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Annual Results

Stanley Gibbons losses deepen

02 October 2017 07:53

Losses at stamp and coin auctioneer SStanley Gibbons have deepened after the company wrote down the value of its assets.

Stanley Gibbons posted a loss before tax of £30.2m, compared to a £27.0m loss in the previous corresponding period.

A 48% fall in net asset value resulted from a combination of one-off restructuring costs, continued difficult trading conditions and the ongoing legacy of the group's investment contracts, the company said.

Stanley Gibbons didn't declare a final dividend.

It also said its strategic review process had garnered several proposals from outside parties.

Proposals providing a more favorable outcome will more likely involve asset sales or a strategic investment in the company, rather than an outright acquisition of the entire company, Stanley Gibbons said.

"In the opinion of the board, the formal sale process has facilitated a significant level of interest in the future development of the core stamp and coin dealing activities, which would allow a return to a more normalised trading environment, unfettered by the obvious cash constraints apparent over the last two years," the company said. Story provided by StockMarketWire.com

Related Company: SGI

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