SGI25 Mar 2011 12:43
Key Financial Highlights
· Sales of £26.4m (2009: £23.4m) up 13%
· Adjusted profit before tax, before exceptional charges, of £4.5m, up 8%
· Statutory profit before tax of £4.3m (2009: £4.1m), up 5%
· Adjusted earnings per share of 15.69p (2009: 14.70p), up 7%
· Proposed final dividend of 3.25p per share (2009: 3p per share), up 8%, giving a total dividend for the year of 5.5p (2009: 5p) up 10%
· Cash generated in year of £6.3m (2009: £2.4m) reinvested in stockholding of investment grade items, representing a better investment of Shareholder Funds than holding surplus cash balances. Net cash generated from operating activities in year of £2.2m (2009: £4.9m).
· Cash funds at 31 December 2010 of £1.8m (2009: £3.1m) after payment in the year of £1.3m in dividends, £0.4m in tax and investment in capital expenditure of £1.7m
· Stock levels at 31 December 2010 of £14.8m (2009: £9.3m), increased by 59% and providing a strong asset base to deliver future growth
· The increased value of stockholding is primarily in exceptional and rare collectibles and top quality rare stamps. Such assets generally appreciate in value over time, although remain prudently stated in our balance sheet at historic cost, not market value