A continually collapsing share price eventually forced Stanley Gibbons to rush out an interim trading update and publish the bad news for the first half year before the end of that first half. Now the full figures for the first half are known, things look somewhat grim.
Half year sales are only the same as last years, despite the contribution from Mallets which was acquired in October 2014 and also despite the completion of high value sales last month. Continuing weakness in its Asian operations has only added to the gloom.
The result is that first half profits and gross margins to 30th September are expected to be substantially below last years figures. Whilst there are better hopes for the second half, which is expected to produce materially higher revenue and profit, Gibbons now admits that it is unlikely to achieve market forecasts for the full year.
The share price now standing at 142.96p., has fallen by over 50% during the last year, having reached a peak of 378p in February 2014. Prior to the issue of the interim update last month if tell for 21 consecutive days.