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Stanley Gibbons gets stamped after profit warning

Tue, 23rd Feb 2016 14:23

(ShareCast News) - Philately has been getting Stanley Gibbons nowhere lately, with the stamp and coin collecting group issuing a profit warning and announcing an emergency fundraising.For the current year to end-March, the AIM-listed company said it expected to make a £1-£2m loss before tax, due to sales of rare collectibles had suffered of late and savings had not been as easy to extract from its recent acquisitions.Having ruled out a share issue last month as its market valuation was lower than its net asset value, the 160-year old company completed a U-turn on Tuesday as it has decided a £10m fundraising is the best option.Although £6m of the raised cash will immediately go to pay off an overdraft, part of Gibbons' £22.6m total debts, with the remainder to be used to restructure the group, speed the integration of the Noble Investments and Mallett acquisitions and to provide extra working capital.Management, to which ex Evolutions Securities director Clive Whiley will be added, have already begun to shave £5m of annualised costs from the business and have appointed new accountants in BDO, following the resignation of Smith & Williamson, and added specialist small cap broker and AIM nominated adviser FinnCap."The board believes that with the benefit of additional capital, the actions referred to above and a renewed focus on the core business, the group will be able to deliver an improved and more sustainable performance in the future," Gibbons said in a statement.The news did not receive the stamp of approval from investors, with shares in the company sent 36% lower to 41.1p by mid afternoon on Tuesday.

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31 Jan 2014 15:07

Stanley Gibbons buys rare stamp dealer for 1m pounds

Philately group Stanley Gibbons is buying a dealer specialising in British Commonwealth King George VI stamps for one million pounds. Gibbons is buying Murray Payne in a cash-and-shares deal involving the issue of 63,470 new ordinary shares in Gibbons. It is paying £770,000 in cash and the rest in

31 Jan 2014 15:02

Stanley Gibbons Acquires Stamps Firm Murray Payne For GBP1M

LONDON (Alliance News) - Stanley Gibbons Group PLC Friday said it has acquired stamp producer Murray Payne for GBP1 million which will include the issue of 63,470 shares of 1 pence each in the company. These shares are subject to a three year lock-in agreement, the collectables dealer said.

22 Jan 2014 16:51

DIRECTOR DEALINGS: Stanley Gibbons Executives Sell Shares

LONDON (Alliance News) - Stanley Gibbons Group PLC Wednesday said a group of executives including Chief Executive Michael Hall exercised options under the company plan and sold shares Tuesday.

Details are outlined below.

16 Jan 2014 11:57

Stanley Gibbons Anticipates Full-Year Performance In Line With Expectations

LONDON (Alliance News) - The Stanley Gibbons Group PLC said Thursday that it anticipates full-year sales and profitability to be in line with expectations, as trading remained strong on high levels of demand. The collectables dealer said it had seen high levels of demand from both investors

16 Jan 2014 08:21

UK MORNING BRIEFING: Shares Down; Sports Direct Ups Interest In Debenhams

LONDON (Alliance News) - UK shares have opened mostly lower Thursday despite a strong lead from the US, as investors digest a rush of UK company announcements.

In another surprise from Mike Ashley, Sports Direct International said it has sold its 4.6% stake in Read more

21 Nov 2013 07:59

AIM IN BRIEF: M&C Saatchi Confirms Talks With Publicis On Walker Media

26 Sep 2013 13:20

Noble Investments, Stanley Gibbons Agree On Acquisition Terms

12 Sep 2013 12:14

Stanley Gibbons and Noble hope to get deal licked

Aim-listed Stanley Gibbons is hoping to add rare coin and stamp dealer and auctioneer Noble Investments to its collection to create a global collectibles specialist that would be worth more than 120m pounds. The pair are in talks which could lead to Stanley Gibbons making a takeover offer pitched a

8 Aug 2013 11:20

Stanley Gibbons stamps its authority online as earnings dip

Philatelic group Stanley Gibbons took a hit to its first half earnings as it made great strides in transforming itself into an 'exciting online business'. While profit before tax fell from £2.0m to £1.8m and earnings per share from 7.23p to 5.58p in the first six months, if internet development co

1 May 2013 08:07

Stanley Gibbons first quarter sales shine

Stamp collection firm Stanley Gibbons reported an increase in first quarter turnover, despite charges related to investment in its online strategy, and said 2013 sales benefited from increased stock. Turnover for the traditionally quiet first quarter rose 12% from last year, despite 2012 including

22 Mar 2013 09:07

Stanley Gibbons posts annual profits rise as online sales jump

Stamp collection company Stanley Gibbons Group saw an increase in 2012 pre-tax profit as online sales soared. Adjusted profit before tax of £6.0m grew by 11% on the previous year's £5.4m. Earnings before interest, tax, depreciation and amortisation (EBITDA) came to £6.5m, up 12% from £5.8m. Result

15 Jan 2013 16:53

SABMiller Marketing Director trades in shares

Nick Fell, the Marketing Director of SABMiller, has sold 12,400 shares, it was announced Tuesday. The transaction, which took place last week, saw Fell trade in the shares at 2,886.82p per share, pocketing a total of £357,966 before tax. At the end of November the company reported that it had bee

11 Jan 2013 08:07

Online sales double at Stanley Gibbons

Stamps retailer Stanley Gibbons said on Friday last year's profits were in line in expectations as online sales more than doubled. In a trading update the company, which specialises in collectable and postage stamps, projected a strong balance sheet for the year ended December 31st following a 55%

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