SGI.L Regulatory News (SGI)

18 Apr 2007 12:43

Stanley Gibbons Group Limited18 April 2007 THE STANLEY GIBBONS GROUP LIMITED ("Stanley Gibbons" or "the Company") AGM TRADING STATEMENT and DIRECTORATE CHANGE At the Annual General Meeting of the Company held in Jersey this morning all theresolutions proposed were duly passed, including the Special Resolutionauthorising the Company to purchase up to 15% of its issued share capital in themarket for cancellation and the Ordinary Resolution approving The StanleyGibbons Group Limited 2007 Long-Term Incentive Plan. Commenting on current trading, the Chairman, Paul Fraser, issued the followingstatement: "We have had a strong start to the year, with unaudited trading results for thefirst quarter being an improvement on the exceptional comparable figure for thefirst quarter of 2006 and in line with expectations. Customer recruitment and international sales continue to be strong,strengthening the consistency and longevity of our profit-streams. This providesus with an ever-widening revenue base which assists in protecting us from anydownside in any one particular area of our business or geographical region froma trade or currency perspective. It is encouraging that sales to the UnitedStates are growing, even on the back of a weak dollar. As previously reported, we had nearly 3 million unique visitors to our internetsites last year. This medium is delivering ever-increasing sales, cost-effectivecustomer recruitment and exposure of the Stanley Gibbons brand both in thepredominantly English-speaking countries of the world but now also giving uspenetration and exposure to developing areas (in particular the so-called BRICcountries - Brazil, Russia, India and China). Stamps are an ideal internet andmail order product, easily portable and highly valuable and a useful currencyand alternative asset class on a global basis. We have been successful in the first quarter in increasing our purchasing levelsof rare philatelic material. The strength of our current stockholding puts us ina strong position to be able to satisfy rising levels of demand within theworldwide stamp market. We continue to raise our own expectations; there is plenty to play for, and weare confident that 2007 is one more step along the way in our profitabledevelopment as a Group. The Company's final dividend of 2.5p net per share will be paid to Shareholderson 23 April 2007 and our interim results for the six months ending 30 June 2007will be announced on 3 August 2007. Directorate Change The Stanley Gibbons Group Limited announces today that Paul Fraser has informedthe Board of his intention to step down as Chairman and as a member of the Boardof the Company by the end of the year. Mr Fraser has served as Chairman of the Company since it's demerger in 2000,having been involved with the Stanley Gibbons business since 1989. Mr Fraser said: "By the end of this year I will have chaired the Board for sevenyears and have been involved in the collectibles business for 30 years. Itherefore feel that it is an appropriate time to move on to pastures new. Stanley Gibbons has a clear strategy with an excellent management team and I ammaking my intentions known to the Board in good time to allow it to run anorderly succession process" The process to appoint Mr Fraser's successor will be led by the Board'sRemuneration and Nomination Committee. For further information: Seymour Pierce Jonathan Wright 020 7107 8000Liam O'Donoghue This information is provided by RNS The company news service from the London Stock Exchange