(Alliance News) -Â Stanley Gibbons Group PLC on Thursday reported a widened interim loss as the pandemic knocked its performance, though the firm did note improving online sales.
Revenue for the half-year ended September 30 fell to GBP5.0 million from GBP6.7 million a year ago, with the rare postage stamp seller's pretax loss stretching to GBP2.2 million from GBP661,000.
Administrative expenses increased to GBP2.9 million from GBP1.4 million year-on-year, dented by a GBP930,000 impairment provision against the carrying value of New York property leasehold assets which have now been written down to nil.
Stanley Gibbons said the pandemic has "certainly impacted" its trading performance.
"However, the impact has not all been negative. Covid-19 has restricted our opportunities to trade face-to-face with our customers and has also restricted the supply of high value coins and stamps coming to the market. This has been felt most in our retail and auction business but has also resulted in the cancellation of shows and exhibitions which has impacted dealing turnover. However on the positive side we have seen improvement in our web sales," said Stanley Gibbons.
Encouragingly, the firm said, online sales were up 35% in the half, now accounting for 22% of total sales versus 12% in 2019.
Stanley Gibbons said: "We have been disrupted and we have been bloodied by the impact of Covid-19 but we have come out fighting and fought hard, continuing to make progress and keeping our sights on our longer term ambitions."
Shares in Stanley Gibbons were up 2.5% at 4.05 pence in London on Thursday.
By Lucy Heming;Â lucyheming@alliancenews.com
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