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Stanley Gibbons still has 'work to do' after more losses

“It would be nice to say that our problems are behind us but as the results show we still have a lot of work to do"
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Times still tough for Stanley Gibbons

Stanley Gibbons Group PLC’s (LON:SGI) chairman concedes the group still has work to do after posting more losses in its latest half year.

“It would be nice to say that our problems are behind us but as the results show we still have a lot of work to do to achieve sustainable profitability,” said chairman Harry Wilson.

READ: Stanley Gibbons thrown a lifeline by Hornby owner

Underlying trading was volatile in several areas, though more encouragingly strong gross margins were generated across the two core divisions said Wilson.

If these can grow again, there is the basis for a sustainably profitable, cash generative business, he added.

Stanley Gibbons was rescued in February by Bermuda-domiciled mutual fund Phoenix UK, which took a 58% stake.

Shares fell 3% to 3.88p.

 

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Stanley Gibbons Timeline

Article
October 03 2016

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