Stanley Gibbons on track to meet annual expectations but could miss interim goals

23rd Sep 2015 09:59

(ShareCast News) - Collectibles and philatelic retailer Stanley Gibbons warned it could miss its interim targets, but remained hopeful strong second half trading will allow it to clinch its annual goals.In the 12 months to the end of March, total online revenues rose 22% year-on-year, the company said, adding it had achieved double-digit growth in the current financial year to date.In a statement released on Wednesday, the London-listed company said sales completed by 30 September might not allow it to reach its first half targets, particularly given the sluggish performance of Asian markets.However, Stanley Gibbons reassured investors it would meet its annual expectations, on the back of acquisitions, sales of rare collectibles and a host of initiatives it has in place.Furthermore, more of its auctions for the year were scheduled to take place in the second six months of its financial year, prompting it to be on track to "deliver materially higher revenues and profits in the second half".The group added the cost-saving measures it implemented in the first six months of the year are expected to result in annual savings of approximately £1.4m.Stanley Gibbons shares were up 5.45% to 162.40p at 1041 BST on Wednesday.