News-Antique.com - Mar 25,2011 - AIM listed Stanley Gibbons Group, which trades in stamps, rare signatures and other collectibles for collectors and investors recorded an 8% increase in adjusted profits to £4.5m for the year ended 31 December 2010 on sales up 13% to £26.4m.
The proposed final dividend (payable mid May) is increased by 8%, giving a total increase in dividends for the year of 10%.
The world-renowned company, established 155 years ago, also reported substantial progress in the realisation of its strategic objectives. One of these was the new investment office in Jersey which generated stronger than expected sales in its first full year of operation and it is expected that this will increase with the opening of a new showroom later this summer. The success of the Jersey office has prompted the Group into looking at the possibilities of opening further outlets in Switzerland and Hong Kong in the future.
Chairman Martin Bralsford highlighted ‘the launch of the new websites’ for Fraser’s Autographs, which was launched in February this year, and the principal components of the primary website www.stanleygibbons.com, which will be launched shortly, as ‘key milestones’ and he looked forward to delivering the return from the Group’s substantial investments in technology over the coming years.
The acquisition of the Benham first day cover business in 2010 will result in a benefit from the Royal Wedding next month and also from the Olympics in 2012. Orders for commemorative products can be fulfilled by the Benham operation in Jersey.
Other positive developments for Stanley Gibbons include working with a respected financial institution in Jersey towards the launch of a rare stamp investment fund and continued developments in the Chinese market which contributed sales of nearly £1m in 2010. The Group is also investigating opportunities to develop in the US, which represents the largest collectibles market in the World.
The Chairman commented that ‘Once again, I can report another year of growth in sales and profits of Stanley Gibbons; 2010 was an important period in our longer term strategy of creating the biggest collectibles business in the world. Stanley Gibbons is, arguably, already the biggest collectibles brand name in the world. With a huge market to play for and a rising ambition amongst wealthy individuals to own tangible assets with relatively stable values as a means of wealth protection, the Board is both confident and excited about the future of the Group’s business.’