Stanley Gibbons lifts profit, divi

5th Aug 2011 07:26

Burgeoning demand from far east markets helped stamp and collectibles trader Stanley Gibbons post a 12% increase in half year adjusted pre-tax profit.The group, which is opening a new Hong Kong office, also increased its interim dividend payment and said it is confident of continued demand for its services as economic instability prevails.Adjusted profit before tax, before exceptional charges rose to £1.8m for the six months ended 30 June 2011 from £1.6m in 2010. Sales for the period rose to £15m, up 25% on the year before. Non-executive chairman Martin Bralsford commented, "We continue to invest in IT systems and recruitment of key management. Growth achieved in the first half was delivered as well as ongoing investment for future growth.""Prevailing economic instability, together with inflationary concerns and low interest rates globally, is expected to result in continued demand for our investment services in top quality rare collectibles as a means of diversifying, protecting and growing wealth," he added.The group, whose main businesses include Fraser's Autographs and Collector Cafe, has declared an interim dividend of 2.50p per share, up from 2.25p in 2010.Cash generated from operating activities increased to £0.9m from £0.8m before after an increased investment of £0.9m in quality rare stamps to support second half growth. CJ