Stanley Gibbons issues profit alert after stamp deal delaysComments Off on Stanley Gibbons issues profit alert after stamp deal delays
The collectable stamps retailer said “a number of anticipated high-value sales” were not completed by its March year-end although it “expects a number of them” to go through in this half.
Particularly good rare stamps can command prices well into six figures — a block of 12 penny blacks went for £444,000 in April 2014.
Even relatively young stamps can set you back a tidy sum — a block of four green 22p stamps in mint condition from 1984 is in Stanley Gibbons’ catalogue for £5000.
House broker Peel Hunt slashed its forecast for the year just ended from profits of £11.2 million to only £7.5 million.
But it pointed out that the firm a has stock of £57 million at book value which it reckons is worth £150 million at retail value.
Stanley Gibbons also said that the hard launch of its new collectables website has been put back from the month to May. It said that should add “material growth” to its merchandise value.
Shares in the London-based firm — which bought antique dealer Mallett last year — fell 32p, or 12%, to 234p.