Credit deals stamp on Gibbons’ hopes

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The stamp-collecting house's shares came unstuck on the news, crashing by 28p, or 20%, to a three-year low of 1061/2p.

Inflation in the value of autographs — £8500 for Princess Di and £1500 for Sir Paul McCartney, both several hundred per cent more than a few years ago — make such collectibles a good bet in times of low savings rates, Stanley Gibbons said.

But the company admitted that decent sales are not translating into rising profits, and the firm will now miss City forecasts.

It admitted that £3.4 million of transactions — about a sixth of annual sales — are on "extended credit terms to several key investment clients".

The firm said there is no implication yet that it will be forced to buy back the goods through 12-month guarantee schemes, it could not book the deals as sales in the 2008 accounts.