28 Apr 2010 08:51
THE STANLEY GIBBONS GROUP PLC
"the Company"
TRADING STATEMENT
Ahead of the Annual General Meeting to be held later today, the Board of the Company updates the market with the following Trading Statement:
"In what is traditionally our slowest period for trading, turnover for the first quarter of 2010 was 13% below the same period last year. However, the comparative period benefited from the completion of one major investment sale of £0.7m. Excluding this large sale, on a like-for-like basis, turnover was 15% up on the prior period, which gives a measure of the current underlying performance.
Enquiries generated in April for our investment products are ahead of the same time last year.
The completion on schedule of the refurbishment works at our flagship retail premises at 399 Strand, which re-opened on the 13th of April, is already benefitting trade and feedback from clients to date has been entirely positive.
This, together with our marketing and PR activities in the first quarter, puts us in a very strong position fully to capitalise on more favourable market conditions ahead of the 2010 London Stamp Exhibition. This once in a decade event takes place between the 8th and 15th of May, when approximately 50,000 collectors from across the globe are expected to visit London. We are offering complimentary transport between the Strand and the Islington Design Centre, the show's venue, throughout the week to ensure that we direct as many visitors as possible to come to view our newly presented retail offering.
Our buying activity in the first quarter has substantially strengthened the quality of our stockholding in key rarities, with a number of top quality collections being secured. Most notably, we secured one of the biggest prizes in GB philately - the 6d IR Official. This stamp is one of the rarest and most coveted stamps in the world. The strength of these stock acquisitions is key to our performance in the remainder of the year, to fulfil the strong enquiry order book.
All elements of our strategy, including our website development, the launch of the rare stamp investment fund and development into the Chinese market, are all progressing in line with expectations to deliver profit growth in the medium and long term.
We are currently reviewing a number of small acquisition opportunities and expect to update the market in this respect later in the year.
If approved today, the Company's final dividend of 3p per share will be paid to Shareholders on 17 May 2010 and our interim results for the six months ending 30 June 2010 will be announced on 6 August 2010."
For further information:
The Stanley Gibbons Group plc
Michael Hall, Chief Executive +44 (0) 1534 766711
Seymour Pierce Ltd, NOMAD/Broker
John Cowie +44 (0) 20 7107 8000