Stanley Gibbons today reported a near-doubling of its online revenues thanks to the redevelopment of its ecommerce websites.
The stamp and coin merchant says it is making good progress towards developing an international online business in collectibles, alongside its auction trade. In the first half of its financial year, the stamp and coin merchant said, income from online sales rose by 90%, following investment that took place in the last financial year.
That contributed to turnover of £14.7m in the six months to June 30, 2% down on the same period last year. Pre-tax profits, however, were 8% up at £1.8m.
Stanley Gibbons said online trading was becoming a more significant element of its business, after a first half in which it also introduced smartphone apps for its brochures and price catalogues. Online would also be a primary focus of its business strategy in the second half of the year, it said, adding that through the internet it aimed “to gain wider brand recognition and a larger market share of the global stamp collecting community”. Investment in online saw overheads increase by £0.2m in the period. But Stanley Gibbons said that despite an increase in operating costs, which was “primarily to invest in developing future revenue streams,” an improvement in margins had boosted profit growth.
The company also said it was seeing strong demand for products including Diamond Jubilee collectibles and for products issued around the London 2012 Olympics. The company is also building up stock for a rare stamp investment fund that it plans to launch later this year, and plans to open a new office in Singapore, alongside the Hong Kong office, which opened last year and is seeing strong sales in the Chinese market.