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Stanley Gibbons losses deepen

By BFN News | 07:53 AM | Monday 02 October, 2017


Losses at stamp and coin auctioneer Stanley Gibbons have deepened after the company wrote down the value of its assets. Stanley Gibbons posted a loss before tax of £30.2m, compared to a £27.0m loss in the previous corresponding period. A 48% fall in net asset value resulted from a combination of one-off restructuring costs, continued difficult trading conditions and the ongoing legacy of the group's investment contracts, the company said. Stanley Gibbons didn't declare a final dividend. It also said its strategic review process had garnered several proposals from outside parties. Proposals providing a more favorable outcome will more likely involve asset sales or a strategic investment in the company, rather than an outright acquisition of the entire company, Stanley Gibbons said. "In the opinion of the board, the formal sale process has facilitated a significant level of interest in the future development of the core stamp and coin dealing activities, which would allow a return to a more normalised trading environment, unfettered by the obvious cash constraints apparent over the last two years," the company said. Story provided by StockMarketWire.com

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