Stanley Gibbons Group PLC Trading Update and Reopening of 399 Strand (2473R)
June 29 2020 - 2:00AM
UK Regulatory
TIDMSGI
RNS Number : 2473R
Stanley Gibbons Group PLC
29 June 2020
29 June 2020
THE STANLEY GIBBONS GROUP PLC
(the "Company" or "Group")
Trading Update and Reopening of 399 Strand
The Stanley Gibbons Group provides an update on the impact of
the Covid-19 pandemic on the business:
Financial Update
Since our announcement exactly two months ago, we have seen some
volatile but defined improvement in trading. In combination with
further cost mitigation efforts, this has resulted in an improved
financial position compared to our expectations both at the start
of lockdown and at the time of our previous announcement.
Year on year sales for the 8 week period between April 29 and
June 21 2020 have been down approxim ately 11%. This compares to
down approximately 45% for the five week period between the
penultimate week of March and April 29 2020.
The nature of our business means that revenue generation is
inherently volatile even under normal conditions. As a result we
remain extremely cautious about the short term future and the
impact the volatility has on our financial position. Nevertheless,
from our experience over the last 3 months we expect our current
cash balances to give us sufficient liquidity for a further 4-5
months from today with out taking any further mitigating steps or
drawing further on our remaining GBP2m debt facility.
Operational Update
During recent weeks we have made significant efforts to build on
and develop our digital offering further. We have implemented
several new initiatives and learnt valuable lessons; both of these
elements will continue to shape how we do things well into the
future.
These initiatives included a successful online only auction and
a 'digital exhibit' competition which attracted over 2,000 public
votes. We have also started offering video call based valuations
and consultations and look forward to offering further new products
and services online in the future.
Online sales (excluding the online auction) during the 8 weeks
to June 21 2020 are up just over 100% versus the same period last
year.
Today we are also reopening our main trading outlet at 399
Strand, London following completion of the redevelopment work which
began at the start of the year, a major milestone in our
strategy.
The new layout allows visitors to circulate freely through the
three different levels of the building and incorporates many
displays and exhibits as well as an all new Baldwin's coin room,
auction room and several private client viewing and seating
areas.
Graham Shircore, Group Chief Executive said:
"The hard work of all of our colleagues has not only helped to
reduce the impact of Covid-19 on the business and given us a
stronger framework to develop our digital offering but has also
allowed us to deliver a complete transformation of our flagship
store under budget.
I am extremely proud of the effort which everybody has made and
it is important that we maintain this; the reopening of a truly
world class shopping experience at 399 Strand is an important
moment in the rebuilding of this great company, but it is only one
part of the journey.
Consumer behaviour continues to evolve and although there are
some signs that more consistent patterns are emerging it is too
early to judge how sustainable these may be. While we continue to
build for our long term future, we also remain extremely cautious
and alert to what the coming weeks and months may bring."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
-Ends-
For further information, contact:
The Stanley Gibbons Group plc
Harry Wilson
Graham Shircore
Anthony Gee +44 (0)207 836 8444
Liberum Capital Limited (Nomad and Broker)
Andrew Godber
Edward Thomas +44 (0)203 100 2000
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END
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