Diamond Jubilee boosts sales at Stanley Gibbons
The Queens Diamond Jubilee and London 2012 helped to boost profits at collectable postage stamp retailer Stanley Gibbons as customers bought royal memorabilia and commemorative issues.
The company saw its pre-tax profit increase by 8% to £1.8 million in its first half while gross margin percentage for the period was 44.5% compared to 37.9% last year.
While sales dropped 2% to £14.7 million, online sales surged 90% as the company launched smart phone applications to provide its customers with easier access to its products and services.
Stanley Gibbons also benefited from prevailing strong demand for rare stamps from China with sales double that of the prior period at £1.4 million.
Commenting on the performance chairman Martin Bralsford said: "I am delighted to report, yet again, profit growth in line with our expectations. The strength and reputation of the Stanley Gibbons brand, together with the benefits from the sound execution of strategic initiatives, ensure that the business is not overly dependent on any one region or product category.
"The executive team is making good progress towards delivering on key aspects of the strategy driven by the growth of our online trading model and auction services. As a result, your Board is confident about the prospects of the Group for the second half of this year and beyond."
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