Stanley Gibbons sales grow but adjusted EPS misses target

AIM-listed stamps, coin and collectables group Stanley Gibbons reported solid growth in its results for the full year ended 31 March, on the back of the contribution from recent acquisitions.However, the company said trading in core philatelic dealing was hampered by a number of anticipated high value sales failing to complete within the financial year. One of these sales was completed in April 2015.As such, adjusted earnings per share growth did not reach the targets planned for the year.Adjusted earnings totalled 12.91p per share for the year, compared with the 13.3p per share earned in the 15 months to 31 March 2014 - last year the company changed its year-end date from 31 December to 31 March.However, adjusted pre-tax profit excluding one-off costs rose to £7.5m from £5.2m previously as sales increased to £56.9m from £51.8m.The company declared a total dividend for the year of 5p per share, compared with 7p over the previous 15-month period.Looking ahead, the company said the market for rare collectibles and fine and decorative arts "remains buoyant". This is "evidenced by some high profile realisations, which included the highest price realised for the sale of a single stamp in June 2014, the 1c magenta from British Guiana, for $9.5m", it said.Chairman Martin Bralsford said: "Our recent acquisitions provide the group with a breadth and depth of internal expert knowledge and trusted brands in their respective fields providing the base from which to deliver on our stated strategy to become a global auction house supported by a professional online auction platform."