Stanley Gibbons Group PLC - London-based collectible postage stamp retailer - Says current financial position ahead of previous expectations as year-on-year sales for the 8 weeks to June 21 down only 11% compared to the 45% decline for the five-week period to April 29. States that while trading remains volatile, it expects its current cash balances to provide sufficient liquidity for a further 4 to 5 months without taking any further mitigating steps or drawing further on its remaining GBP2 million debt facility. In April, it said it implemented measures which included furloughing around 20% of its workforce and slashing salaries of non-executive directors by 25%.
Adds it has now reopened its main trading outlet at 399 Strand, London following completion of the redevelopment work which began at the start of the year.
Current stock price: 2.80 pence
Year-to-date change: up 25%
By Ife Taiwo; ifetaiwo@alliancenews.com
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