Gibbons post rise as stamps attract first-class investors

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The stamps and autographs auctioneer reported a strong start to the year, with pre-tax profits rising 6% to £1.81 million during the first six months as wealthy punters fled the volatile stock markets and caught the collecting bug.

The value of stamps has risen sharply, with the index of rare stamps gaining 39% in the past year as investors seek to diversify from traditional assets.

Sales at the company increased almost as fast as the value of the Penny Blacks, shooting up 12% to £9.8 million. Explaining the rise, Chief executive Mike Hall said: "We have some real prize items which have enabled us to attract high-net-worth individuals to the business."

During his time at the helm, the business has become increasingly focused on the top end of the stamp market, which like the art sector has proved almost immune to the economic downturn.

Inspired by the wine market, Hall said he was interested in working with a partner to launch an investment fund to open up the market to institutional investors. The company also owns autograph business Frasers, which has benefited from soaring interest in historical signatures, with Henry VIII's among the top sellers.

To tackle its reliance on catalogues, Stanley Gibbons has been investing heavily in its online offering. Hall said: "The website is the key area for growth and could revolutionise the business".

He suggested one option would be to create an online community, in the eBay vein, which would attract the legions of stamp collectors worldwide to its website.

The company said it remains open to making further acquisitions, and may look at buying any small, private companies going into liquidation.