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Stamp retailer Stanley Gibbons sales slump; plans virtual auctions

By BFN News | 07:58 AM | Wednesday 29 April, 2020


Collectible stamp retailer Stanley Gibbons said its sales had slumped due to the UK's Covid-19 lockdown and that it was planning to hold its next auction online. The company said that although it had traded better than initially planned, the pandemic had nevertheless had a 'huge' impact on its business. 'While in aggregate the impact on the fiscal year to end of March is immaterial, revenue since the penultimate week of March is down approximately 45% versus budget,' Stanley Gibbons said. All areas of the business remained open and functioning other than the physical shop. The company had furloughed about 20% of its staff. It did not have any auctions planned for late March or April and had delayed its planned auction in May, though adding it would 'shortly be launching an online only auction with a view to potentially doing more of these hereafter'. Stanley Gibbon said that based on current trading, it expects its cash balances provided liquidity for about another three-to- four months 'without any further mitigating steps'. The company said it also had access to a further £2m through a debt facility. Story provided by StockMarketWire.com

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