Stanley Gibbons sees 'volatile but defined improvement' to trading

29th Jun 2020 10:40

(Sharecast News) - Stamp dealer and philatelic publisher Stanley Gibbons said on Monday that it has seen "some volatile but defined improvement" in trading of late.
Stanley Gibbons highlighted that in combination with further cost mitigation efforts, the improved trading environment had left the company in a stronger financial position than expected at the start of lockdown.

Year-on-year sales for the eight weeks ended 21 June were down approximately 11% but the AIM-listed company noted that the nature of its business meant that revenue generation was "inherently volatile even under normal conditions".

"As a result, we remain extremely cautious about the short-term future and the impact the volatility has on our financial position," said the company.

"Nevertheless, from our experience over the last three months, we expect our current cash balances to give us sufficient liquidity for a further four-five months from today without taking any further mitigating steps or drawing further on our remaining £2m debt facility."

Online sales were up just over 100% year-on-year, with SG only reopening its main trading outlet in London at 399 Strand on Monday.

As of 1130 BST, Stanley Gibbons shares were up 5.66% at 2.80p.