16 January 2012 – trading update

Performance for the year ended 31 December 2011 is expected to be broadly in line with market expectations, showing growth in sales, profit and operating cash generation.  Operating cash generation for the year was said to be particularly strong.  Net cash balances are currently over £5m.  This cash, combined with a substantial stockholding of top quality rare collectibles, means that the balance sheet is strong and the funding of future growth opportunities is in place.

The company is upbeat about the current year.  The order pipeline is materially better than at the same stage last year and collectibles are clearly in demand as an alternative investment.  BUY.