1,312,174 -21% 397 405 -2%
See
Stanley Gibbons note
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November 13, 2015 02:00 ET (07:00 GMT)
investments 73,090 19,568 274% - - below
Dreweatts &
Bloomsbury 314,645 246,429 28% 4,155 1,525 172%
Baldwin's 168,255 163,442 3% 1,272 2,501 -49%
Mallett 45,364 - - - - -
Total 2,216,534 2,371,248 -7% 6,285 5,024 25%
----------- ----------- ------- ----------- ----------- -------
Visitor numbers across all websites were down 7% to 2.2 million
in the six month period ended 30 September 2015 mainly from the 21%
reduction in visitors to bidStart. The fall in visitor numbers was
expected due to an absence of any marketing spend or promotional
work in the period as it is intended to divert such focus to the
new Stanley Gibbons marketplace.
Following the launch of the Stanley Gibbons marketplace in May
2015, we have been monitoring our web data and gathering feedback
from buyers and sellers. This feedback has been used to prioritise
the development of further improvements deemed essential to user
experience. As a result of the ongoing development work being
undertaken, we have held off on marketing and promotional spend
meaning that visitor numbers were down 8% in the period.
Total GMV through our websites was up 25% in the period to
GBP6.3m benefiting from the 172% increase in online auction
realisations from Dreweatts & Bloomsbury auctions. The growth
in online bidding at our auctions following the launch of our
in-house bidding platform has exceeded expectations and is expected
to form a key element of future growth within our auction
businesses.
Visitor numbers to the Stanley Gibbons Investment website were
up 274% since being redesigned in the second half of last year
together with the implementation of improved online marketing
techniques to drive traffic to the site. No sales are reported due
to the high value nature of such clients meaning that such sales
are not transacted online.
The Baldwin's website is currently undergoing a significant
redesign and is scheduled for re-launch in December 2015. It is
expected, as a result, and supported by improved online marketing
campaigns, that GMV from the Baldwin's website will show improved
performance in the last quarter of this financial year.
Overheads were expensed in the six months ended 30 September
2015 of GBP1.2m (2014: GBP0.9m) relating mainly to salary costs of
software engineers in our internet development team in Raleigh,
US.
Corporate Overheads
Corporate overheads for the six months ended 30 September 2015
were GBP1.7m (2014: GBP1.6m). Savings in corporate overheads are
expected in the second half of the year as a result of the
completion of the rationalisation and restructuring of the senior
executive team completed in October 2015.
Other Accounting Adjustments & Finance Charges related to
pensions
Pension service & share option charges, amortisation of
Noble customer lists & finance charges related to pensions for
the six months ended 30 September 2015 were GBP0.6m (2014:
GBP0.5m). In the opinion of the Directors, such accounting charges
do not form part of the operating performance of the Group.
Exceptional Operating Income/(Charges)
Exceptional operating income/(charges) can be further analysed
as follows:
6 months 6 months 12 months
to to to
30 Sept 30 Sept 31 March
2015 2014 2015
GBP000 GBP000 GBP000
Loss on sale of business (99) - (2,331)
Acquisition costs (82) (550) (939)
Net cost recovery in respect
of defined benefit pension
scheme 1,920 (440) (895)
Impairment against receivable - - (500)
Sale of freehold property 189 - 1,543
Creation of long term incentive
plan - - (140)
Deferred consideration - - 363
Reorganisation & restructuring
costs (208) (5) -
Stock rationalisation (102) - (225)
Other (68) (88) (131)
1,550 (1,083) (3,255)
-------------------------------- -------- -------- ---------
The exceptional income of GBP1.9m recognised in the period
relates to the net recovery settlement in respect of legal action
against the professional advisers of the Company's defined benefit
pension scheme.
Cashflow
Cash used in operations in the six months ended 30 September
2015 of GBP3.4m (2014: GBP8.3m) is principally in connection with
the settlement of high value stamp collections purchased on
extended payment terms in the prior period reflected by the
decrease in trade and other payables in the period of GBP2.6m. The
increase in trade and other receivables includes one large trade
sale of GBP1.3m made in September 2015, which was settled in
October 2015.
Net debt at 30 September 2015 was GBP17.0m (30 September 2014:
GBP3.3m). Net debt includes an acquisition loan in respect of
Mallett of GBP10.0m. The Board expects the net debt in the Group to
reduce in the second half of the financial year.
Michael Hall
Chief Executive
12 November 2015
Condensed statement of comprehensive income
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2015 2014 2015
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
------------ ------------ ---------
Revenue 3 26,972 27,119 56,865
Cost of sales (13,903) (10,736) (24,600)
---------------------------- ----- ------------ ------------ ---------
Gross Profit 13,069 16,383 32,265
Administrative expenses
before defined benefit
pension service costs
and exceptional operating
costs (2,026) (1,845) (3,768)
Defined benefit pension
service cost (180) (150) (368)
Exceptional operating
income/(charges) 1,550 (1,083) (3,255)
---------------------------- ----- ------------ ------------ ---------
Total administrative
expenses (656) (3,078) (7,391)
---------------------------- ----- ------------ ------------ ---------
Selling and distribution
expenses (11,763) (9,484) (21,302)
---------------------------- ----- ------------ ------------ ---------
Operating Profit 650 3,821 3,572
Finance income 6 4 4
Finance costs (284) (89) (428)
---------------------------- ----- ------------ ------------ ---------
Profit before tax 372 3,736 3,148
Taxation 4 (103) (466) (1,197)
---------------------------- ----- ------------ ------------ ---------
Profit for the period/year 269 3,270 1,951
Other comprehensive
(cost)/income:
Exchange differences
on translation of foreign
operations (79) - (165)
Actuarial losses recognised
in the pension scheme - - (1,074)
Tax on actuarial losses
recognised in the pension
scheme - - 178
Revaluation of financial
assets for sale (58) (49) (109)
Reclassification of
realised loss on disposal 68 - -
Other comprehensive
loss for the period/year,
net of tax (69) (49) (1,170)
---------------------------- ----- ------------ ------------ ---------
Total comprehensive
income for the period/year 200 3,221 781
---------------------------- ----- ------------ ------------ ---------
Basic earnings per
Ordinary Share 5 0.57p 7.02p 4.17p
Diluted earnings per
Ordinary Share 5 0.55p 6.69p 3.98p
---------------------------- ----- ------------ ------------ ---------
All profit and total comprehensive income is attributable to the
owners of the parent; there are no non-controlling interests.
(MORE TO FOLLOW) Dow Jones Newswires
November 13, 2015 02:00 ET (07:00 GMT)
Condensed statement of financial position
30 September 30 September 31 March
2015 2014 2015
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------ ------------ ---------
Non-current assets
Intangible assets 39,166 33,126 37,846
Property, plant and
equipment 6,133 6,800 6,528
Deferred tax asset 4,148 900 4,063
Available for sale
financial assets - 1,424 1,364
49,447 42,250 49,801
---------------------------- ------------ ------------ ---------
Current assets
Inventories 54,932 50,657 53,822
Trade and other receivables 22,832 15,086 19,604
Assets in disposal
group held for sale - - 1,800
----------------------------- ------------ ------------ ---------
77,764 65,743 75,226
---------------------------- ------------ ------------ ---------
Total assets 127,211 107,993 125,027
----------------------------- ------------ ------------ ---------
Current liabilities
Trade and other payables 20,180 10,480 22,363
Deferred consideration - 2,153 -
Bank overdraft 6,760 2,712 1,239
Borrowings 2,289 276 1,283
Current tax payable 311 96 569
----------------------------- ------------ ------------ ---------
29,540 15,717 25,454
---------------------------- ------------ ------------ ---------
Non-current liabilities
Trade and other payables - 1,800 450
Retirement benefit
obligations 6,028 3,504 5,816
Borrowings 8,000 361 9,173
Deferred tax liabilities 1,418 750 1,424
Provisions 296 484 306
----------------------------- ------------ ------------ ---------
15,742 6,899 17,169
---------------------------- ------------ ------------ ---------
Total liabilities 45,282 22,616 42,623
----------------------------- ------------ ------------ ---------
Net assets 81,929 85,377 82,404
----------------------------- ------------ ------------ ---------
Equity
Called up share capital 471 466 471
Share premium account 63,682 62,565 63,682
Shares to be issued - 209 -
Share compensation
reserve 948 723 798
Capital redemption
reserve 38 38 38
Revaluation reserve 254 304 244
Retained earnings 16,536 21,072 17,171
----------------------------- ------------ ------------ ---------
Equity shareholders'
funds 81,929 85,377 82,404
----------------------------- ------------ ------------ ---------
Condensed statement of changes in equity
Called
up Share Shares Share Capital
share premium to 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 April 2015 471 63,682 - 798 244 38 17,171 82,404
Profit for the
period - - - - - - 269 269
Exchange
differences
on translation
of foreign
operations - - - - - - (79) (79)
Revaluation of
financial asset - - - - (58) - - (58)
Reclassification
on sale of
financial
asset - - - - 68 - - 68
------------------ -------- --------- -------- ----------------- ------------- ------------ ---------- -------
Total
comprehensive
income - - - - 10 - 190 200
Dividends - - - - - - (825) (825)
Cost of share
options - - - 150 - - - 150
At 30 September
2015 471 63,682 - 948 254 38 16,536 81,929
------------------ -------- --------- -------- ----------------- ------------- ------------ ---------- -------
At 1 April 2014 466 62,565 209 648 353 38 19,666 83,945
Profit for the
period - - - - - - 3,270 3,270
Revaluation of
financial asset - - - - (49) - - (49)
------------------ -------- --------- -------- ----------------- ------------- ------------ ---------- -------
Total
comprehensive
income - - - - (49) - 3,270 3,221
Dividends - - - - - - (1,864) (1,864)
Cost of share
options - - - 75 - - - 75
At 30 September
2014 466 62,565 209 723 304 38 21,072 85,377
------------------ -------- --------- -------- ----------------- ------------- ------------ ---------- -------
At 1 April 2014 466 62,565 209 648 353 38 19,666 83,945
Profit for the
financial year - - - - - - 1,951 1,951
Amounts which
may be
subsequently
reclassified to
profit & loss
Exchange
differences
on translation
of foreign
operations - - - - - - (165) (165)
Revaluation of
financial asset - - - - (109) - - (109)
Amounts which
will not be
subsequently
reclassified to
profit & loss
Remeasurement
of pensions
scheme
net of deferred
tax - - - - - - (896) (896)
------------------ -------- --------- -------- ----------------- ------------- ------------ ---------- -------
Total
comprehensive
income - - - - (109) - 890 781
Dividends - - - - - - (3,385) (3,385)
Cost of share
options - - - 150 - - - 150
Share options
exercised 3 541 - - - - - 544
Shares issued
as deferred
consideration 2 576 (209) - - - - 369
At 31 March 2015 471 63,682 - 798 244 38 17,171 82,404
------------------ -------- --------- -------- ----------------- ------------- ------------ ---------- -------
Condensed statement of cash flows
6 months 6 months 12 months
to to to
30 September 30 September 31 March
2015 2014 2015
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
------------ ------------ ----------
Cash used in operations 6 (3,434) (8,273) (7,400)
Interest paid (284) (89) (258)
Taxes paid (452) (67) (367)
----------------------------- ----- ------------ ------------ ----------
Net cash used in operating
activities (4,170) (8,429) (8,025)
----------------------------- ----- ------------ ------------ ----------
Investing activities
Purchase of property,
plant and equipment (450) (817) (1,442)
Purchase of intangible
assets (1,687) (938) (2,692)
Overdraft acquired
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with subsidiary - - (1,190)
Sale of freehold property 466 - 4,411
Sale of financial
asset 1,306 - -
Acquisition of business - - (8,615)
Interest received 6 4 4
----------------------------- ----- ------------ ------------ ----------
Net cash used in investing
activities (359) (1,751) (9,524)
----------------------------- ----- ------------ ------------ ----------
Financing activities
Dividends paid to
company shareholders 7 (825) (1,864) (3,385)
Net borrowings (167) (167) 9,652
Net proceeds from
issue of ordinary
share capital - - 544
Net cash (used in)/generated
from financing activities (992) (2,031) 6,811
----------------------------- ----- ------------ ------------ ----------
Net decrease in cash
and cash equivalents (5,521) (12,211) (10,738)
----------------------------- ----- ------------ ------------ ----------
Cash and cash equivalents
at start of period (1,239) 9,499 9,499
----------------------------- ----- ------------ ------------ ----------
Cash and cash equivalents
at end of period (6,760) (2,712) (1,239)
----------------------------- ----- ------------ ------------ ----------
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 as at 31 March 2016.
2 Significant accounting policies
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 March
2015.
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 five main
business segments, operations being split between Philatelic
trading, Publishing and philatelic accessories, Coins and military
medals, 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.
Philatelic Publishing Coins Other Internet Unallocated Group
trading& and & collectibles development
retail philatelic military
operations accessories medals
Segmental GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
income statement
6 months to
30 September
2015
Revenue 9,122 1,601 6,250 9,926 73 - 26,972
Operating
costs (8,754) (1,406) (4,514) (9,834) (1,158) (2,206) (27,872)
Exceptional
income/(costs) - - - - - 1,550 1,550
Net finance
costs - - - - - (278) (278)
------------------- ------------ ------------- ---------- -------------- ------------- ------------ ---------
Profit/(loss)
before tax 368 195 1,736 92 (1,085) (934) 372
Tax - - - - - (103) (103)
------------------- ------------ ------------- ---------- -------------- ------------- ------------ ---------
Profit/(loss)
for the period 368 195 1,736 92 (1,085) (1,037) 269
------------------- ------------ ------------- ---------- -------------- ------------- ------------ ---------
6 months to
30 September
2014
Revenue 15,138 1,301 4,941 5,660 79 - 27,119
Operating
costs (10,206) (1,051) (3,098) (4,953) (909) (1,998) (22,215)
Exceptional
income/(costs) - - - - - (1,083) (1,083)
Net finance
costs - - - - - (85) (85)
------------------- ------------ ------------- ---------- -------------- ------------- ------------ ---------
Profit/(loss)
before tax 4,932 250 1,843 707 (830) (3,166) 3,736
Tax - - - - - (466) (466)
------------------- ------------ ------------- ---------- -------------- ------------- ------------ ---------
Profit/(loss)
for the period 4,932 250 1,843 707 (830) (3,632) 3,270
------------------- ------------ ------------- ---------- -------------- ------------- ------------ ---------
12 months
to 31 March
2015
Revenue 23,866 2,976 11,882 17,949 192 - 56,865
Operating
costs (17,187) (2,181) (8,809) (16,242) (1,513) (4,106) (50,038)
Exceptional
income/(costs) - - - - - (3,255) (3,255)
Net finance
costs - - - - - (424) (424)
------------------- ------------ ------------- ---------- -------------- ------------- ------------ ---------
Profit/(loss)
before tax 6,679 795 3,073 1,707 (1,321) (7,785) 3,148
Tax - - - - - (1,197) (1,197)
------------------- ------------ ------------- ---------- -------------- ------------- ------------ ---------
6,679 795 3,073 1,707 (1,321) (8,982) 1,951
Profit/(loss)
for the year
------------------- ------------ ------------- ---------- -------------- ------------- ------------ ---------
Geographical information
Analysis of revenue by origin and destination
6 months to 6 months 6 months 6 months 12 months 12 months
30 Sept 2015 to to to to to
Sales by 30 Sept 30 Sept 30 Sept 31 March 31 March
destination 2015 2014 2014 2015 2015
Sales by Sales by Sales Sales by Sales by
origin destination by destination origin
origin
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Channel
Islands 1,012 5,762 771 9,333 2,431 14,930
United
Kingdom 15,950 20,894 17,861 16,313 30,397 36,932
Hong Kong 379 316 958 1,473 2,591 2,349
Europe 2,330 - 536 - 4,041 -
North America 4,888 - 2,057 - 9,695 2,654
Singapore 381 - 3,057 - 3,139 -
Asia 347 - 841 - 2,117 -
Rest of
the World 1,685 - 1,038 - 2,454 -
-------------- ------------- --------- ------------ -------- ------------ ---------
26,972 26,972 27,119 27,119 56,865 56,865
-------------- ------------- --------- ------------ -------- ------------ ---------
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.
Singapore sales in the period ended 30 September 2014 include
GBP3.0m 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
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