Stanley Gibbons announces 24% like-for-like increase in sales

27th Apr 2011 15:51

Stamp and collectibles trader Stanley Gibbons has today announced a 36% increase in turnover for its latest quarter, as when compared to that the year before. On a like-for-like basis, and excluding sales from the Benham Group, acquired in September last year, turnover was up 24%.According to the company, "Overall trading in the first quarter has been strong across most operating divisions, particularly philatelic trading and retail operations". Retail sales from its flagship premises at 399 Strand were up 25%, but this increase is in part due to the substantial refurbishment works undertaken at this time last year.Also of interest, the company has announced that it is in the final stages of its website development project. Our international marketing campaigns promoting rare stamps and historical signatures, as an investment opportunity, continue to deliver an increasing number of new prospects.Sales remain broadly flat in the Publishing division, but the company has put in place a cost reduction program and looks forward to further growth linked to the launch of its new website.Pending approval at today's Annual General Meeting, the Company's final dividend of 3.25p per share will be paid to Shareholders on 16 May 2011.Lastly, management has indicated that, "The business remains well placed to continue to deliver the growth in sales and profitability expected by the market".As of 15:50PM London time shares of Stanley Gibbons are rising 4.6% to 181p. ab