Stanley Gibbons Says Second Half Will Beat First-Half Performance

LONDON (Alliance News) - Rare stamp and collectibles retailer Stanley Gibbons Group PLC Wednesday said it notes the recent move in the company's share price and said that it will deliver materially higher revenue and profit in the second half of its financial year than in the first half.

Shares in Stanley Gibbons were trading up 5.5% at 162.50 pence Wednesday morning.

The company said that its auction calendar is more heavily weighted towards the second half of the year, and that it is currently working on a number of high value sales with potential new clients which will have a "material impact" on trading.

Given weakness in its Asian operations in the first half, Stanley Gibbons said that it is uncertain whether high value sales completed by September 30 will be at the level required to achieve the group's internal budgets for the first half.

The company will also achieve market forecasts for the full year ended March 31, Stanley Gibbons said, benefiting from recent acquisitions as well as expected sales of its strong stockholding of rare high quality collectibles.

In the online division, sales have continued to achieve double-digit growth so far in the year, Stanley Gibbons said.

The retailer added that under its cost savings initiative, it expects to generate annualised cost savings of GBP1.4 million in the first half, excluding exceptional costs.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

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