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Stanley Gibbons faring better than hoped; reopens main outlet in London

By BFN News | 01:43 PM | Monday 29 June, 2020


Stamp collecting group Stanley Gibbons said its was in better financial shape as it expected, even as its revenue is hit by the Covid-19 crisis. The company said that since an update two months ago, it had seen 'some volatile but defined improvement in trading'. It added: 'In combination with further cost mitigation efforts, this has resulted in an improved financial position compared to our expectations both at the start of lockdown and at the time of our previous announcement'. Sales in the eight weeks through 21 June had fallen by about 11%, though that was an improvement on the 45% decline for the five weeks through 29 April. 'The nature of our business means that revenue generation is inherently volatile even under normal conditions,' Stanley Gibbons said. 'As a result we remain extremely cautious about the short term future and the impact the volatility has on our financial position.' 'Nevertheless, from our experience over the last three months we expect our current cash balances to give us sufficient liquidity for a further four-to-five months from today with out taking any further mitigating steps or drawing further on our remaining £2m debt facility.' Stanley Gibbons said it had improved its digital offering, having successfully executed an online-only auction and a digital exhibit competition. Online sales, excluding the online auction, during the eight weeks to 2had more than doubled. The company said it had on Monday reopened its main trading outlet at 399 Strand, London following completion of redevelopment work. At 1:43pm: (LON:SGI) Stanley Gibbons Group The Ltd share price was 0p at 2.65p Story provided by StockMarketWire.com

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