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Stamps and autographs specialist Stanley Gibbons today appointed a new chief operating officer and gave him some good news to talk about on his first day, as its half-year pre-tax profit soared 13% to £1.4 million.
The firm named Donal Duff, previously finance director at Channel Islands-based conglomerate C.I. Traders, as its COO, as it posted sales up by nearly a fifth to £9.6 million.
As collectors put their hobbies before recessionary cutbacks, the firm announced plans to expand its website, where the goods on offer range from rare Penny Blacks (£275) to Hitler's autograph (£6950).
In the past it has said record low savings rates and the downturn in the stock market increases demand for its stock for investment purposes. Today that trend was still in evidence. Sales of British stamps were 5% higher than in the same period last year.
The weaker pound also gave a boost to overseas sales, with its network of agents generating £1.1 million of business abroad.
Chairman Martin Bralsford described the performance as “remarkable” in the current climate.
He said: “The business has delivered strong profit growth in a period where our primary focus was on building the necessary team of a quality to take forward our longer-term growth objectives.”
Shares in Stanley Gibbons were flat at 129p.
