Stamps and collectibles specialist Stanley Gibbons Group Ltd called results for the year to end-December 2008 “encouraging”, however, pretax profit is expected to be below market expectations and turnover broadly in line with 2007.
Results for the period demonstrate a continuing high level of demand for its investment products linked to the underlying assets of stamps and collectibles, the company said in a pre-close trading update.
The current weakness in the value of Sterling against most other major currencies presents some exciting marketing opportunities to substantially grow sales internationally to investors based in the US and Euro zone countries, it said.
Consequently, the directors remain confident in the long term growth potential of its businesses and in the ability for sales and profits to grow again in 2009, it added.
Chairman Martin Bralsford said: "I am more than satisfied with the company's performance during 2008, a year of challenging economic and financial conditions. More particularly, when considering the 2008 results including the sales we are deferring into 2009, underlying sales would show growth of over 10% year on year and profits would also have shown an improvement at the same time as increasing revenue investment in long term growth opportunities. “