Online evolution of Stanley Gibbons gathers pace

23rd Mar 2012 07:02

Surging online sales at collectibles dealer Stanley Gibbons drove top line growth in 2011 as the group continues its drive to become the eBay of the stamp-collecting world.Sales of £35.7m were up 35% on 2010's £26.4m and well ahead of expectations of £30.2m. Online sales accounted for £4.3m of that, up 72% from £2.5m in 2010."There is evidence of a substantial shift in clients' behaviour away from traditional dealing and mail order to the Internet and auction channels. Consequently, we have invested more group resources in these services," said Chairman, Martin Bralsford.Adjusted profit before tax came in slightly ahead of expectations of £4.98m at £5.2m, up 17% from 2010's £4.5m.Earnings per share rose 22% to 18.5p from 15.2p the year before.The board has proposed a final dividend of 3.5p, up from 2010's final divi of 3.25p, making the full year pay-out 6p, up 9% on 2010's 5.5p."The record performance of the group last year and a positive start to this, with our order book at record levels, is the result of a combination of the strong market for rare collectibles and the achievements of our management in execution of our strategy," Bralsford claimed. "We have adequate cash reserves available to finance growth opportunities, and are reviewing a number of potential acquisitions which would strengthen and complement our overall service capability. At the same time we will maintain our progressive dividend policy," Bralsford added.jh