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29 Apr 2009 07:00
FOR RELEASE 7AM WEDNESDAY 29 APRIL 2009
THE STANLEY GIBBONS GROUP LIMITED
"the Company"
TRADING STATEMENT
Ahead of the Annual General Meeting to be held later today, the Board of the Company is pleased to update the market with the following Trading Statement:
"Ascommunicated in our trading announcement of 20th March 2009, we have had a strong start to the year. In the traditionally least active first quarter, turnover (unaudited) was up 25% on the same period last year.
We have achieved strong sales to overseas clients as a direct result of our growing network of international sales agents. We intend to nurture these relationships further throughout the year and to continue to add new suitably qualified sales agents across the world.
At a time when the World investment community has learned the painful lesson of why diversification of wealth is critical and banks offer negligible returns on savings, our products, and investment services are well positioned to provide an attractive solution to distressed investors.
Most importantly, sales to collectors have performed well in the first quarter highlighting the stability and strength of the "market of passion" which underpins our core business and should ensure resilient returns to shareholders on a long term basis.
Strong cash generation from operating activities in the first quarter mean our cash balances are being managed ahead of plan, notwithstanding our continued commitment to acquire the right kind of investment grade philatelic material in the market when opportunities arise.
We have recognised the need to invest in our internet strategy at the right level to accelerate this most important part of our strategy and we are currently strengthening our development team to achieve this aim.
Based on the evident strength in the market from our own customer recruitment and further validated by third party auction realisations in the period, we are confident of our ability to continue to grow both sales and profits for the remainder of the year.
The Company's final dividend of 2.75p net per share will be paid to Shareholders on 11 May 2009 and our interim results for the six months ending 30 June 2009 will be announced on 7 August 2009."
For further information:
The Stanley Gibbons Group Limited
Michael Hall, Chief Executive +44 (0) 20 7836 8444
Seymour Pierce Ltd, NOMAD/Broker
Jonathan Wright +44 (0) 20 7107 8000
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