5 Auguat 2011 – interim results

The group has reported further progress in thge six months to 30 June, with turnover increasing by 25% to £15.0m (2010: £11.9m) with adjusted pre-tax profits rising by 12% to £1.8m (2010: £1.6m).  Earnings per share on the same basis were up 11% at 6.18p (2010: 5.58p).  The interim dividend was also raised by 11% to 2.50p (2010: 2.25p).  These results were much in line with forecast whilst the group has also invested in future growth with an online trading platform scheduled to launch later this year and a new office in Hong Kong due to open in September.  With an estimated 60m stamp collectors in the world, an online presence is clearly a very positive step.  With the group diversifying into other collectibles, such as historical documents, rare coins, military medals and even rare vinyl records there is clearly scope for further growth.  The shares remain a BUY.