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Stanley Gibbons' H1 profit falls

By BFN News | 07:17 AM | Friday 13 November, 2015

Stanley Gibbons has posted an H1 pretax profit of GBP0.4m, from a year-ago profit of GBP3.7m. There would be no interim dividend. Sales totalled GBP27.0m, from GBP27.1m. The outfit's like-for-like sales, excluding the Mallett acquisition, were GBP21.6m, down 21% on the year. Chairman Martin Bralsford commented: "As indicated in our latest update of 6 October 2015, the trading performance of the Group in the past twelve month period has failed to achieve what were, in retrospect, premature and over-optimistic expectations from the investments of the past two years. "The year has been a period of transition for the Stanley Gibbons Group from a business based on philately to a broader based collectibles group with significant on-line distribution potential. "Since early September, Senior Management has been focused on putting in place the right organisation structure and team to execute strategy in accordance with the Board's expectations. "Your Board believes significant progress has been made. The integration of acquisitions and management change has clearly represented a distraction to short term sales initiatives, particularly from our sizeable philatelic inventory, contributing to the sharp decline in trading performance." Story provided by

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