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Stanley Gibbons says trading remains strong

By BFN News | 08:17 AM | Thursday 16 January, 2014


Stanley Gibbons Group expects that its sales and profitability for the year ended 31 December 2013 will be in line with market expectations. It says its balance sheet position as at the year end includes net cash balances of approximately £17m and a high quality stockholding of rare collectibles which provides the Group with a substantial capital base from which to invest in further growth opportunities. The company completed the acquisition of Noble Investments (UK) in November for a total consideration of £45.3m. The cash element of the consideration was funded by the proceeds of a placing of new shares with new and existing institutional shareholders, raising £40m. Noble comprises Baldwin's (the globally respected brand in coins, established in 1872), Dreweatts (an auctioneer of antiques and collectibles such as watches, fine wine and jewellery, established in 1759), Bloomsbury (a leading auctioneer of books, manuscripts and art) and Apex Philatelics. The company says that the benefits of the acquisition are already being realised through cross selling opportunities between Stanley Gibbons and Baldwin's, demonstrated by initial demand for rare coins by Stanley Gibbons clients. Work has begun on delivering integration cost savings and the implementation of improved efficiencies across the Group, the benefit of which should be seen later in the year. Stanley Gibbons has reported that trading remains strong with high levels of demand both from investors and high net worth collectors looking to secure premium quality collectibles. Martin Bralsford, chairman commented: "The acquisition of Noble in November 2013 was a major milestone in the Group's development. The objective is to combine our financial resources, customer databases, international reach, and, most importantly, specialist expertise to grow our business through providing the best quality service to our clients - both buyers and sellers. "Our online development plans to create a global online hub for buying and selling collectibles will be enhanced by the wider range in which we now have authority and expertise." At 8:17am: (LON:SGI) Stanley Gibbons Group (The) Ltd share price was -0.5p at 358.5p Story provided by StockMarketWire.com

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